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Persistence Pays!

July 2, 2012

There was plenty of volatility straight off the open today, but it wasn’t really until the market began to recover from the early sell-off that my positions started to work out. The first entry was short on the pullback. No resistance line in place (the line you see on my chart was added after the swing high had been made), so I shorted at the EMA. The volatility brought the market within a few ticks of my stop, but then we headed lower. There was no re-test of the low, and as the market went higher it looked like another potential short entry, so I held onto my existing position and moved my stop to breakeven. It was hit.

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Daytrading Screenshot 2nd July

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I didn’t short the next pullback as we hadn’t made a new low. This would have been a worthwhile trade in hindsight, but there was no obvious entry in real time. After a re-test of the lows, and once again with no trend-line, I shorted at the EMA with an overbought CCI. I showed a brief profit before my stop was soon hit.

As the market chopped higher I was able to draw in a support line beneath the lows. My first long entry was at a pullback to this line, and the position netted 3.25 points, or $162.50 per contract.

After making a new high, it was like deja-vu, this time for a 2.75 point profit, or $137.50 per contract. I ended the day with a 4.5 point net profit.

View Today’s Complete Chart Here

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