Have been very busy since this morning...haven't really had the time to really sit down to post - either on the market, or in response to the comments of Michael on early Sunday Morning. Will try to find some time later, in the early evening to do so...Drop by again.
07:20pm I switched over to the new Blogger Beta version over the weekend and it has been giving me headaches! Even though I have only accessed the blog just a few times, the last 3 days, it has been bad enough to confirm that it just isn't very stable yet...
The Beta version doesn't require me to wait to "publish" the blog, but I can't even "publish" on the spot! Have to "run thru a hoops" before I can even see the actual text on my blog. It's very frustrating...wished I hadn't switched over.
09:53pm Before trading starts in the next half hour, I would like to address the comments made by "michael" on early Sunday morning on my blog.
I truly understand that all of us have opinions & I respect that. But do bear in mind the very reason for the existence/birth of this blog:
1) It is just my way of recording my progressive journey as a futures trader. From the point I "fully understood" the method I learnt from my Mentor, and NOT the point I started to trade futures (which was back in 2002).
2) That this blog may be a Good Resource of Information & Links to all traders, old & new alike.
3) And hopefully, with the time & effort put in maintaining this blog, to derive some form of passive income.
I am however, not here to comment on rumours, accusations, or comments on my Mentor, and his actions. Some of my regular visitors (you know who you are) have advised me not to respond to Michael's comments, and I want to thank you for your advice & concern.
But I felt that I needed to address this in a way that would be constructive, and that is to bring all of us back to what is important to us...If you are a regular or visitor, it is very likely that you have some interest in trading, in futures, in stocks, in currencies, or in options. Let us not be distracted by other things that are not important but be focused on the job at hand, which is to tackle the unforgiving markets, and to achieve financial freedom at the end of it all...
10:40pm No Trades as yet. Watching for direction.
10:55pm PRICE still going up. No failure yet.
11:00pm We are now in PRIME on the TREND chart, so I will be watching PRICE very closely here. A failure would be an opportunity to SHORT.
11:07pm We have a 3X Divergent Top on the Trading chart...Not a signal to SHORT but more of a warning to those who are LONG.
11:10pm Looks like we are going for a 4X Divergent Top. Nope...the 4X did not happen. From past experience, the last one, which is not a divergent, is usually a good SHORT (or LONG - depending on PRICE direction), if a PF occurs - This is my personal observation, and NOT part of the rules of the methodology.
11:21pm SPECULATIVE SHORT at 1391.25 / Tight STOP at 1392.00 - PRIME PPF on the TREND chart, coupled with Divergence (which is a strong potion for a good move).
11:45pm This move is taking very long to materialise...But will hold out, cos the rewards may be good - TREND chart has just turned down.
11:48pm PRICE targets for this SHORT would be 1389.00, followed by 1388.25
11:49pm Moving STOP to 1391.50 - Proftecting this SHORT by minimising my loss.
11:58pm STOP at 1391.50 / -0.25pts - Just one of those trades that you wonder if profit should have been taken first. Oh well, at least I minimised my loss...
12:00am Will try another SHORT & will probably be my last trade. Am feeling mighty sleepy...Has been a long day for me.
12:09am SHORT 1390.50 / STOP 1391.50
12:30am Now we're cooking...
12:33am Moving STOP to 1391.25
12:41am We're almost there for the 1st target PRICE of 1389.00
12:46am 1389.00 hit. Let's see if we can hit 1388.25
12:49am Moving STOP to B.E.
12:55pm Stopped at B.E. - Frustrating day. Both trades were actually positive by 1.25 & 1.50 pts. I had a pre-conceived idea that I could get more points. In doing so, I ended up with nothing. Important lesson here - Never trade with pre-conceived ideas in mind.
01:01am I'm done for the night. 2 Trades - 1 Loser / 1 B.E.
Monday, November 13, 2006
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4 comments:
I hope the cooking is for real. I am looking at the short side as well. But, it seems to be a bit stubborn.
Let's see..
yeah Gav...it's terrible ! It's "stair-stepping" down...and coupled with the fact that it is lunch time...grrr...
gerimegaly
BORING!
I can't get any entry.
I guess, I would rather have an early night. This is a short trading week for me. I am not trading on the option expiry Friday.
Have a good night.
very boring indeed...G'nite to you too.
gerimegaly
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