Summary:

1. Market (S&P) Futures were up on the open, market would open strong.
2. Gold (GLD) and Gold Miners (GDX) have both been volatile on high volume lately.
3. The best trades are from 9:45AM to 11:30 AM, always looking for the 10 AM reversal.
4. Use a “Candle” daily chart with 1 minute – 5 Minute timing.
5. Used 50 and 200 Day EMA, watched S&P Futures Market and GLD on another screen

The Trade:
Bought 1,000 shares at $30.40, Sold at $30.65, profit $250 total time about 2 hours.

Initial Stop Loss set at $30.33 (loss of $70), Initial Exit order placed at $30.80 (gain of $400). Moved Stop Loss to Break Even after $.10 move, this changed the potential loss to $0. My initial trade had a potential for a $70 loss or a $400 gain, acceptable level of risk.

Tips:

1. Develop a trading plan and stick to it 100% of the time
2. Don’t get greedy
3. Always set stop loss exit trades on every trade.
4. Only trade between 9:45 AM and 11 AM
5. Make or loose and walk away after 11AM.