Wed. 05/06/09 - Solid trades

I was busy most of the day with some web development work for one of my clients (sim trading doesn't pay well), but I kept my 3-minute chart up on one of my screens and took a few setups today which resulted in a net gain of +10.75 pts, and that's with a couple of bad entries where I got stopped out, and a couple of early exits. Using the 610 Tick Bar chart in conjunction with the 3-minute would have helped me time my entries better. The newly implemented Trading Schedule also really helped! I would grade today's trading as a solid B+. I've marked up some of the trades on the 610 Tick Bar charts below.

Going forward, I'll be looking at the 910 area to provide light support; 900 area to provide solid support, 887-890 underneath that level as support "foundation". A pullback on profit taking is to be expected, but until those areas are taken out, the market's bias is bullish in my opinion.

Jobless Claims and Productivity and Costs data out tomorrow at 7:30 AM (central). Ben Ber"tank"e speaks at 8:30 AM, but that should be a non-event, EIA Natural Gas Report out at 9:30 AM.

On to the charts...

ES 610 Tick Bar Chart (Morning Trades)


ES 610 Tick Bar Chart (Afternoon Trades)


ES 610 Tick Bar Chart (Late Afternoon / Closing Trade)


ES/$TICK (3-Min) - Gap filled by 9:30 AM. $TICK MAs above zero most of the day.