Thursday, October 26, 2006

FED Holds Rates Unchanged

Review of last night's trades. Wild swings are usually expected on FED meetings. The market action gets more intense/volatile just before the announcement, and right after the annoucement. Looking at the PRICE movement after I logged off, I was indeed a volatile session.

10:53am Ah...we are back online. Apparently, many blogs were having problems for the last 1 1/2 hrs. Everything looks alright now.
04:04pm Globex PRICE movement has made a Prime BREACH on the Trading chart. Looking for a pull back in PRICE to go LONG. Still no signs of failure. PRICE is looking to challenge 1398.00. PPF or BREACH, we shall see.
08:11pm LONG at 1393.00. STOP at 1392.00.
08:28pm Moving STOP to 1391.75
08:30pm Stopped out. - 1.25pts. Cardinal mistake. Forgot to check what news/reports are due out today. Putting a BUY Stop at 1393.50.
09:06pm Moving my BUY Stop to 1393.25
09:50pm BUY Stop not triggered. Removing it for now.
10:08pm LONG 1390.00. STOP 1389.25.
10:16pm Out at 1391.25. +1.25pts
10:23pm Will be looking for SHORTS now
10:33pm Wow! This move was just too fast to catch. Am always careful not to take the wrong trade, especially such a sustained drop. Shorting here may not be so wise, lest one get caught by the pull back/bounce.
10:39pm SHORT1386.75. STOP 1388.00
10:44pm Watching this trade very carefully, cos' it's in Prime, on the Trading chart.
10:45pm Out at 1385.50. +1.25pts
11:30pm Having connectivity problems...got cut off twice. Have to fire up my charts again. Will take a while
12:46am LONG 1389.75. STOP 1388.75
12:53am Moving STOP to BE
12:59am Out at 1390.75. +1.00pt
01:09am Hitting the sack. LONG bias still very much intact. PRICE has not fail yet. It is going up to challenge 1393.75. BREACH or Fail, I will know tomorrow. A Minor PPF may be all it takes to take this baby down again. G'nite.

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