Review of last night's trades. Was rather upset by my trades for the last 2 nights. Haven't had the time to really sit down to go through what went wrong. For Wed night's trades, it was clear that I had taken positions during Globex. This can be quite frustrating due to the low volume & the wild gyrations in PRICE movements. One's stop can just be taken out due to "illogical" moves. Will look at yesterday's trades later to see what went wrong.
As to last night's movement, the ES has resumed it's uptrend...again. We need to see a higher PRIME Low to confirm this (and of course a Higher PRIME High). For tonight, PRICE needs to go down to challenge last PRIME support of 1416.75 and fail. But sometimes, it may not even do so right away. PRICE can just continue to move higher, and "decide" to challenge PRIME Support much much later. I've seen it happen before.
10:45pm Just stepped in 20 minutes ago...Still trying to look at the "mess" in PRICE movement during Globex. Will wait for a clearer picture. Patience is key here(especially after the last 2 trading days).
11:15pm Went LONG at 1422.25 & got stopped at 1421.25 - Didn't even have time to update the blog. I got it from a fake-out.
11:20pm Attempting another LONG at 1422.75 / STOP 1421.75
11:24pm Removed my STOP. Too much gyrations going on.
11:28pm Am caught in consolidation.
12.00am Was STOPPED at 1420.50 / -2.25pts. But I went SHORT again at 1420.50 (Double Sell) and managed to close it at 1418.50 / +2.00pts
12:33am So much for the resumption of the Bull Trend. We just BREACHED last PRIME Support at 1416.75.
01:18am Still no trade. Just watching PRICE.
03:58am WOW! Waited until now to SHORT at 1417.75 / STOP 1418.25
04:21am STOPPED at 1418.00. I must be crazy or sleepy. Had 2.50pts profit but did not take it. Instead, got stopped at -0.25pts. Enough. Going to bed. 4 Trades /3 Losers, 1 Winner
Friday, January 05, 2007
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