Friday, March 20, 2009

March 20, 2009 Friday Trade 2,3 Short

I missed the morning and noon-time good entries on shorts, therefore I just waited patiently the rest of the day for my 3 minute stochastics to get overbought again (the last time was about 12:45 Chicago time a long wait). I lost about $40 dollars net in profits compared to the morning fishing for a bear flag but it was worth it because if this was to be a trend down day, then the reward would have been very high as there is a good chance of a close near the lows for trend down days. For trade 3 I was too early. I shorted 1 contract looking to add another on confirmation, but the short squeeze from the lows was still too strong so I just took the small 1.5 point stop. For trade 4 I got a better entry on 2 contracts. Initially there was very good momentum down but a stubborn support level held so I just scratched trade 4.

Trade 2 (Short 1 Contract Stopped Out -1.5 points),
Trade 3 (Short 2 Contracts Scratch +1 -.25 points):
Trade 2,3 Screenshot

I have quit trading now because there might not be enough time left for shorts to push this thing down to the lows due to it being Friday.