I know that I am beginning to sound like a broken record, but the Russell 2000 e-mini were again hard to trade today. I have a couple of charts to illustrate my point. After an initial run up, the market went into 2 sideways bases. Here is a chart for the sideways bases.
Side Ways Bases
Click on chart to enlarge.
The next chart also illustrates the type of market we have been in. Look at the number of TradeStation pivot on the next chart. The large number if TS pivots indicates a very choppy market. Here is that chart.
Large Number Of TradeStation Pivots
Click on chart to enlarge.
There was only 1 trade that I felt comfortable trading today. After a trend line break to the upside there was a trader’s trick set-upat 11:00 am CST with a long entry of 710.60. The trade was up 1.90 points and the stop was moved to break-even and the trade broke even. Here is the chart for trade 1.
Trade 1
Click on chart to enlarge.
As I said at the beginning, this has been a very interesting and hard week to trade. The ranges opened up today but the price action was still very choppy. I am hopefully that the Russell will return to more normal trading in the near future. Until tomorrow…
Best regards,
Ron
This is not a solicitation to buy or sell.
There is a risk in any investment
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