Tuesday, January 5, 2010

Trade your system - sometimes


I hate trading with "gut feeling" but this time it seems I got lucky. In my defense, the main reason for my short exposure today was financials - we had the making to at least have some down pressure on this market but as I saw the charts unfold in front of my eyes I realized this was not going to happen and as a result closed my shorts by hand. I started to get concerned once my FAZ stop got hit and quickly realized sucker is going higher.

Minimal damage at least to me today as a result and it could have turned out much different.

FYI: chart above keeps on running higher as a type this with SPX breaking 1135.

5 comments:

  1. Hi, Chaugner, Dark1p here. Didn't see you on HOB tonight and just wanted to thank you for that chart and the observations late this afternoon...I finally was able to sit down and read it this evening.

    You've added another bullet or two to my decision making arsenal, and I appreciate it! Keep 'em coming whenever you have the time and inclination.

    See ya on HOB Thursday sometime.

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  2. no problem =) Glad I could help out.

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  3. Hey,

    Been holding off shorting given your price target of 1145, tempted to put in an entry.. thoughts?

    -Kat

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  4. I took a small short into the close here. Nothing crazy - ready to cover again on monday if it goes higher =)

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  5. Kat, sorry for the late reply but forgot I had the comment moderation enabled for comments on posts older then 4 days.

    Sorry for not having been as active recently but its been quite busy with work and other personal items that I have not had time to do an extensive post.

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