Today was a good trading day both in the Futures Market and the Equities (stock) market. The S&P 500 mini rallied making long positions good for the day. The image above shows the 5min chart for the /ES mini futures contract. My first thought when it comes to the Futures market is to take a good look at the Day Chart.
This is the day chart currently, and the chart I used mostly for making trade decisions. The red line drawn on the daily chart represents my technical point of interest as well as my entry. My overall earning (on paper) are $1000. If you are looking at the daily chart and notice the trend is strong to the upside, dont fight it. In the futures market, the trend is your friend. My perception of the chart was that we would see continuation to the upside so I placed a Stop Limit at that red line shown on the Daily chart. I allowed the trade to come to me to prove my suspicions to be accurate. I held my position after being filled, and used the 5min chart and the daily chart to monitor and evaluate my position throughout the trading day. The next image shows areas of concern on the /ES mini daily chart that need to be watched during the next couple of trading sessions.
The red line drawn on the chart shows a previous area of resistance and is something we technical traders need to pay attention to. So far the technical level is proving to be a resistance as the price action has pulled back from that area. The next few trading sessions will either prove or deny this resistance point, giving us an idea of how to trade /ES.
In the Equities market the main ticker of focus was AKTX. This stock was not technically on the radar in the Pre Market analysis session, as the premarket price action wasn’t exciting. (this is why we have intraday momentum scanners!!) AKTX was at the top of the scanner and proved to be a great stock to trade intraday starting out at $2.00 and ending the day @ $6.00. The trade itself was actually very difficult for me. I traded many times to end up with an overall profit of $1200. Every technical point of entry that I usually enter at experienced a pullback, so the trades I made were very choppy. The prices each candle fluctuated greatly and made it difficult to manage risk shaking me out at a loss several times before understanding that my position needed patience for the profit to work out.
I was honestly sweating through many of my trades on this one, until the momentum of the stock went my direction. My first trade was a profit of $600 dollars on 2000 shares long. My first entry was around $2.70 and my exit was right at the $3.00 mark. See the chart below!
My subsequent trades ate $400 of that profit when I flattened my positions in the red. This trade was very difficult with the choppiness that occurred every entry after the first trade. For each one of my losses I realized that shortly after I sold my positions in the red the Trade would then go for a quick run to the upside! The very next entry I decided to hold through the Chop (volatility), and ended up back $800 in the profit! It Worked! So I was able to trade one last time.
This trade earned about .20 cents on 2,000 shares with a scalp of that big green candle. I ended the day on this stock with $1,235 dollars. My strategies this far have been working out very well in my efforts to reenter the markets with a Real funded account. I was in the red Yesterday about (-$600). I have had a couple other red days as well, but overall my P/L is in the green $18000 dollars for the year.
Something I have noticed in the equities market is that stocks are also rallying in the evening trading sessions also. This happens from time to time and is worth noting. If you liked the article Hit the like button to show the author you enjoyed the info and to appreciate his hard work. You can also follow THEFREEDOMGRIND by hitting the Follow button and get updated with our trading thoughts and day trade info!