Good morning traders. This morning was a bit undecided at first with the Corona virus update! The economic reports show more job growth and less unemployment!
I was in the profits early as I scalped the first downward move on the /MES Micro S&P Futures Contract.
This was a great way to start the morning with a green trade right out of the gate! I then decided that I would re-enter a Short side trade after we got some momentum back up to the upside. That trade was a small loss as I stopped out in the red.
In this particular instance, I was predicting the market would turn back to the downside despite good economic news! (mostly because of the Coronavirus updates) I was patient with the trade and accepted the risk I had pre-established. That was a small loss which ended up putting me in the RED just a few bucks.
This last trade is one that I have had big success with! I entered the position with confidence, One of my Edges so to speak! As I returned to my desk, I could see the market had begun to really trend upward! Instead of jumping in blindly, I waited for a lower risk opportunity. The price action slowly drifted down to the 9 EMA and held. On the very next green candle, close to the 9 EMA, I entered long.
This trade was very easy to predict. This is one of the Few in my strategies that has a decent probability rate. This trade put me back into the green for the day and concluded my trading for the morning. Happy trading everyone!!!