Unfortunately, the Russell 2000 traded down right off the bat this morning and went into a very large sideways base (see chart below). The type of trading taught on my blog requires the market to trend. Today was NOT one of those days. There was only one trade that I felt had a decent chance to make money. It was a trader’s trick after a trend line break above the 56 EMA. The time was 12:57 pm CST with a long entry of 666.00. The trade was up 1.80 points. The stop was moved to break even and the trade broke even. The last trade was a trader’s trick at my trade cut off time. The preceding bars were 5 and 3 points big so decided not to trade. Cash IS a position. Here is the chart for the day.
Chart For Day
Click on chart to enlarge.
The summer doldrums are here and as a trader, sitting on the sidelines when there are no set-ups is the prudent thing to do. Looking forward to better trending (and fishing) days ahead.
Best regards,
Ron
This is not a solicitation to buy or sell.
There is a risk in any investment
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