Wednesday, March 31, 2010

Gain Final Trade of Day - Very Good Call

I liked the handle on the cup & handle formation there, but it was going very slow.

I had a snack. I sat down and saw that there was a break under prior 2 five minute bar lows and it formed a bottoming tail bar with a close on high. Entered long there and managed it well.

Saw that ES was at resistance and was potentially forming a double top.

Monitored internals and they were ok, had some decent gain so I advanced my stop to break even plus one.

Not happy when I was one tick away from stop because of severe pullback. So I decided then and there that I would exit on the next push. So I tightened up my target stop and it hit.

I was out and it was pretty accurate as price reversed there and then made a lower high and another nice reversal pair and dropped severely in the final half hour.

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