Review of last night's trades. Clearly, my trades last night are to be noted & NOT repeated again. They were all counter-trend trades (other than the STOP-Buy at 1431.00, which incidentally was IN the money). Bad excuse but I guess I've not completely shaken off the stomach flu bug. Has disrupted my trading process. And now, my wife's caught it. It's simply going around, having started from my youngest girl.
At the close of the session, the ES went into consolidation mode. A series of PRIME PPFs on the Trading Chart & with the TREND & the Longer Term Chart turning down, we have to watch out for a possible market top here. Leg 1 of a Back-Door Bull Break on the Longer Term Chart seems to be unfolding. Key level to watch would be last PRIME Support at 1412.25 on the Longer Term Chart. Breaking this level would give us this Leg 1, and we could be seeing the first signs of the Bull Run being threatened, on the Longer Term Chart. But if instead, we breach 1445.00, then the Bull is still intact. Let's see how it pans out.
Again, just a reminder to all. I've started another blog called "Know Your Life Insurance". I found that through this futures trading blog, I've gotten to know quite a few traders, and in fact, one of them took up 2 plans with me! I am very thankful for his kind support & that's what prompted me to start the new blog.
As Traders, we take & embrace risks every single time we trade. So, what more, that we protect ourselves against other forms of risks, or even take up conservative savings plans to protect those gains. Even legendary traders have resorted to save returns after racking up profits through trading.
The blog is very much related to my dayjob & the aim of it is to inform, educate and also hopefully, for me to meet new clients. It really doesn't matter if you are from other countries. You can still visit the blog as there are also other ads/info on it. Here's the link: http://knowyourlifeinsurance.blogspot.com/
10:36pm SHORT 1432.00 / STOP 1433.00
10:44pm Moving STOP to 1432.75
10:45pm STOPPED at 1432.75 / -0.75pts
10:47pm LONG 1433.00 / STOP 1432.00
10:49pm Out at 1434.00 / +1.00pts
10:56pm LONG 1434.50 / STOP 1435.50
11:00pm Out at 1435.00 / +0.50pts. No matter what, you get kinda nervous with LONGs at this level.
11:02pm See what I mean? You can get caught in the quick pullback.
11:27pm SHORT 1433.25 / STOP 1434.25
11:31pm Moving STOP to B.E.
11:34pm Out at 1431.75 / +1.50pts
11:58pm Calling it a night. 4 Trades / 3 Winners, 1 Loser
Friday, January 12, 2007
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