Friday, January 12, 2007

Jan 12 Trade summary

Today I waited for my setup to occur so that I could trade my plan.
The first 30min of trading was not very volatile and we had no breakouts.
The price was above the UVA after 30min of trading and there had been a lot of volume traded with relatively small movement in price. YM looked the weakest with the most overhead resistance, so I looked for a short on it when my signal occured.
Once YM gave the signal I shorted at 12572 with a 10pt stop and a profit target at 12556, ER2 gave a signal a little later and I took a short on it. I exited all of my trades with stops. I placed one of my ER2 stops to close and should have gotten a full pt instead of .3pts. My second scalp on ER2 was executed because I could tell that it was just a pop up to take out some stops before we went lower because the tick was still bearish and the pop was on small volume and no other indices were following. Unfortunately the stop was placed to close. Overall, I'm happy with my trades today because I waited for the setup and traded the signals. The market looks pretty dull today so I'm quiting after 45min and taking my profit.


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