Afternoon,

Another strange trading day today.  The Russell 2000 e-mini’s opened down and traded down almost 10 points before slowing down. There was a possible bobber set-up at 8:45 but S1 was right below the entry area and I chose not to take the trade. That set-up would have made the objective. There was an IVB (inside vertical bar) at the 261% fib area as measured from TS pivot at point 1 at 12:18 pm CST to the TS pivot at point 2 at 15:15 pm CST. The time of the trade was 9:12 am CST with a long entry of 738.40.  Here is the chart for trade 1.

Trade 1

Click on chart to enlarge.

There were a lot of IVB in the next few minutes but the IVB’s were not at any support/resistance.  The next trade was a trend line break followed by a trader’s trick set-up. The entry was at 10:36 am CST with a short entry of 738.80. Entry was below the S2. The trade took forever to develop. The trade was down 1.30 points before making the objective. Here is the chart for trade 2.

 Trade 2

Click on chart to enlarge.

The market sold off nicely and stopped at the 127% fib area as measured from the TS pivot point 1 at 9:18 am CST to the TS pivot at point 2 at 8:33 am CST. There was also a double bottom at the same fib area, with an IVB at 12:12 pm CST with a long entry of 733.70. As I have stated many times before, I like the IVB to form at strong support areas. When there are more than 1 of those areas are present, it is a much better trade. Here is the chart for trade 3.

Trade 3

Click on chart to enlarge.

The final trade of the day was  a trend line break followed by a trader’s trick set-up. The time was 13:45 pm CST with a short entry of 735.90. The trade took 1.60 points heat and then was up 1.60 points. There was a bullish vertical bar at  14:18 pm CST. A trader should have exited 1 tick above that bar at 736.70 for a net profit of .20 points. Here is the chart for trade 4.

Trade 4

Click on chart to enlarge.

There was a trader’s trick set-up after my trade cutoff time of 14:30 pm CST.

So for today, there were 4 valid set-ups and 4 winning trades for a net profit of $760, ignoring slippage and commissions.

It seems to me that the market is struggling to get direction. That often times makes for difficult trading. Using entries and exits explained on my blog should help you to catch some whoppers.

Best regards,

Ron

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