Monday Diary - Solid Monday Opening

With three young boys the late evening trading the SP can be a little challenging. Monday was one of these nights as my 3 year old son had disturbed our sleep. However, with the European showing some strength for the bulls my initial read and market bias played out as I expected and I retired with $200 in the account after 15 minutes.

My read was as follows:-

• strong European bullish session
• potential support from pre-market price at 1073-74 area
• SP higher time frame 30 mins at 21 EMA support
• SP potentially pushing towards previous highs at 1100
• bull trap setting up in hour before cash market open

Based on this I implemented the following:-

• bought 1 contract at price consolidation and stochastic/MACD versus price divergence at 1050
• bought 2nd contract at 1074.75 on further oscillator divergence with price
• final contract on confirmation of consolidation break at 1075.50 (used stop limit order)

I then scaled out 8 ticks, 5ticks, 4ticks. I called it a day at this point but there was good money to make buying the dips in early session.

Looking forward to the tendency for big price range swings on day after strong trend. Check out the early evening (european session) action.