The Russell 2000 e-mini’s trended nicely today. The price opened flat and traded down touching S 2 to the tick That area was also the 261% fib as measured from the TS pivot at 11:18 am CST yesterday to the TS pivot at 14:42 pm CST yesterday afternoon. An IVB formed at 9:06 am CST with a long entry of 708.10. The price went up and came back down to the same level forming another IVB at 9:39 am CST with a long entry of 708.40. This area was also in the area of a double bottom. Here is the chart for trade 1 and 2.
Trade 1 and 2
Click on chart to enlarge.
The price rallied up strongly and pulled back and made another attempt at the high and stopped at Woodies pivot with a bearish Outside Vertical Bar (OVB) at 11:42 am CST with a short entry of 718.00. The bearish outside vertical bar is a bar that has a higher high and a lower low than the previous bar. The only time I will take a OVB is at strong resistance or support. The next trade happened after a trend line break to the upside followed by a trader’s trick set-up at 13:00 pm CST with a long entry of 715.80. The trade was up 1.90 points and the stop was move to Break even. The trade broke even. Here is the chart for trade 3 and 4.
Trade 3 and 4
Click on chart to enlarge.
The next trade happened after the price traded in a tight range for a couple of hours before selling off forming a bobber set-up at 13:45 pm CST with a short entry of 714.40. The final trade of the day happened after a trend line break followed by a trader’s trick set-up at 13:57 pm CST with a short entry of 712.30. The trade took 1.60 points heat before making its objective. Here is the chart for trade 5 and 6.
Trades 5 and 6
Click on chart to enlarge.
So for today, there were 6 valid set-ups with 5 winning trades and 1 breakeven trade for a net profit of $1,000, ignoring slippage and commissions.
Another good day at the fishing hole. It really makes trading easier if the market trends. Avoiding the sideways chop in the middle of the day is important for the day trader.
Best regards,
Ron
This is not a solicitation to buy or sell.
There is a risk in any investment
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