This is my first day back making actual trades after paper trading some new ideas last month. Of course once I started developing a system for choppy, directionless markets--wouldn't you know it, the market started showing some direction and we had an unusually high number of trending days last month! But now I have another tool in my toolchest and I'm sure it will come in handy.
Starting out this morning it looked like we were in for a slow bleed down to 700. HNT looks like it's in freefall on the daily chart at least until it gets to support at 11. XLV was setting up an h pattern. I shorted HNT at 12.50 with my stop at 12.73. It was very slow to breakdown, but eventually accelerated. Half of me just wanted to cover when the S&P hit 700 but I couldn't ignore what looked like capitulation volume. This was a 1.95R trade. That could have been 4R with more patience but it's nice to start the month with a winner.
Setup:65
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