Monday, November 2, 2009

So what comes next?

Well we have a few potential setups here.

Long between 1011-1013 with a stop at 1009. If that fails long at 1006 with stop at 998.
Short setups 1061-1062 with stop at 1064.50. If that fails short again at 1068 with stop at 1073.

I will pass on anything in between and use the price levels in between those ranges to determine the longer term direction. I am only going to purse the lowest risk trades at this point. Of course expect me to scalp in between but in terms of swing positions using futures and options will only be done at those levels.


  1. currently scalping long from ES 1031.25

  2. trying another scalp long here at 1026.60

  3. ok I think we are done on the downside for the short term. We may get to my short targets identified above next.

    I am turning my 1026 position into a mid term swing trade here expecting a minimum of 12.5 points for a potential of the full 25 points exit.

    Stop on break even now so even if I am wrong, I locked in some nice gains from the friday long today and if I get lucky can get another 15+ points on this run here.

    Looking at TICK it has made a turn here and I am looking for a rally into the close. I would expect SPX to close around the 1041-1042 range.

  4. also long GBPUSD @ 1.63803 - target 1.65

  5. Well looks like the market listened to me today and closed as expected. Overall I am quite happy today trading with my old trade system again. Lets hope this does not turn out to be a one hit wonder for me but it feels good not having to worry about the longer term picture, or having to worry about hedging a large position that is deep underwater with the constant need to micromanage to get a decent average price.

    Wait for a setup, get in, get out or keep stops at break even. I forgot how much fun this used to be.

    Closed my GPBUSD here though ... not feeling this so much and prefer not to hold overnight.

  6. Nice call Chris. I'm still holding all my longs even though Friday was nasty as hell for me.