24th September – Will the market break? Emini S&P futures trading log
Hi All,
I came back today to find that the market had already sold off quite dramatically already. When this happens you have to be wary of any bouncebacks. However, I had my eye on the support line at 153000. The market had bounced off this level previously and when I had got home, it was hovering around at this level.
Shortly after, I shorted at 153300 and it went down nicely initially… however, it soon bounced back up again to test the level again. Conscious that the market was already well oversold, I thought I would close the short for a scratch trade… it ended up +1
Shortly after this, the market fell!! So annoying when this happens. I waited for a break below 153100 and this happened. It did retrace a little but soon fell again. I targetted 152875 which was near the previous two sessions lows. It got hit for +9.
Total for the day was +10. Quite annoying about the first trade as it would have been another +8 prices on top.
There was another short (higher risk) when the S&P emini fell below the 20 day EMA.
I also had put in a short at 152775 which was below the previous two sessions lows.. the market came within 1 price of this. I would expect a significant move below this line and it’s one to watch tomorrow.
