Trader X

And we got paid to clean and got paid well! It was one of those day when you just knew it was going to go up. And I knew it. We entered long from what looked like a little dip just before the market opened around 8650. We were long and the market was falling from the open. Enrico took his off at 8450 but I just knew it was going to turn but where? then I checked the Gap from yesterday. The 3:00 gap was 8250 and the 3:15 gap was 8350. I looked at a table I keep near my desk and realized that the gap was going to close and at this point I was about a point away from the 8350 so I just decided to stick it out. Enrico did the smart thing by taking his first trade off and then putting in an order at 8350 to reenter. Now as a matter of convention I use the 3:15 ct close but I'm not really sure which close most people use. The cash market close or the futures market close. If you have an idea on this please comment.

The market closed the gap and Enrico and I are both long.... and it didn't take long for this thing to start back up. It took 2 hours to close and then it had 11 green candles on the 15 min chart all the way to 1:00 and 9275! Man oh Man! We were loving it! We were PPing (taking partial profits) all the way up and just moving our stops just like the Foos does and by the time it hit 92 plus our stops were at 91. Market finally retraced and stopped us both out with grins on our faces!!!! Happy traders today!

Points to remember:

Gaps are often pivot points.
Bottoms and tops are often at hour or 1/2 hour marks (plus or minus a few minutes).
Trade management is key and we are both getting pretty darn good at it.
I'm starting to be able to look at the market depth and see where it might go. Good stuff!

Trader X