Monday, April 02, 2007

April 2 Trade Summary

Trade summary-
Have work early again this morning and could only trade the first hour. I should have reversed my position and rode the 2nd wave down on YM and ER2. I will work on this by trading YM which has less risk. Probably should have traded 2 contracts on JPY and held 2nd contract for a larger profit target, I didn't expect a second drop down. I didn't look at the P/L today. My goal is to wait until the end of the week. I watched block trades and time and sales for my scalp entries this morning. NASDAQ A/D started out bearish as a leading indicator to the downside before the ISM #, and didn't show some bullishness (or short covering) until 10:30am EST.

Market observations-
Bond futures and JPY acted inversely to the stock indices again today. JPY lagged behind the EURO and I saw declining volatility in the bond futures and currencies as usual after the first hour of trading, expecting choppiness and probably a fade of the highs into the afternoon.


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