The Russell eMini had a big breakout session today, gaining nearly +16 points over the last two sessions. After a nerve racking +24 point gain, over 3.3% in the premarket, riding the wake of the Europeans coming up with an agreement to contain the debt crisis, the markets rocketed upwards. The only problem was that by the time we began trading, the move had already happened.
Believe it or not, our Russell profits came this morning from our short trades. We waited our two minutes as per the nuanced change in the tradeplan and took the first trade, which was a reversal. That trade was a beauty, grabbing +2.1 from the fixed target and another +3.8 from the trailer. We added to our position and stopped out with a +.1 tick gain on both positions, getting stopped out a little too soon. Enter — Bob! Getbob got us back on board that trade, while the first trade (the reversal) was still trailing. The GetBob in other words, was another ‘addon’ to the still live trailer. We added another +1.3 as it hit its rather small but accurate full target and stopped out of its trailer, along with the original position’s trailer, with a 2 tick profit.
Technically speaking, we just finished 1 trade and our power of quitting rules call for TWO winners. Many traders were content with the better than +7 point result. Those staying disciplined to the published tradeplan took the next trade, a long, which rode to its full target before falling back and stopping out of the trailer with +.1. That final trade added another +1.8 to the tally and that was the official poq stopping point, for a +9.2 gain on the session and all new record profit levels lifetime and for the year, +429.8 Points.
Crude finished with +.27 today, but much depended upon the stopping time. Some traders are limiting their trading and others are not. The trades I called and tracked ended with +.27.
EURUSD: There was a GetBob trade that setup 10 minutes before our start time. That trade doesn’t count but it ended up being the trade of the day. No EURUSD trades were taken. GetBob traders might want to consider taking them even if it is beyond the scope of your tradeplan, only because it wins so darn much of the time. That’s a personal decision that each trader needs to make for themselves though. The trade that happened today, quickly hit its target but then added another +60 pips or so with the trailer.
EURJPY with SST Simple had one solo trade and it was a beauty, grabbing +53 pips. Some traders took even more profit on the trailer with part or all of their position. And some traders even took a trade that setup moments before our stopping time, which as of this writing, just missed its full target by less than a pip and is currently at risk free and still going.
Wheat futures was one and done today for +4.75 points.