Covered all these positions at 896.50 to generate some profits while still holding core position. Working each new high making small cycle in/cycle out profits while building a core SHORT position.
What is your plan of action if we bust through 902(minor MP level)? Is this core position a Rydex trade looking for the next Intermediate Term trend down? Thanks Wishing everyone a Great New Year.
OK, covered all 898.50 positions at 895.50 and moved my first primary +5 point profit target to 894.00 (where I will cover all my 895.50 and portions of my 899.00/899.50 entries). I will hold the remaining 899.00/899.50 positions after profit target is hit for additional downside action going forward.
These are ALL new ES today that I want to hold going into the new year....building up a decent sized position today to hold going forward (taking a shot with the transition into 2009....remember last January). This morning I was still holding 2 of my previous 3 Rydex positions (covered one of them with that third test of the 850 area the other day)....today I added back the 3 Rydex position with the trading of the ES above 898.00 BTW, loving the GOLD action today.....negative early and now well positive again.
HA!! I guess if you knew exactly which next turn was going to be the next leg down......you would load up and be done with it. Its almost akin to fishing......throw out the line.....see what you catch and play it from there. Hoping we can rally above 920s before i start throwing out my line. Praying for 950s....
Yes time for fishing. Just sold additional positions at 902.50/903.50 with our late day short covering run in the NAZ and DOW right now.
Sold additional partial position of 903.00 entries for cycle in/cycle out trade. I will cover these according to price action going forward.
Covered all these new partial positions and all my previous 899.50 and 899.00 entries just now at 899.00 Holding all 902.50/903.50 entries now with first +5 point target set at 897.50