Trader X

Today was a good day. I put several things into action. I started the day on an opening range breakout, which was short. Rode that down for 2 points and then the market continued down and rebounded. I went short again in the rebound, a little lower than I had bought back, and then rode that down for 3 pts about 8:55. I looked at the clock and noticed that within 10 minutes the big guys were coming in and so I stayed flat. It bottomed out right at 9:06 when the big guys came in to support and it looked like it was going to go south again. I called Rage trader and we discussed. I kept saying that it bottomed just after 9:00 and that the first 2 waves are always the strongest and that everytime I miss the first 2 and get in the 3rd I get hosed! I didn't sell and sure enough, the market stabilized and is slowly rising. My guess is that the morning fireworks are over and I made 5 es points! Heee Hawww.... (no, I'm not from the south, even thought I love it down there).

Things to remember, I am ending the week on a positive note, I read the market correctly, and I reentered at a lower price when the wave wasn't over and made more money than the initial wave. I didn't take the 3rd sucker wave and waited for the big guys.

I'm done for the week.

Trader X