The market continues to trade in a very large range as the summer doldrums come into full swing. Here is a chart of the whole day on the 3 minute Russell 2000 e-mini futures.
Chart Of Whole Day
Click on chart to enlarge.
Trade 1 was a trader’s trick set-up above the 56 EMA. The time was 9:00 am CST with a long entry of 711.40. Here is the chart of trade 1.
Trade 1
Click on chart to enlarge.
There was a possible trader’s trick long above the 56 EMA but the bar preceding the entry bar was very bearish for a long set-up. That formation would have kept a trader out of that set-up. That was followed by another potential trader’s trick set-up with large bars that were caused by news around the 2 companies, Freddie Mac and Fannie Mae. News related bars would have kept the trader out of that type of set-up as well. Here is the chart for those potential set-ups.
Chart of Potential Set-Ups
Click on chart to enlarge.
As outlined in my trading plan, I do not trade after 13:00 CST on Friday afternoons. There were no more set-ups.
The sideways nature of trading over the last several days requires a trader to be very selective in the trades that they take. Patience is key on the journey to become consistently profitable.
Have a great weekend.
Best regards,
Ron
This is not a solicitation to buy or sell.
There is a risk in any investment
Comments
