I was also watching the S&P as it was trading between a consolidation channel between 855 and 860. It could have been a long above the break of 860 which it did but I am so cautious and have been caught out by these sort of trades many times so I thought that perhaps I may enter on a pullback. The market looks like it is make a pullback now but the relative lack of strength when the price action went above 860 looked rather weak.. however, saying that now, it would probably shoot up... I
Posts Tagged futures
I got in the perfect entry today after seeing the market was trending down and I got in at 8382.. I got out far too early though at 8355 so grabbed only 27 points.. the market fell as far as 8285 which was a further 70 points.. I am finding it difficult to hold onto profits and 27 points is so measly compared with what it could have been!
I entered this trade after seeing downtrend pattern in the 5 min charts looking to turn. The stochastics were also oversold and looking to head upwards. In the 1 minute chart, the 20 minute moving average line (which was functioning as resistance) became support and I traded off a bounce and got in at 11244. The market soon shot up and bounced off 11300 and I closed out at 11286 for +42. The market has since reached 11360 which is another 74 points which I missed out on! I bagged my pro