The morning opened up with little volume after yesterday afternoon's profit taking. After the bulls failed to take the morning above yesterday's value area, the market pushed lower.
First trade of the morning was a long reversal at 6:33 at 815.6 for -1.6. Second trade of the morning was a short breakout at 6:47 at 813.4 for -1.1. Last trade of the morning was a long reversal trade at 7:12 at 813.3 for -0.8. This mornings trading was a good example of how to do nearly everything wrong. It's important not to get psyched out when you've had one bad trade for the morning (the first) and then let it color your perceptions on subsequent trades.
Net for the morning: -3.5
Net for the week: +2.2
Because I failed to stick to my trading plan for the morning I will be on the simulator Tuesday.
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Friday, February 16, 2007
Posted by Lord Tedders at 7:40 AM