Thursday, May 12, 2005

AM trades

I had 2 other trades today before my last trade I need to tell you about. I went short at 9:11 at 117175 and had to cover at 117325. I think I went short because it rallied to the 20ma and had a high tick count but the 20 hadn't really turned over yet so I should have waited. After the market turned I went short again at 10:21 at 117125 because the 20ma turned and we rallied up to it. The market rallied and I waited after a high tick count bar and then covered at 117100. I didn't like the trades because the stochs were still climbing up while I was short. I decided to get out while I could. The market did fall off a little but then rallied again! I would have been stopped out. As the market rallied we had a high tick count and the stochs crossed, a high probability setup, so I went short again at 117300 at 11:02. The next bar we declined and I hit my limit of 117000. Took my profits and ran! I am ahead of my goals for the day. I think I'm going to cut the grass and then see what happens this afternoon..

Trader X

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