Well the indices did make a new high as far as the Dow and S&P,but it did look a little like some topping action to me. I did have a couple more trades in the afternoon,one was at 14:08 on the 1 minute chart shorting ICE at 67.75 and covering at 67.41,for a nice gain.Now here’s the one that ticked me off,I take ICE short again at the 14:20 candle of 67.57 and let it wash me out at 67.58 and 67.60.Then it makes the real move and drops sharply lower,errrrr!The 1 minute chart with the 5 and 15 period averages should have kept me in,but I let emotion take over,fear of losing.When I post the chart,later, you can see it did slightly penetrate the 5 period ma,but never touched the 15 period ma,that should have kept me in.Regardless it was a great day topping yesterday,so I can’t complain.

Here’s one trade from the morning,again based on the 1 minute chart and the 5 and 15 period moving averages.Before the entry price dips below the averages and trades back up through both the 5 and 15 period ma’s,a sign of strength.I started in NEW at 43.89 as the two averages widen and form a small channel.I added at 44.00,notice the test of the 5 period average at that price,but no penetration.I then added again up further as price bounced off the 5 period average sending it up.One other point is that even as this is the 1 minute time frame the entries were above the 15 minute opening range high.My average price ended up being 44.08 and I took a small amount off at 44.35,some at 44.45 and finally all at 44.50,for a nice gain.I was able to scalp a few other trades in NEW later on and it did eventually trade up to 45.00 and above.Options expirations anyone?

This next chart is a 1 minute shot of ICE.The first arr

The indices look to be doing a bit of consolidation today and I’m noticing a bit of pinning action(sharp moves only to reverse back to high interest price points).It is the usual options expiration Friday.I’ve taken some great opportunities and also let myself out of some great ones too early,but all in all it’s been a great morning.If anyone has been following the charts I post,you’ve probably figured out that I’m really focused on the 1 minute time frame along with 5 and 15 period moving averages.It’s been very effective lately,and at the same time still a work in progress.The 15 period can easily be used as stop out points and even the 5 period or a few cents below it can be used.My problem is I’m not giving all trades that wiggle room as they sometimes test those averages,if I did I’m quite sure my P&L would be even better than it is already.Exits are everything and I need some work on that.I’m sure there are many of y

I’ve been a little busy with trading and other things, so not much time for blogging once again.Just a quick update on trading.Trading’s been good and I’m still finding the 1 minute time frame to be most effective “for now”.It’s also coinciding nicely with some other time frames especially when the entry lines up across multiple time frames.Ice was a perfect example today.This morning Ice setup nicely between the two time frames basically off the 2nd 15 minute bar.On the 1 minute chart it gave a nice cross up back through the moving averages of 5 period,15 period and then the cross up through the 20 period of the bollinger bands.(I’ll explain more with a chart later)The 1st 15 minute bar was a gap up ,but weak and then the 2nd 15 minute bar opened just above the opening range low,but never traded below it.There was also a nice rising 34 period moving average along with the fibonacci retracement zone setting up for a nice move back up to the

Today was a little wacky.First thing to note was the comments made by Herb Greenberg this morning,basically giving ICE a red flag.This also gave ICE the heads up for being in play.I got clipped pretty good this morning in ISE,which was definately “not” in play today,but finished with a strong come back trading ICE the remainder of the day.Definately says something for choosing your stocks wisely and staying away from the ones that are not in play.It also shows there is something to be said for not backing down too early,just because your down.Granted there are those instances when a trader should walk away,but there is also no better feeling than making a huge come back after getting clipped early on.I have to run,I hope you all had a great day.