Afternoon,

The Russell 2000 gaped open today and proceeded to sell off before entering a tight sideways base for most of the day. There was a trend line break above the 56 EMA followed by a trader’s trick set-up. The long entry was at 10:00 am CST with a long entry of 694.40. The next 2 entries happened back to back. The market finally broke to the downside. There was a bobber set-up at 11:18 am CST with a short entry of 692.20. The trade was up 1.30 points and then a trader’s trick set-uphappened at 11:27 am CST with a short entry of 691.50. If you took the bobber, you would have still been in the trade. If you did not take the bobber, then you could have entered the trader’s trick. Here is the chart for trades 1 and 2.

Trades 1 and 2 and Sideways Bases

Click on chart to enlarge.

The market continues to chop around until my Friday cut off trade time of 13:00 pm CST.

Today’s trading was complicated by the fact that the DOW and the Russell tried to go up but the NAZ continued to try to drag everything down.

Have a great week end and I will see you next week as we try to catch a few big ones.

Best regards,

Ron

This is not a solicitation to buy or sell. 
There is a risk in any investment