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10+ Points on Dec 20th: Market Recap

Today is probably going to be the last day that I trade in 2011 since we are getting so close to Christmas.  In addition to that, I will be leaving tomorrow to spend the holidays in Venezuela.  I don’t know if you have paid attention to the news recently but Venezuela isn’t the best place to be in the world so far.  Leave it to me to visit another dangerous country after being to Somalia & getting arrested in South Sudan just a month ago.

The day started off with a massive run to the upside which has been typical in the current market environment that we are in.  We weren’t able to get any opportunities with the big run but since we know the market always gives us a retracement, all we have to do is wait for it.

The retracement back to the area for T1 was very strong for my tastes, but since we had a great run up I decided to take this aggressively.  With my risk management, I know not to most my stop until the market moves out of the area, I was able to hold through the entire retracement and after the market did not pop to the upside I decided to exit right away.

After the market stabilized it setup beautifully for T2 and this time we did have a strong run up.  I decided to adjust my target and I was able to extract 3 points.  Compared to yesterday market (click here) of a measly 3 points we are getting great activity today.

After T2 we were off to the races.  The market gave us a great trend to the upside which I was able to take advantage of until the trend eventually failed at 10.21.  I should have taken 10.21 but the only reason why I didn’t was because I was done for the day.

It is a valid trade I just decided to stop trading after T4.

As all day traders, even when I finish trading I watch the market to see whats going on and I saw T5 setup.  I had a why not moment and pulled the trigger and then really decided on stopping for the day.

December 20th Results

  • 5 trades
  • All winners
  • 100% ratio
  • 1 missed trade (loser)
Click here to see the complete list of Market Recaps

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