Finally I was able to find a tradeable formation today. So, I put in an open orderto go short one December Eurodollar contract at 94.67. Surprisingly, my open order actually got filled today.
A couple of reasons that I wanted to trade this market. One was that margin is fairly reasonable at $743. Another reason is that the point value in this market is only $25 and usually the dollar amounts of the daily price swings are fairly small, especially compared, say, to the grains.
Eurodollars had formed a channel and moved down to 94.58 on June 12. Prices then moved back to resistance at 94.73 making the fishhook formation. Prices moved down sharply on July 5 closing at 94.65. I wanted to wait for prices to pull back closer to resistance before going short in this market. The Trend Seeker rating is Down. Prices pulled back today, July 10, and I put in an open order to go short one contract at 94.67. I got filled at 94.67. I set my stop loss at 94.71. My initial target for this market is the contract low of 94.40. December Eurodollars closed today at 94.695 giving me a loss at this point of $62.50.
For a look at my completed trades, please go to www.mylearn2trade.com.
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