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May 29th Master Trader Recap: DOMINATION Continues 9+ Points

This is a post by one of our graduate master traders.. enjoy.

Today I was exhausted when I was finished trading! It was a day that tested my patience to the fullest because the market moved very fast. Being an aggressive trader who is not afraid to jump in really quick and scalp a point, I had to sit on my hands at times because the market was so volatile that it tried to scare us out of good trades and into bad trades.

My trade at 9:52 was a good example of this. The market was moving so fast that it was easy to panic and exit the trade early and take a graceful exit

0530 chart 1

I usually don’t put a whole lot of emphasis on the indicators but in this case the FYL started to gain strength. This means that the momentum is beginning to pick up. I was able to use the FYL as confirmation, which allowed me to hold for the two point target.

I was tested again and actually succumbed to the temptation at 10:18. We were in a consolidation and we at a potentially strong area. I took a quick short when the market continued to fail to the upside. It was a trade where I was in and out very quick because the market had been going up and if it didn’t continue down right away, it was going to fail.

This analysis has to do with overall momentum. When we have overall momentum in  one direction, if you are going to take a trade in the other direction without confirmation, it MUST work right away or you need to exit. If you have any questions about this please contact me, I will walk you through it.

0530 chart 2

If you are an aggressive trader this is an absolute must because you are in more aggressive trades.

The rest was easy! After the massive move to the downside, we were just looking for excuses to go long. I used some fib extensions, which I love to use in my trading, for some extended profit targets. Check out my naked chart to see my profit targets.

Click here to see the complete list of Market Recaps

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