Emini trading – profitable but could have been more!
I went long at the break of the previous high in the S&P at around 1378… I actually got in at 1379.48 due to the spreadbetting spreads which you pay rather than their commission charges… they move their spreads about meaning that you can lose half a point (in S&P terms) per transaction… and upto a while point when doing a round trip.
Anyway, the market went up and I got out at 1381.53 (I actually closed when the chart reached 1382 which was my target exit) for the equivalent of 2 points profit which isn’t bad.
However, as always, I took profit early and the market has hit a short term peak of 1385 and is now retracing but could look towards going higher again from here as it has gone beyond the previous days high. Still, a profit is a profit!
One thing which I need to be careful of is that I am and trading off the indicators more than the price action. It is the price action which is determining the indicators and not the other way round so I need to be aware of this. The indicators are great once you’re in to gauge whether the market is running out of steam and an exit point.
