Today is Thursday and market found the target that I called to my Sniper Day Trading members on Monday.

I followed up with the call for the market to move down to S&P 1006 area or so and today did just that. We hit 1006 exactly and moved up directly off that number to the tick by 20 full S&P points. That is somewhat equal to 200 Dow points right off that bottom.

That was a move from the original call short from 1066. I believe that was in the post I talked about the inside day and if we broke it, would be seeing lower prices. The break came in the premarket giving a clear indication of where prices were likely to continue to go, down. That was a 60 point move from those two points.

It is and would be a bit hard to take all those points out of the market, since we only day trade and do not carry positions overnight, but it is still a good exercise to do to help in the overall direction of the market.

I only took two trades today just at the end of the day. I netted around 4 points and only traded for about 15 minutes. I did take a counter trend trade as you can see in the screen shot below. I did not have a lot of time left in the day. I had a small target in mind and safely hit it.

The next trade was nice.  I don’t place stop orders to often to enter a position, but today it just seemed right. I placed an opening position, sell stop order below the market. If the market came down and touched the price, it stops me into the trade.  If I was wrong and the market continued to push up, I would have never been in the trade. That is the benefit of using this type of order. If the price does come down to hit my entry, then I am short and the likelihood of it continuing to go down is high.

I posted a video of the whole days turning points and you can see it by clicking the video gallery button at the top right hand corner of the screen, otherwise I just have a screen shot of the last hour.

That’s it for now. Short postings right now, but will be back with a good article for the weekend. Promise.

Good Trading,

Vince                P.S.  email me questions or comments, I like to hear from my readers, with thanks to those who have.