Have you ever done something with respect to trading that was so stupid, you seriously wanted to punch yourself in the face?? Well as predicted from my initial post and chart, if you went long on the YM, you are up like 175 points or $875 per contract right now! Or in Spectra's case, probably took about two dozen round trips on the ride the last few trading days for a nice tidy score. Monday morning I got lured or trapped or hypnotized somehow into trading that sub prime crap with a really loose stop & next thing you know two trading days later ended up taking a really sweet loss with the latest gap down shocking AH's scandalous announcements. I still think the YM's go higher from here.
Punch the wall instead. It will give you a weekend project. CajunSniper / Puretick.com Administrator-Trader
Well the YM opened with a little weakness this AM, but turned off the day's lows at 12,500 and rallied 70+ points before closing with a decent gain. The index has had a breakout from recent consolidation. Things are looking really well for next week. If you are still sitting on those contracts you are up now an easy 200+ points and could really let this position run to see if we are going to take out previous highs/resistance points. Still have a good month at least before summer kicks in.
Amazing. A trade like this maybe comes once a year where you would have had absolutely no chance of getting stopped out. I was dead on the money, a straight up 500+ point move. Thats somewhere between a $2500-$3000 profit per contract. But did I make a penny off this?? Of course not. Instead I have made dozens and dozens of trades since I opened this thread two weeks ago & am still taking a beating getting caught up in momo crap and intraday swings and not sticking to the basics or sometimes even obvious. So therefore I am responsibly calling it quits. Best wishes to you all on finishing a good trading year. Later. Suzie Orman here I come!