Well that's two for two .... unfortunately loses. Are you impressed yet? LOL Stopped on the 10yr. 114-000 Sometimes this will happen when I am aggressive and try and catch tops or bottoms like this trade. As long as you can limit your loses the way I am doing it here they can pay off HUGE and even a 3:1 lose to win ratio can be profitable. We just blew through .618 retracement level from fridays sell off so for now I will just let it go until I see significant proof that buyers have lost confidence and the market turns net sellers. The only encouraging sign and reason to possibly re enter the short is a volume spike with no price follow through Price/Volume divergence so it deserves to stay on the radar for now anyway. Actual as I write this Short 114-00 with a stop at 114-030 if I am wrong at this price I have made an error somewhere in my preperation and due dilegence and the market is much stronger then my analysis would suggest.
Well that was no fun my power was out for 2 hours and I have not had access to the internet. Thank goodness for the old fashioned telephone broker. Took half of the position off 113-255 curent price 113-270 I fianlly got my charts back just now and everything looks ok! Sadly I missed a long off the first opening candle on the YM because of the power outage but at least my analysis was correct. I'm sure someone caught it!
Yesterday was a bit of a hectic day with the power outage. All my stuff worked fine as I have a back up power supply but unfortunately my two ISP's went down so what's the point of the back up power? Any how I thought it would be wise to just take the rest of the day off and enjoy it. I'm still holding the short ZN current market 113-28. The indexes rallied nicely in the morning and then sold off as we all know. The YM is still holding its structure and range and I am expecting the NQ to retrace deeper as it's move was stronger off the last bottom. So bottomline is look to sell the NQ for a fast move and take the money then I will be watching for a bottom and strong move back up. NQ is in play today for me and I will post any trades if they occur. http://charts.dacharts.com/2005-06-08/Samfox32.png
hi Sam - great journal - you say on your NQ chart "...and internal support levels" - what do you mean by "internal"? - thx and good trading.
ok sounds good, thx for clarifying this - i appreciate the strucutured tone/approach of the journal - good trading to you.
Nibbled a little on the NQ 1539 short with a tight stop of .50 Unfortunately the YM and key components are holding up the market this morning so we may not get anything substantial today but hopefully I can position my self well before tomorrows 8:30 report because it might take that reaction if we are going to test the 1505 area.
Took some profit 1534 ... by the looks of the day so far we may just consolidate in a tight range in any event now the trade is risk free and I can raise my stop to b/e level and just relax in the event of a win fall but I doubt that will happen today but you never really know and I'm positioned for now.
Well the slippery stuff just made the possibilities of a sell off today much better. Oil numbers came out and Oil jumped this may be enough of a catalyst to bring us into 1505 but the Dow needs to participate. Volume has picked up on the down side and yesterdays lows where taken out, now we shall see if price is accepted here and we can continue to our 1505 level.