Saturday, October 13, 2012


Traded ESV.

First trade, entry was just based on break of 5 minute candles but the actual entry was not at a clear support area on the 15 minute chart.  This trade broke down as the overall market was weak. 

I chose ESV because it was above the 10 day MA daily.

ESV traded down to a clear support area.  (A breakout area from a few days earlier.)  It tapped it 3 times.

I bought it again with a tight stop.

This entry went on to rise .50 but I sold too soon for .25 instead of waiting for even number resistance at 55.00.

/tf    moved like I thought.  Wide range in the morning with one big push up to even number 83 and then trend down all the way past 820 and then chop around 820 for last 2 hours. 

Key points:  Using 5 minute candles to wait for the true support/resistance areas to find the best entries. 

These major levels only get hit once a day and provide outsized rewards with little risk.  Good trading means less trading with better results.

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