Tuesday, May 19, 2009

The End of Open Outcry


When it was all said and done today our initial buy and sell entries were 59.25 on the buy side
and 60.5 on the sell. We sit here at 60.42. During the regular session we almost go to the sell spot
trading back up to 60.3x and we traded down to 59.97 We played from the short side trading often near our sell point and from the long side at 59.25 and 59. We had two stop outs today 
but made the losses back on re-entries. We could have just stuck to the original plan and it 
would have made more looking back as we were fortunate to be up  and catch the currency
rally last night and reversing the short position at 59.75 we did not sell the high at 60.99
but placed a stop at 60.5 to protect $750 in profits from that overnight adjustment.
Nobody was up trading with us we believe between 1 and 3:30 when we stop protected 
when we awoke we were indeed stopped out and the action began. Currencies  are stil sky high 
but we are carrying a short contract as we believe we will se some inventory fear manifest
as well as the housing were terrible and some of that negativity may sink in as we drift into the overnight. We are going to catch an hour or two sleep before we re-enter the fray