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wshahan

Week 4 Trades, Spookywill

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to strat the week, let us short the ES at 1402. Stop over the high of 1402.75 at 1403.50. This is a typical aucton market trade with a low probability of success, but a terrific risk/reward ratio if it is successful.

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I am changing my target to two to one this week to look at scalping so limit in to sell at 1397.50.

 

Mis added, the stop was 1.75 higher than the entry, so the exit price for a two to one return should have been 1398.50 rather than 1397.70.

 

so we just got an execution at 1398.50 and a profit of 3.5 points.

Edited by wshahan

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There is resistance at 1395.75 which we have just hit. If that price can be exceeded, higher prices are likely. Our target is 2 x risk or 97.25, raising stop to 1394.

Edited by wshahan
typo

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stopped out at breakeven

 

Prices got to one tick of our tagrget and failed. In a trade like that, if you are adroit, take the profit. We were at risk for bad economic news which we got, and prices drifted down before the release, so why not take a small profit. I was getting ready o scrub the trade at 1396 when prices dropped.

Edited by wshahan

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scrubb trade, go long at 1393.00

 

My bad, there was a longer term high volume area at 1391 which represented a good long entry.

 

 

Stop 1391, target 1397

Edited by wshahan

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We have a two hour balance area in the es between 1393.50 and 1391. current price is 1392.50. True scalpers take profits here at 1392.75.

 

Raise stops to 1390.75,

 

Be prepared to go with a breakput from balance in either direction.

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there was a spike to 1392.75 and a reversal off that mini high. reverse and go short from 1392.

stop at1393.50, target 1388. if prices do hit 1388, I would be looking for lower prices from there.

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this is a day to avoid obviously, a new low in range development, and rotational trade within a two point range. my bias has been to the upside, we retested 1391 and it held so far, and we are retesting 1391 again.

 

If it breaks here, maybe we will get some down movement.

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this is a slow day, no movement, move stops to 1392, try and catch low of current pull back to exit short.

 

We likely will close at or near the high volume point of 1392.50.

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