Thought for the day:
It is literally true that you can succeed best and quickest by helping others to succeed.
– Napoleon Hill
Value Area for tomorrow:
693.50 - 699.80
The Russell 2000 e-mini’s finished one of the most sideways, non trending days in recent memory. The market opened flat and traded up slightly and then down before stopping at the value area low (black line on the chart). There was a IVB ( inside vertical bar) at 9:09 am CST with a long entry of 695.90. Because the market did not go straight up, I stopped and reversed on the bar at 9:12 am CST (trader’s trick set-up) with an exit and short entry of 695.40 and placed a stop above the bar I shorted at 696.60. That stop was hit as well. The loss on the long set-up was .50 points and the loss on the stop and reverse trader’s trick set-up was 1.20 points. Here is the chart for trade 1 and 2.
Trade 1 and 2
Click on chart to enlarge.
The market traded in a sideways base for the next hour and then broke to the down side. The price came down to the VA low and S1 and an IVBformed at 13:00 pm CST with a long entry of 694.60. The price moved up and an IVB formed. The stop was moved under the bar at 13:18 pm CST with a stop price of 695.20. The trade stopped out for a profit of .60 points. I was out of pocket for the the last trade of the day when another IVBat the 56 EMA formed. Short entry would have been at 694.40 at 14:18 pm CST. After my trade cut off time, there was a double IVB at 14:45 pm CST. Even-though that was after my cutoff, I monitored the trade. Double IVB’s have a coiling effect and price usually moves quick fast and in a hurry. The question is which way will it move. My suggestion is to put a buy stop above the bar and a sell stop below the bar. Which ever trade triggers, use the other order as the stop. Just a suggestion as I am watching that type of trade. Here is the chart for trade 3 and 4.
Trade 3 and 4.
Click on chart to enlarge.
With today choppy sideways market, trading was difficult. There were 4 valid set-ups (one of which I did not take) with 2 winning trades and 2 losing trades for a net profit of .90 points. I was actually down on the day.
If you were green today, consider your self lucky. Trading on tight sideways narrow range day are very difficult. Hopefully, fishing will be improve tomorrow.
Best regards,
Ron
This is not a solicitation to buy or sell.
There is a risk in any investment
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