There are some key takeaways and lessons from today's session:
i) 4740/4745 held in the first hour of trading. Get long at supports with tight stops. This was the low end of the recent 3 day range
ii) When we broke the intraday highs and opening levels above 4755, add to the position
iii) Breakout of triangle pattern- add another contract if possible and look to target the previous highs at 4790. The market closed at 4783 short of my target and sell half the position, carrying the rest into the next session with a nice open profit, move stops to breakeven.
Note that when the moving averages crossed to the upside, a clear trend day ensued with price retesting and holding throughout the day. Following the moving averages alone would have kept you on the right side of the market.
The purpose of going over this is to improve our trading. I tweeted these developments throughout the day and I hope you managed to profit. Learn these setups and make them your own
SPI 5mins Outcome:
