ES Journal Archive (2009 - 2010)

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Well, I can't find anything on the news why we are down so much. I got a heads up from a master trader that he was looking to go short, so last night I did look at my charts and saw a possible TA reason to go short. I did put on a market short at 1198 real money which got me in at 1197.75. I set no stop, but I did set a 10 point target which was filled at 1187.75 while I was asleep. Normally I never take more than 2 points of profit and last night I saw I was already up 2 points and wanted to kill the trade, but I forced myself not to do it. Obviously I wished I set no target too, but I would have felt bad if my target got hit, and the market reversed there and I would have made no profit. I also went long today and got 1 point of profit, then switched to sim from real money since I have been over trading lately. I also am long 1 SPY call right now holding through the next day to see if we get a rally on Wed.

After switching to sim, I took a 18 tick loss on cl but it was on sim, then I took a 15 tick win on cl also on sim.
 
Quote from oraclewizard77:

Well, I can't find anything on the news why we are down so much. I got a heads up from a master trader that he was looking to go short, so last night I did look at my charts and saw a possible TA reason to go short. I did put on a market short at 1198 real money which got me in at 1197.75. I set no stop, but I did set a 10 point target which was filled at 1187.75 while I was asleep. Normally I never take more than 2 points of profit and last night I saw I was already up 2 points and wanted to kill the trade, but I forced myself not to do it. Obviously I wished I set no target too, but I would have felt bad if my target got hit, and the market reversed there and I would have made no profit. I also went long today and got 1 point of profit, then switched to sim from real money since I have been over trading lately. I also am long 1 SPY call right now holding through the next day to see if we get a rally on Wed.

After switching to sim, I took a 18 tick loss on cl but it was on sim, then I took a 15 tick win on cl also on sim.
More...

http://www.forbes.com/2010/05/04/greece-debt-spain-portugal-markets-equities-banks.html
 
Quote from oraclewizard77:

Well, I can't find anything on the news why we are down so much. I got a heads up from a master trader that he was looking to go short, so last night I did look at my charts and saw a possible TA reason to go short. I did put on a market short at 1198 real money which got me in at 1197.75. I set no stop, but I did set a 10 point target which was filled at 1187.75 while I was asleep. Normally I never take more than 2 points of profit and last night I saw I was already up 2 points and wanted to kill the trade, but I forced myself not to do it. Obviously I wished I set no target too, but I would have felt bad if my target got hit, and the market reversed there and I would have made no profit. I also went long today and got 1 point of profit, then switched to sim from real money since I have been over trading lately. I also am long 1 SPY call right now holding through the next day to see if we get a rally on Wed.

After switching to sim, I took a 18 tick loss on cl but it was on sim, then I took a 15 tick win on cl also on sim.
More...

Rumors were floating that Spain would need 285B EURO support to survive and that killed the EURO. Zapatero has come out decrying the rumors, but with the PIIGS, rumor is probably fact.
 
I took some profit out of my longer term stock trades just now in case the market does sell off more, I will have a little cash to buy.

Quote from cstfx:

Rumors were floating that Spain would need 285B EURO support to survive and that killed the EURO. Zapatero has come out decrying the rumors, but with the PIIGS, rumor is probably fact.
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Quote from oraclewizard77:

Thanks for the heads up. I am going to keep my SPY call through Friday economic report unless we get a rally on Wed, where I can kill it for a profit.
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"Fiat" currency from the latin "let it be decreed" does not have a good history. The problem as usual is that people don't keep their agreements, which is all money really is. The politicians want to stay in office so they cave to the whims of the masses and overspend, kinda like here in the ole US. This is sort of what is playing out in Greece and other countries. By the way you can still get Roman coins pretty cheap apparently they made quite a few. :p

http://dailyreckoning.com/fiat-currency/
 
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