Easy Futures Investing » Daily Wrap-Up October 29, 2008

Afternoon,

The market trended better than I expected today as we waited for the FED to decide what to do with interest rates. They decided to lower rates by 1/2 point to 1%. Now we can get back to focusing on something else.

The first trade of the day was a trend line break above the 56 EMA followed by a trader’s trick set-up. The time of the trade was 10:12 am CST with a long entry of 483.60. The trade stopped out for a 2 point loss.

The next trade was another trader’s trick set-up above the 56 EMA after a trend line break. The time of the trade was 11:30 am CST with a long entry was 488.90. Here is the chart for trades 1 and 2.

Trades 1 and 2

Click on chart to enlarge.

The next trade was a bobber set-up. If you will remember set-up requires 2 back to back bars of the same color (in this case, green). The next bar has to be a bar of a different color (in this case red or yellow). The different color bar has to equal or be no more than 3 ticks above the previous bar (in this case 2 ticks). Entry is 1 tick above the bobber bar with a 2 point stop and a 2 point objective. The time of the trade was 12:30 pm CST with a long entry of 492.10. The market then spent the rest of the afternoon digesting the FED interest rate announcement. Here is the chart for trade 3.