Wednesday Trading Summary – $4980 in profits roughly

Overall I had a good day for trading.  A nice back and forth between bulls and bears gave us a wide first hour of trading.

I took a short pre-market and profits at the early AM swing highs.

We were able to grab the momentum off the open for a nice long for a few points.

The one mistake I did was trying to buy the breakout over yesterdays close, trying to anticipate a breakout isn’t ever a good plan.   I knew we might try to support near 778 again (prev swing low here I covered pre-market), so I added on the way down at each reversal.

Ended up riding it back up into resistance at 684, this time it broke. Figures.

Caught 2 nice shorts before 11 am and netted a nice profit for the day.

One of the members in our chat asked if /ES was a good short up near 1175.  Indeed it was.  Nice parabolic buy rolled all the way back to the lows.  We found support again near 678-680, and ended the day making new intra-day highs.

I missed some of the afternoon trades managing a GLD options position.  Opportunity cost wise I could have made more on trading /TF, but was good to take a break for a bit.

Charts and summary attached.  Very nice trading opportunities. These are 3 contract lots.

 

Posted in Charts, Commentary, Futures, Options Tagged with: ,