Amazing. The NN has taken a dive to China. It is hitting negative numbers I haven't seen before. If you are short, consider taking some profits, but whatever you do, DON"T reverse. Let things sort themselves out. FWIW, I'm still short 2 ZB's.
We are at the 0755 cycle time I mentioned earlier. Caution look for more downside but be prepared to lock in profits.
0803 CST Bought 2 ZB's 106 10. I think I'll call it a day. I need to work on my web sites for a while.
Observations Did you notice that I only traded a 2 lot today? Did you notice that on Friday I wrote that Friday was a day to trade multiples of one's normal size? Learning how to spot these different types of days takes some practice, but an economic calendar and an analysis of price action will let you know when to hold back and when to do a Charlie's Angels: Full Throttle.
Wednesday 05 July 2006 Today we have the following (CST): MBA Purchase Applications 0600 ICSC-UBS Store Sales 0645 ADP Employment 0715 Redbook 0755 Factory Orders 0900 Ah, what a shame. I'm writing this now at 0530, and I see that prices have traded from a high of 106 19 to a low of 106 05, all between the time of 0100 and 0530! This is the price action I would have loved to have seen on Monday July 3rd. Price projection numbers: 106 28 106 20 106 15 106 03 Tipping Hand Prices: 106 10 105 20 105 12 No bias. Need to see what the reports will do. Obviously now that we are at the lower end of the price projection numbers it would seem logical that we'll get a chance at the highs again. Long term (weeks or months out) I still think we will revisit the lows.
0730 Sold 4 ZN 104 160. Tried to get 104 170 and so on. Didn't work. Will sell more higher if possible.
Target is 105 28 on the ZB's and equivalent on the ZN's. Now is not the time for a bathroom break! UPDATE 0740 If we don't break 00's consider exiting for profit.