Tuesday 15 May 2012

Today's Trade

very choppy and fast moving day today.  I was going to trade Oil, but due to the choppy nature of today, I decided to trade the slower ES.  Although that too was moving very fast.  Anyway, I saw a HVC cluster zone on the 2000 tick chart and then there was a breakout to the upside, but that was quickly reverse, telling me that it was a stop hunt.  Price broke to the downside of the HVC cluster so I set a limit order in the new supply zone formed by the clustering.  The trade triggered and was in profit quickly with very little heat taken. This was a 2 lot set up, with a 6 tick SL a tick above the recent high.

Price reached my 1st TP relatively quickly, just above a recent demand zone and then broke through it very quickly.  However, it reversed at another demand zone just below, one point away from my last target.  I should really have exited here, as the BV indicator showed we had climactic volume and the 2K tick chart also had a HVC bar at the low.  Unfortunately I let price reverse and stopped me out for 2 ticks profit on the 2nd lot for an overall profit of 23 ticks. 

So a profitable trade, but I could have managed it better as I saw that a reverse was occuring.

Here are the charts with comments.  Hope you had a better day than me.







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