The Surf Report

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WOWSA ! what a day....... shorts were triggered in a classic breakage of the lower channel line--see attached chart. our trade management kicked in as soon as profits were in evidence and the trade was exited with nice profits. the DJIA then proceeded back into the channel and we are flat awaiting the next trade.
freaky friday coming soon !



see todays chart. note how the lower line was tested in the last several minutes . this could portend to nice upside tomorrow. we will see !


surfer
 

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the support evidenced yesterday in the final moments exactly at the lower channel line indicated some up movement this morning. price is back into the death channel and the system is FLAT. awating signal.
dave g
 
Hey Surf, great journal you have here. Couple of questions for you. One, I remember a few pages back you were saying that you were not interested in taking small profits because you were going for the big move. So you were more then happy letting positions run knowing that when the big move happens you are going to catch it. However, it seems lately, maybe out of frustration, you seem to be taking a lot of quick profits. Is there any reason for this? Are you no longer looking for the big move. You know a good trader must follow his rules and it seems like that was your number one rule.

Second question regarding your short crude position, where is your out on this? I mean certainly you have a set stop loss here so I'm wondering how far up it is and also what is your target on the downside. Again this is important because, and don't take this the wrong way, but since your average price is 52, I could see you closing this position out at 50 or something and that would seem illogical that you would be willing to sit so far out of the money to make just a mere couple of points.

Good work with the journal. I found it to be quite an interesting read.
 
freaky friday turned into rocking friday ! we made two short entries today and are holding short over the weekend. see attached chart. the djia broke out of the death channel triggering first short which we exited with small profit, price then tested exactly on the lower channel line, failing and triggering next short entry which we rode for 98 dow points.
staying short here over weekend,

dave g
 

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