Today we sold too perfectly at 2101.75 — the exact top of today from our buy entry at 2070 yesterday for a 31.75 ES point gain = $1,550 in profits on 1 ES contract.
I say too perfect because by the time the auto trade went through, the market moved back down. Now I was expecting just a little bit more upside towards 2105ES at least for today — ideally 2110 — but that didn’t happen. I ended up exiting for the client at 50% gains instead of 100% — where I had sent the alert out. Oh well, client account is still up 30% since less than 2 weeks ago.
The fact that the market did not go towards 2110 or 2115 — tells me that the 2065 recent low yesterday may not have been a wave IV. It’s possible that it was a wave 2 instead — which would suggest something more bullish. I was hoping to buy puts at 2110ES — but since market didn’t make it there, that pattern might not be playing out — meaning the fractal from the February lows that I suggested from yesterday’s post might not be playing out.
There’s a potential 3rd wave setup – but that would only make sense if we indeed continue rallying throughout the night. If that does not happen, then something else is playing out.
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