Friday, February 09, 2007

Left too soon


I traded the first hour and a half during the chop and then what do you know happens in the afternoon on a friday...The market breaks out of its range and trends all day to the downside. There were G7 meetings that started friday which may have caused the breakout. It actually looked like a gap trade because the NYA index had a gap that needed to be filled, while the other indices had a small gap with an opening range that was choppy. I ended the week positive. I had to trade larger size and scale into some trades because of the tight choppy trading that I traded on wed & thur, and I left early friday. I will try posting charts and setups later and do some analysis of the ticks and volume based market profile. I made a bad trade on YM on thursday, I should have used the 8pt stop, instead I got a 20pt stop and doubled my loss by adding to the position, however I made up for the ym loss and made a gain overall with an ER2 hedge in the opposite direction.

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