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To be honest, I was short at 1181 1/2, and had six handles of profit in the
position at one point. I moved my stop loss order to break even right
before I left to teach a seminar and managed to miss watching the rocket
leave the launching pad...but I ALWAYS use stops and always try to
re-evaluate my risk and box in profits or at least get to break even as
fast as possible on a position without being too close to the current price
to be in the "noise" of the market I am trading. And today was one of those
days when scratching a trade was a pretty darned good thing, since I wasn't
bullish when I left my trading room and didn't see a low risk area to
attempt a long.
For those of you interested, there's a more detailed explanation of today's
trade on my website:
http://www.medianline.com
I wish you all good trading.
Best,
Tim Morge
At 06:48 PM 10/19/2005, you wrote:
>Just a few observations, all of us have bad days, and good days.
>Am simply stating my take on the disillusioned mood of a few traders
>I know, and a few trading sites. Daytraders may have escaped unscathed, I
>barely made it into positive zone, mainly because I was not a believer for
>most
>of the day, even though the market was warning us in no uncertain manner. But,
>when NASDAQ futures relaunched above 1560, I was convinced this was headed
>much
>higher. Huge amounts of stops were hit, new shorts entered, all the way up,
>especially the rally from 1182 to close. Massive daily candle, a KEY reversal
>day, is it? Pre-Option Expiration Wednesdays are usually wildly volatile, but
>this one was about the most volatile for some time.
>
>As usual, it was the big guys who initiated this move and they were the big
>winners.
>
>
>
>
>
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