Wednesday, May 29, 2013

MID DAY REVIEW ES S/R TRADE ZONES FOR 05-29-2013




1)  ES opened with sellers in control   The trade plan called for me to look for trades in the direction of control  at the middle to back of the zone on first touch.  Placing a short near 1649.50 provided excellent trade location for a possible 5 point trade.   If your familiar with my blog my highest odds trade is to target 2 points and close the trade.  I will post the up to date results of that model shortly.  Either way,  it would be hard to lose money with that trade placement with a reasonable stop. 

2) I pointed out at 9am that while buyers had control if we closed above 1649.50 on the five minute that I was expecting choppy conditions with a balanced profile. Importantly I said i was not taking trades in teh middle which at the time was the WHITE ZONE.    Just the same,  closing below the WHITE ZONE put sellers back in control and let you know to stand down from a counter trade for less aggressive traders.   When we reached 1640 I pointed out that we had an extreme in negative tick reading.  That this often indicated bottoms-at least near term are probable.  Also noted I would be looking for divergence for a possible long.  Thats exactly what we got at 10:10 central time for a beautiful rotation up to the back of the 1643.50-1645.50 S/R Zone. (3)   A potential 7.5 pt trade.   

I have gone into a protect equity mode for the balance of the day.  Simply means I am trading half size as I do not want to get whipped around.  A profitable day is a beautiful thing.  Think about it. 

NOTE: Interested in learning how to become a consistently profitable trader?  I have an introduction to one to one coaching package that offers 3 one hour session for only $200.  Its a great deal.  You can contact me at TRADENPERFORM@GMAIL.COM to set up a 15 min chat on skype to see if we match. The TESTAMONIALS tab is at the top of the page. 

Notice: This Blog & its contents are intended to be for educational purposes only & not to be construed as trading recommendations  in any way.  You should not follow anyone blindly.  Trading Futures & Options on Futures involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions are subject to change at any time.

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