Wednesday, July 30, 2008

I am back!

After moving from NJ to NC I am finally back in trading mode. Most trades done today were simply to pay for TS at end of month. NQ has underperformed ES past 2 days. High of day put in early, after a nice anchor TL touch. Second touch looked good but price penetrated sideways, then broke support, starting a downtrend which held at 1828.25 - I did not have this pivot. A nice M formation launched the end of day rally. I did get short at 1866.


I also took one TY trade. TY has been trending nicely, making LL/LH when going down, then HH/HL on the upside. Today it was in a nice buy area, had put in a 113-16 low, and I bought at 113-18+ with a tight 113-17+ stop. Well, after hovering around for a few minutes they took out the 17+s so fast I got filled at 113-17 which was the low print for that move and a HL !!! Then it was up up up... them's the breaks.



Must start to watch and possible trade ES. It has outperformed NQ lately. I need to use very tight stops. Today ME fib provided good support and ES rallied nicely off an M bottom. Resistance became support at the ME and the rally continued.