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.

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