Afternoon,

Trade 1 was an IVBat the 127% fib area as measured from the TS pivot at 9:06 am CST to the TS pivot at 8:33 am CST . Short entry was at 741.10 at 9:21 am CST. The market went down and made the objective and then bounced from a “lazy W bottom”. A lazy W bottom is a double bottom that has the right bottom of the W a little higher than the left. The next trade was another IVB. The time was 9:51 am CST with a short entry of 742.10. I have noticed that IVB usually work very quickly. This trade was up .60 points and continued to walk sideways. A trader should have been on the alert when the IVB trade did not go down immediately. The price had broken the first hour high (green line on the following chart). Exit for the IVB short would have been a stop and reverse at the Trader’s trick set-up at 10:06 am CST with a exit of 742.70 and an entry for the Trader’s trickat 742.70 as well. The loss on the IVB short would have been .60 points. If you did not take the 1st hour high trader’s trick, there wer another trader’s trick set-up at 10:45 am CST with a long entry of 743.60. Here is the chart for the first 3 trades.

Trades 1, 2. 3

Click on chart to enlarge.

The next trade was another IVB at another 127% fib area as measured from the TS pivot at 9:42 pm CST (point 1) to the TS pivot at 9:15 am CST (point 2). Short entry was at 10:57 am CST with an entry price of 745.00. Again, the price did not drop very much (up .70 points at the most), and a trader should have been alert, looking for an exit. The big bullish bar at 11:27 am CST would have be the best area to exit the trade with an exit price of 745.50 for a .50 point loss. Strong trending days make it difficult for counter trend trades to work. Here is the chart for trade 4.

Trade 4

Click on chart to enlarge.

The market continued to power ahead and THEN finally sold off. There was a trend line break and a trader’s trick set-up at 14:12 pm CST with a short entry of 747.00. Price came back to the 56 EMA making it a perfect set-up. Print this one off and study it closely. Here is the chart for trade 5.

Trade 5

Click on chart to enlarge.

So for today, there were 5 valid set-ups with 3 winning trades and 2 losing trades for a net profit of $490, ignoring slippage and commissions.

When the market gaps up and trends strongly, it make for a more difficult day to trade. I hope that you were able to net a few fish today.

Best regards,

Ron

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