Todays S&P day trades commentary – 29th August

Hi All,

My trading platform is back up and running again. Seems like someone disconnected me, this happened last time, I’m glad I’m back online. There were some great moves on the US markets yesterday but as my platform was down, I was unable to capitalise.

Anyway, made two trades on the S&P Emini…

First trade

29th August 2007 - Trade 1 (click to get a better view)

Well, I could see that the Emini had been contain by a resistance line in the 4 min chart. I shorted as it went below the previous low (about 35 mins before my entry). It did go down from here and hit a low of 144425. This then bounced up and then again, hit this level. In hindsight, I should have react to this after it failed to go beyond this point. Furthermore, when it broke through the resistance line, I should have entered a long trade.

Instead, I only close my previous short trade for a -10 loss and gingerly watched the market go up whilst I scratched my head awaiting another entry.

Second trade

As I grimaced, wondering how on earth did I miss the previous trade, I found a second entry as the charts moved beyond the previous intraday high of 145375. I went long here…

29th August 2007 - Trade 2 (click to get better view)

My target was just below 146000. However, I chickened out a bit and sold early at 145875. My target was actually 145975 (another 4 prices away). However, a profit is a profit I guess.. much better than a loss!

Since then though, the market has traded higher and got as far as 146500.. still, I shouldn’t kick myself too hard!

For shorter timeframe traders anticipating a pullback from 146000 the first time it hit it, there was another chance for another long entry as it broke above 146000…  I did watch it but it was already too close to the US closing time and you just dont know what the market maybe doing!

Hope that’s useful to you all. I ended up +9 points which isn’t all that spectacular, however, the technicals held up pretty well overall for trading!

Next target is yesterdays high of 147000

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Category: Emini futures, Make Me Some Money Ideas, Trading