- Market (S&P) Futures were up on the open, market would open strong.
- Gold (GLD) and Gold Miners (GDX) have both been volatile on high volume lately.
- The best trades are from 9:45AM to 11:30 AM, always looking for the 10 AM reversal.
- Use a “Candle” daily chart with 1 minute – 5 Minute timing.
- Used 50 and 200 Day EMA, watched S&P Futures Market and GLD on another screen
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.
- Develop a trading plan and stick to it 100% of the time
- Don’t get greedy
- Always set stop loss exit trades on every trade.
- Only trade between 9:45 AM and 11 AM
- Make or loose and walk away after 11AM.