7-23-2010

This is the kind of day I feel is fairly dangerous to trade. Internals are all bouncing around the zero line indicating no clear path of least resistance. One thing I have been noticing about market behavior lately is the 10:30am period has been producing a lot of good moves. Today is no different. As of 10:15 the market started popping to the upside. I waited for a pullback/continuation pattern on this move and found it at 10:52am.

10:52, First and only trade of the day. /YM

Entry: 10362 on a 400 tick two bar continuation

Target: 2 ticks below R1-R2 midpoint, 10427, or greater by moving a mental stop to the R1 pivot once R1 is breached.

Exit: 10374 at the pivot level as it crossed back down through it.

Results: Gain of 12 ticks.

Overall results: -17 ticks, or -$85

Daily analysis:

Thank you self, for finally picking a legitimate entry, however tiny your profit was. This was an example of a clean bull flag continuation pattern and it worked.