Thursday 31 May 2012

Today's TF trade

I have been making trades on TF recently and today, I will show the trades I took on TF and ES.
This first post for today is the TF trade.

Today from the open price moved down rapidly, and unusual for TF, we had high volume for 9 bars after the open.  Normally we only have the first 2 or 3 bars on high volume and then it decreases.  So seeing this price action, I was expecting a big trend day or a large reverse.  Fortunately for me, we had the latter.  I hate it when we just have price going in one direction all day, as I never seem to get a trend trade on and end up fighting the trend.

Once I saw price retracing back down in a corrective manner on decreasing volume, after a an impulsive bounce up from the low, it looked good for a long.

As usual, my first entry was early, but I scaled in with a second position with a better price. I held the
trade until the last swing high for 33 and 23 ticks, giving a total of 53 ticks for TF today.  I then
started looking for trades on CL, so I missed all the great RPM trend re-engagement signals on TF.  I really should have stayed with TF as I was expecting a large reverse after the earlier price action.  I need to concentrate on just one instrument, but I love trading CL and GC and that is the reason I keep a watch on those two.

Here are the 5 min, 300 tick, and 6 range bar charts with comments.



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