Tuesday, January 31, 2006


Jan 31 2006
I played the YM's off of the fed rate decision, it bounced up quickly from shorts covering followed by a massive sell off even into the AH catalyzed by GOOG missing estimates.
I was +$250 before the announcement, and I was short at 108920, I waited threw some heat, all the way up to 10940, and then it started to decline as expected. I should have shorted once it came over the top, but I was feeling the heat so I decided to sell just under 10920 for a small profit, then the stock made a blip for a second off my cover and then it decided to drop another 60 points to the close and then another 20 points into the after hours. I was holding 2 cards at 10920, If I would have held to 10860, that would've been 60 points or $600...Well the stock slowed at the close, and I thought it was oversold, but I was hesistant to buy, but I took the risk, and it didn't happen, it dropped 40 points on me and I lost $200 from not keeping my stop loss. If I started out flat before the buy, I would have sold for the loss sooner, but I made some money, so I didn't feel as bad when I gave it back, so I allowed a larger loss to try to wait out the heat, but it got to much for me, and I sold for the 40pt loss, it turns out it dropped another 20pts afterwards, good thing I finally got a clue to the trend. I knew the trend, but I wanted a pop to sell at a lower loss, but it never happened. As soon as I sold, I shorted and made back another $20. The next day the YM went to 10985,,,,85pts above my 10900,,,,CRAP......
I will put together my analysis of the YM's and master it,,,using day ranges, key events, support/resistance, earnings annoucements, pumps/dumps, trend analysis, economy, market sentiment, oil price, war situation, and trade on the trend.


Keep a stop loss, Keep a stop loss, Keep a stop loss.
Trail the profit when you have it.
Look for trends by 15-20pts move in one direction, normally 1-2hrs after the open.
Only trade where you are most profitable,,,NEVER AT OPEN OR CLOSE unless there is a trend.
If your trade isn't in the green in 1 min, you probably screwed up.


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