1/20/12 Trade results: 4 trades, $45 profit. Using price magnets to trade

Today, vey slow day in the markets. A lot of failed breakouts, tight range, and low volume. This is typical of Fridays, thats why I trade very light Fridays and do not expect much from the markets on tight range days.

I want to show how I use price magnets to trade. I mainly use them as targets for trades because around those levels there is indecision. Look at this chart, and then the following:

The open is a major magnet because it determines whether the instrument is + or - at a certain point in time. I use the open as a target in the above trade.

Here are the trade from today.

Review the past week; your trades, decisions, actions. Take your new knowledge and experience from this past week and get prepared for the next trading week. Most important of all, enjoy the weekend!