Hey Guys! So we are ending the year on a high note. We worked on revamping some strategies and tested them out. Time to add some much awaited content so you can all understand more of how we trade and what we look for in our daily trading.
Today we had some great opportunities trading the E-minis. Some great moves to capture. Below you’ll the chart for today with arrows representing possible entries. Now these are all based on stochastics which you all know I love to use! Sometimes it completely fails me, however that’s rare so I wont bash it yet haha.
Taking a look at pre market a little before 9 am we had a very overbought market. E-minis sat around the 2697-2698 levels. Any short within that range and held would have been an incredible short. I however wasn’t at my desk so I unfortunately wasn’t able to take advantage of that move. As the market opened, that thing tanked to oblivion. We bottomed out around 2690. I entered a bit early at 2691.75 and scaled out at 9692.25 and then 9692.50. Not a bad quick scalp. I refrained from holding longer because it seemed to have a tough time holding the 2692.50 area. My hunch was right and it dropped and took out the low and fell to 9688.00 I attempted a long but was not filled. I would have looked for a quick three quarter to one point bounce off that level.
Later a little after noon you can see a bit of a bottoming around 9686. All great areas to get in for a longer ride up to 9690. My stochastics had already bounced up so I stayed out. Overall today was good for a few points. At least 1-4 depensing on your positions and scaling. Always wait for those extremes. I love playing the bounces and pullbacks but beware of false moves. Its always better to miss a trade then be on the losing end!
Stay tuned for more recaps! Any questions or feedback, feel free to leave a comment. Happy Trading!