Another Grand-A-Day in Mentor Mike’s live TRADING ROOM for Tuesday, 9/23/14

Another Grand-A-Day in Mentor Mike’s live TRADING ROOM for Tuesday, 9/23/14

Fellow Traders:

Our first trade was a long that went nowhere, so we began the day in a hole. No problem.  We shifted into CFB Mode.  In CFB, we trade our usual number of contracts, but consolidate targets at the Average True Range of one of our higher time frames.  We can literally increase profit potential without increasing overall monetary risk.  Once we were back in the money, we resumed our more conservative 3-target peel-off.  And, when the TRADING ROOM closed at 12 noon, we were in the money $655.50 – a bit short of our Grand-A-Day goal, but still a respectable score.

Just after the ROOM closed, I noticed that our bearish impulse pattern appeared to have concluded and the Market was starting to turn bullish. A quick calculation told me we were a 5-tick scalp away from our $1,000+ goal.  I went long on my personal account first because my hand was closer to that mouse.  By the time I got to the TRADING ROOM PC, the market had already shot up enough to fill my personal target, so I got a higher, tougher fill in the ROOM.  I had my Grand-A-Day, but I wanted it for my GADGETS also.  The Market squirreled around for about half an hour but eventually hit our target making identical final scores in both accounts: 7 out of 9 and $1,051.50!

Have a great evening. See you back in the TRADING ROOM on Thursday.  And, don’t forget my webinar this Saturday.

Today’s Charts

Here are today’s screen captures.  They may include my personal chart, the TRADING ROOM demo platform, charts submitted by students and/or my running intraday Elliott Wave count in the S&P Emini.  Please click on a chart to make it larger. 

Chart #1

Chart #2

Chart #3

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