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shodson's e-mini gap and open range trades

Nov 1, 2010 - We had good gap data but the market opened too high out of range for any of my gap strategies to fire a trade at the open. It continued higher and would have stopped me out if I was in the trade. Because the gap guides were so strong, I saw "fade the fail" setups that would have been good but I passed on it as I wasn't sure what sort of targets and stops to shoot for as the market eventually turned around and filled the gaps. I was also fearful since today is the first trading day of the month, which is also a Monday, which, according to my recollections, are very bullish days. At any rate, that trade would have worked out for a nice gain.

On the way down I took a FHG trade to fade the breakdown through the lows of the morning. YM was the best instrument for such a trade but TF broke down first and was almost as good. It hit my target easily and quickly.

TF: +20 ticks