S&P trading commentary – 30th August – updated with pictures
Hi guys,
As you know, I am only able to trade the market from 6.30pm or so onwards when I get back from my normal job. This meant that I missed a very good setup close to the open to short at around the resistance I mentioned yesterday at 147000. There was over a 40 price drop!
Anyway, that’s not a problem as the markets from 6.30pm onwards pick up again and it’s a chance to get in.
I saw the market bounce from the intraday low and I was looking for a short at the intraday highs of around 147100 or so. The market couldn’t get above 147000 and I shorted it at 146800. I targetted 146250 but the market paused at various stages so I cashed in early and bought to close at 146425.
The market did go down to 146250 exactly and bounced up from here. It then retraced and attempted to get past this again. I was looking to see if i could get another short entry at this point but then I noticed that a breached below 146250 quickly brought the prices back up again. Also, in the short term charts, stochastics were showing the market as oversold. As the price moved above 146500, I bought. I was cautious though as all the longer time frames were still short. I took 4 prices from here and promptly, the market reversed… phew, that was lucky!
My third entry was when the market fell below 146125. It went nicely down to start with and then retraced which got my fingers near the mouse for an exit. However, it didn’t get as far as my mental stop and then I rode it down to 145775. I’m not quite sure why I closed at this level.. the market did go a further 10 or so prices more which I missed but shortly after it hit the 145500 level, it shot straight back up again.
Ended up +37 which was a good day!
Hi Daniel
Let me know what you’re unsure of and I’ll do my best to elaborate!
Regards
Alan