Aug 062010

Blah…, there was a good short trade opportunity off the 20 / 20.75 level but after I documented the trade, I realized that my pre-market levels which I had adjusted after the jobs data news were a little different than RG’s posted levels.  The news created a thin LVN from 20 to 22.50.  The price 1120 was the VPOC from yesterday and there was good support turned resistance at 1120.75.  Thus this is not an official blog trade since the level was not posted pre-market.  I’ll post the trade anyways because today’s trade management corresponds with a discussion in the member’s forum.  The initial target was the VWAP and the trade stalled one tick from the target.  Price spent a good 8 minutes in the area (which seemed much longer…) and double bottomed on the 4PF chart.  It got to the point that the risk of waiting for that one more tick for the target was not worth giving up much of the profit.  Thus the trade was exited before reaching the target.

If I see another trade from one of our pre-market posted levels this morning, I’ll post it later.  It looks like the ES might be visiting the 9.75 / 10.25 area soon.

Update 12:15pm EST: The ES blew right through the 9.25 / 10.75 level and then setup a good long opportunity in the 3.5 / 5 level.  I did not actually take this trade (because I was finished trading) to know exactly how I would have traded it, so I marked the chart with potential entry area, targets and exit.

 Posted by at 10:43 am

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