As I said yesterday the SP future contract has a tendency to oscillate between previous late day support resistance if the day had a strong trend. It played out again - I however missed the early opportunity to buy the dips at price support of 1087.5 - see attached support resistance chart - i use 610 tick. This was around 5.30pm in Perth - feeding time at the zoo!
I did position myself at the test of this price support within 1 hour of the market open.
I did note with interest the bear trap set-up following the moving average down - this is what messed with my head! On market open I got freaked with the fluctuations despite the trade basis being unchanged and got out with a meagre profit as price faltered prior to the moving average crossover.
This set-up should be my bread and butter and requires to be capitalised on. With this set-back I traded very little for the rest of the morning - one probe short that I sensed was going North - and scratched with + 1 tick.
As the subject reads - missed opportunity - $50 lunch money should have been a couple of hundred dollar feed.
