In an effort to maintain my short position I put on and stopped out of 2 trades in the holiday overnight market. However last night I went short again for a 3rd attempt on the short side and woke up this morning in the money for about 10 points of downside movement. I continued my short of 1 @1365 and today's market followed thru on the downside closing at 1352. My plan is to maintain my short with a wide stop with a long term objective of that 800 area on the SPX.
Liquidation value $16,470 (+$1,640)
Tuesday, February 19, 2008
Sunday, February 17, 2008
Feb 17-08
Globex opened down 5 points, it's 6:30pm and the market is currently meandering, waiting for asian markets for direction. The U.S. markets are closed tomorrow for President's day holiday.
*current position short 1 ESH8 @ 1349.75
*current position short 1 ESH8 @ 1349.75
Saturday, February 16, 2008
The 1st week of trading
I opened an account with Lind-Waldock and have discovered that they do a pretty damn good job of getting me quick fills, confirms, cancellations and position updates. Their charting program is fantastic and I'm very pleased. I began trading immediately upon their notifying me that my account was set to go.
Opening account balance = 15,000
my first 4 trades were all bad and I quickly drew down to 13,700 at which point I gathered my thoughts, cleared my head and the managed to trade well on the next 4 trades or so raising the balance to 16,700.
Friday at the close I covered my profitable long and went short 1 @ 1349.75 ( insurance against some unforeseen bad event over the long weekend) I will determine a buy stop point sunday night when the globex starts trading again.
I'm currently tilted to the bearish side though I can flip on a dime trust me... over the long term I see a giant double top completing that began in 2000 on very heavy distribution volume, and now in 08 we are sliding down the other side with my 1st long term target @800
I'm hopefull that I can maintain my current short with a wide stop but also recognize that we are currently in a short term triangle that can resolve itself violently up or down so I'm going to just wait until sunday night to conclude my expectations.
Opening account balance = 15,000
my first 4 trades were all bad and I quickly drew down to 13,700 at which point I gathered my thoughts, cleared my head and the managed to trade well on the next 4 trades or so raising the balance to 16,700.
Friday at the close I covered my profitable long and went short 1 @ 1349.75 ( insurance against some unforeseen bad event over the long weekend) I will determine a buy stop point sunday night when the globex starts trading again.
I'm currently tilted to the bearish side though I can flip on a dime trust me... over the long term I see a giant double top completing that began in 2000 on very heavy distribution volume, and now in 08 we are sliding down the other side with my 1st long term target @800
I'm hopefull that I can maintain my current short with a wide stop but also recognize that we are currently in a short term triangle that can resolve itself violently up or down so I'm going to just wait until sunday night to conclude my expectations.
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