10th Jan – Bernanke speaks – S&P Emini trading log
Our trading mentor informed us not to trade until his say so after Bernanke said his thing. Bernanke took over from Alan Greenspan and is currently the Chairman of the US Federal Reserve… when he has something to say, the markets can move and when I came home, I saw that the market had shot up and generally looked rather choppy. I wasn’t sure I’d be able to find an opportunity today but I did.
I shorted the market as it reached the previous high of the day at around 142900. I got in at 142875 and rode it for 10 prices to 142650. I was a bit careful with it as it had been in an upward trend for the 30 mins and even though the 5 min stochastics and MACD were in overbought territory, the 15 min charts still had room to manoeuver.
At some point, it did look like it could have moved lower but I’m glad I made the decision I did as it has shot up since and making new highs for the day.
