Trading has begun here on Day 2 of our 3-Day seminar here in LaJolla. The YM shot up overnight on the news that Fannie May and Freddie Mac were being bailed by the government. Initial reaction to this news was obviously positive, even though the trend in the overall market right now is down.
On the 939 EST bar, we had an XTL Breakout. This breakout happened with heavy Volume, which is my favorite kind of trade. However, I wasn't watching the screen when it happened!
After the market broke down from that XTL Breakout, I went to a 1-minute chart to look for a possiblt entry to participate. Sure enough, an XTL Continuation trade set up came shortly after. This was my first trade of the day.
We then came down and hit the MOB from that previous low, thus completing a winning trade.
After this trade completed, the 3 minute chart pulled back far enough to give us an XTL Continuation trade on that time frame.
This trade FAILED to make a lower low. However, aggressive money management helped this to be a profitable trade before being stopped out on the rest of the position at break even. I can't share with the general public what those money management details are. That is something you'll have to learn at your OWN 3-Day event.
A short while later, the YM set up again, this time in a Stochastic Continuation Sell mode.
This trade paid for the seminar for many people. I'm not sure how many took it, but we called out the trade before it happened, and this was the one that really kicked the profits into gear for the day.
While I was typing this, another sell set up. I missed this one, but I'm up big for the day anyway. There have been lots of opportunities for shorting, and it's not quite lunch yet! We'll see what the rest of the day has in store.
nate mccartney
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