Monday, March 30, 2009

ES Trading - 30 Mar 2009

Dear fellow traders :

Saw the S&P500 10 min. stochastic slowly edging up thus went in to long the ES around 10.00am EST.

But the news about the rejection of the automakers' plans hit the market real hard right when the market opened & any recovery of the S&P500 seemed faint.

The retracement only brought the S&P500 & the ES lower and at one point I was hit with a 7 points loss. But the S&P500 10 min. stochastic was still slowly creeping up thus I just want to get out with a lesser damage. I had that chance when the ES bumped the resistance level of 787 twice. I set a stop loss for -4 points ($200). It was filled moments later.


Tony Chai