Slow Day In The Live Trade Room Today

Most of the markets around the world rallied today, especially when the U.S equities market opened at 9:30am EST. There was great price action in most of the markets, but with a wide array of news events, trading those markets was more difficult than we thought it would be (Identify Market Sentiment For Day Trading Futures). We were still able to scalp some profits from the markets though, going 1 for 2 with a total profit of $80 on the Mini-Russell market.

Our first trade of the morning came on the Mini-Russell market (Symbol TF). The Mini-Russell didn’t show much volatility in terms of price action until the opening of the U.S Equities market at 9:30am EST, and price continued to consolidate into the 560’s range (E-MINI Futures Day Trading Video). With the opening of the U.S markets, volume slowly entered with it, and all the major indexes in the U.S began to make a strong rally. With major news coming out from Europe and the U.S at 9:30am EST we waited patiently for the market to give us a trade set-up. At 10:02am EST our opportunity finally came with a perfect 2-step short pattern. We entered the market at a basis of 573.1, and were able to lock in profits on our first target of +4 ticks (2 contracts) before closing the order, for a total profit of +8 ticks ($80).

After our first trade of the day, we began to scan the markets for another possible trade set-up. It wasn’t long though before we were watching the Mini-Russell once again (Symbol TF). The price action had begun to consolidate after our first trade, but after a small break-out to the long side, we began to look for a possible reversal in the trend. The short term reversal occurred at 10:24am EST, in the pattern of a 2-step, which we were able to capitalize on once again. We entered the market at a basis of 572.7, and had our first profit target set at +4 ticks from our entry price. After seeing price action test our first target three times, we decided to lock in any profits we could by moving our stop up to our entry price, but unfortunately price action moved against us and we were stopped out at entry; nothing gained or lost on this trade, but proper money management once again saved us money (Futures Day Trading Account Management Video)!

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