The Russell eMini hit new record profit levels many times in May and ultimately ended the month up + 32.3 points, $3,230. It pretty much paid the full price of the SST twice. Today it finished the first day in June with Poq, + 2.1 points and is sitting just a few points below its all time profit levels. It looks poised to make new equity highs any moment. See today’s Russell eMini trades below.
Crude Oil Futures also won a significant amount of profit today. The first two trades gave us Poq results and that market continues to perform well on most sessions. Interestingly, there were two legitimate approaches to trading crude futures today, and some traders did it one way, while others did it an alternative way.
The regular SST approach had traders adjusting their stops on the 2nd trade from .69 to .71, working around the 0. Anyone who did that was richly rewarded and finished the session with two trades, both winners and + 1.22 for $1,220.
The other way to trade would be to take advantage of the first winner by locking in a tick of profit once the 2nd trade exceeded the 1x. This ensured a nicely positive power of quitting and + .52 for $520. Obviously in hindsight, the other way worked better. But when you’re at the right edge of the chart, locking in a guaranteed poq result does have its benefits. Other possible outcomes, and we’ve experienced this as well, would be to NOT lock in and then the session goes sour and you end up giving back your profits. There’s always a flip side to every trade decision.
I believe either approach is good. It’s up to the individual trader to determine his or her own comfort level. The extra reward today came with the need to endure additional risk exposure in the face of handsome profits already in hand. This type of dilemma presents itself all the time and reiterates the need for one to do their own foundational work, and establish a personalized tradeplan that works for you.