Tuesday, July 21, 2009

ES Trade 7/20 (Mon) - Very BAD ES



This market really stumps me.

Got in on a trade before 10am, but missed my BEAUTIFUL 3rd TOUCH AGAIN. Utterly hate missing 3rd touches.

Am back to trading 1 contract. Until I can figure out where this crazy thing's going, I'm sticking to single contract.

D got in on the same trade, but was filled at a tick higher, coz he had gone in with a limit order. We had no idea what the other was doing until he got out with a 1-tick gain (the initial 4-tick paper loss scared him a little). He took a peek at what I was doing, and was shocked to see that I had set a 3-point target.

Anyway, I wasn't expecting ES to break OR high, and bailed 1 tick below it.

D went,"why just 1 contract??!"

To which I replied,"CAPITAL PRESERVATION!! I'm buying high! I'm not even sure I should be buying!"

D went,"Now that's what I'm talking about. That's the right mindset. Good job!"

D tickles me.

His toxic assets are making money, and he's having a lot of fun buying and writing options (yes, like JE). Futures' just not his cup of tea.

I have a chat buddy! J's a God-sent.

I just gotta stop wanting to fade him.

Yes, I'm an ungrateful creature. Am definitely working on being nice.

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