Below is the description of a live day trade taken in the Gold futures market on Monday 12-5-2016
The market has been in a bearish mode for serveral days and had reached a known area of support in the early regular trading hours.
There was a dip below that known support area as the market formed very aggressive selling on its new low for the day.
That aggressive selling had no follow through lower as the market stalled in that area and just above where the aggressive selling started.
This was the first clue that the sellers were losing strength.
A long trade was entered on a pullback to the support area shown in the “day trade the markets software”.
Two 2 additional contracts were entered with a buy stop once the high of the aggressive selling was taken out.
The first 2 contracts were extied just below the first resistance area for a profit of 15 ticks each.
The final contract was exited with a stop order for a 4 tick profit.
Net profit before commissions for the 3 contracts was $330.00