Pabst's Blue Ribbon Trades

2 days? I meant a half hour!

In all seriousness I'm unable on my sales by a friggin point. Working 25.50's.

I'll get 'em.

 

Pulling my offer. I think we trade higher on the day.

Bought more at 13 and 18.50

Taking a shot here.

Also short wee amounts in Bonds, Euro, Gold and Cl (a 1 lot, lol)

 

I'm out at 23.25 on the stuff I bought at 13 and 18. Spooked that my 25.50 number was the swing high. I'll keep the 5 I bought on the cheap.

 

Now there's a man who thinks like me!

Glad to see your journal back up and running Pabst. It reminds me of just how right we both were on Big Brown.

What were the daily double odds of fading Smarty Jones and Big Brown?? That woulda paid huge!

 

Imagine the payoff on a Da'Tara to win with a Brown to finish last ticket!

BTW: Covered my Gold and sold another CL. Bidding just a few pips lower than here for my Euro's. I would have covered in the 830's but I was goofing off here, lol. Bonds are boring me enough into a cover also.

 

Out of everything. My first day trading futures in a few weeks. (since my accident I've only made a handful of trades-all winners). Nice comeback +13k.

 

I've lived to regret this the past 7 or so times I've done it but I've been shorting the EURO the past few days at an average of 157.19. My average sale price WAS better but I'm selling more at some crap prices today.

This trade is just a hunch. Or maybe I'm bored. This COULD be the story though: The Fannie/Freddy bailout alleviates Fed anxiety to provide end all help at the window. Oil and metals could be tipping the dollar higher as well. We'll see. Pissing away index profits on dollar trades has been a sad tale for me the past year. I have no stop and no target. The more I think about it-bad dollar trade deja vu all over again.......

 

So why are you doing it?

 

Thanks for asking.

I'm psychoanalyzing myself here. A bit of a revenge trade.

As far as trade management I can't find a place under the ATH that screams “get out!” I'd rather not take a 400 pip hit-especially now after the add.

Here's what I'll do. (in fact I just put the order in) I'm a 157.10 stop.

 

Better....but since you clealrly don't like the trade, clearly are trading discretionarily...why not EXIT NOW

Step back and then reassess when you have a clear trade with defined risk/reward points.

Place a stop near break even just gives you false psychological comfort...but the fact remains that you are uncomfortable with the trade and should therefore exit.

Now if you were trading systematically, then your "feelings' should be ignored..but for a discretionary trader, I think it's a major faux pas too remain in a trade with little conviction , comfort and worse no clearly defined risk/reward points.

In sum, I think you should exit now and reasses new trade opportunities.