Big move today to new highs on both the Dow($INDU) and S&P($SPX). I had a few trades in ICE today,although there were better setups out there.All charts are based on the 1 minute time frame,which is working for me right now.There are two trades on this first chart.The first one was a quick long taken as price drove up through both the 5 period and 15 period moving averages.I took a long at 71.50 then sold at 71.71 for a quick +.21 winner.That exit was slightly early,but as you can see the stock began to weaken as the sellers stepped in later.I then watched for a few as the stock sold back to the point where I had went long,then a small bounce,but a failure to go higher.Then price crosses back down through those moving averages bouncing off the 5 period(light blue) and starting to widen the channel,so I go short as it tests that 71.50.The short was taken at 71.51 and then a quick flush down as I cover at 71.30,71.17,and finally at 70.94,not bad.Yes there was abounce after my exit then a continuation down,also notice it never crosses back up through the 15 period moving average(dark blue).I took the exit as I was only trying to play the quick bursts and when price gets that far away from the 5 period it usually sets up for a re-test,which it did.I missed the re-entry,but walked away with +.21,+.34,and +.57 winners.

The next setup is also in ICE.Same setup where price crosses back through those moving averages and creates a channel between both the 5 period and 15 period moving averages.I entered a short at 71.01,you can then see price tried to re-test the 5 period only to fail sending the stock back down.I covered the trade at 70.70 and 70.65 for +.31 and +.36 winners.

Here’s a small trade in ISE (don’t confuse it with ICE).Very similar setup,though I was a bit late on the entry.You can see where price crosses up through the moving averages then a channel forms between the 5 and 15 period ma’s.As price trades into the 5 period there is a burst up,then one re-test of the 5 period.I then entered after that re-test at 51.00 with good support(for the timeframe).The stock traded up then slightly re-tests the 5 period again but does not penetrate,so I add shares there.My average price ended up being 51.06 and I sold at 51.23,51.24,and finally at 51.27.As you can see the stock went slightly higher then back down through the averages.Took +.17,+.18,and +.21 winners.

These trades all called for very tight stops and again the further price gets from the averages the more likely it is to re-test those averages and possibly change direction.