Emini ES in at the open.
Daily Chart...look how we are gaping under the low of the spike down two weeks ago..just due for some sort of bounce.
(Double Click Picture for a Larger View)
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Stock:Emini ES or SSO
Entry Bar: at the open or after 5 minute bar
Time Frame: 5 minute bars
Entry Green Line: ES: 1053 ..... SSO: 34.28
Stop Red Line: ES: 10 point stop......SSO: 33.89
Result: ES: +14 & +17......SSO: 1.10 to 1.50
Setup Grade: A-
Notes: Take a look at the daily chart...when I saw the market gaping down again under the low of the spike 2 weeks ago I couldn't wait to jump. Many times I use the gap guides at www.masterthegap.com.....but with this setup I was looking to get in with a wide stop and less contracts. I was looking for a bounce....just didn't know when or how much.
Can also wait for the sso to close and go long at the high of the 5 minute bar..stop low.
Time Frame: 5 minute bars
Entry Green Line: ES: 1053 ..... SSO: 34.28
Stop Red Line: ES: 10 point stop......SSO: 33.89
Result: ES: +14 & +17......SSO: 1.10 to 1.50
Setup Grade: A-
Notes: Take a look at the daily chart...when I saw the market gaping down again under the low of the spike 2 weeks ago I couldn't wait to jump. Many times I use the gap guides at www.masterthegap.com.....but with this setup I was looking to get in with a wide stop and less contracts. I was looking for a bounce....just didn't know when or how much.
Can also wait for the sso to close and go long at the high of the 5 minute bar..stop low.
* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.
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