5th December – S&P emini trading log – small profit
I came back home to find that the market had already moved quite a bit into positive territory when I got home. Ideally, one would look to buy at any dip.
Anyway, in the 5 min charts, there was an opportunity to short the market here, the price action looked like it had made a short term high and stochastics were looking to turn. I shorted as it moved below 148500 at 148475. As I was trading against the main trend of the day, I was extra cautious and want to get out at the first level which I saw to be around 148250. This isn’t a strong level by any means, the first level would be just above 148000 which is not only a round number but the low of the previous swing.
Anyway, my trade hit target for +10 but it did move all the way to 148000 which would have been a nice move.
Well, a profit is a profit, I can’t argue with that!
(click on pic for larger view)
