18 December 2010

Intraday Counter Trend Trade in FCX

Took a trade in FCX on Friday that was definitely counter trend and not usually recommended unless under certain parameters - FCX had broken the 5 dma two days prior then consolidates prior days move and gaps higher today - the 1.3812 fibonacci extension from the prior days body lies at 113.45, the 50% retracement of the prior measured move lies at 113.50 coupled with a flattening 5 dma - though not impossible for price to break through this level - it is highly unlikely to just burst through - so taking a short position here can be done as your likely to be proven wrong quickly - tape reading at this level is crucial. I took the short at the 113.40 level willing to exit quickly just above 113.60 with the VWAP target at 112.70 - trade was accomplished in 20 minutes with about a 3 to 1 risk reward and .70/share profit.

15 December 2010

No Mo Momo

Bidu fell off a cliff today on executives comments and technicals - down over 6% on the day - should be in play tomorrow and I like to trade these names using pivots off the prior days body - these are the pivots I will use tomorrow: (click on image to enlarge)

06 February 2010


Mainly doing the forex and twitter thing these days. Too busy too maintain the blog - so if you have any interest -just follow me on Twitter.

14 March 2009

Sigh of Relief

So we got " The I Wish I'd Covered My Shorts Last Week" rally that everyone was hoping for. And what a rally it was with the financials and small caps ripping higher and all news interpreted as good news. Of course we've been here before and are aware that this new "positive outlook" can turn on a dime. I caught a good deal of the first portion of the leg up in BIDU and CME but underperformed the late part of the week not wanting to chase. I used a strategy of buying calls into weakness (as if there was any) and buying puts into strength. Fortunately the calls tripled in value as the puts only halved so net postive but not a week for hedging. So kind of kicking myself as this was a week for going for the throat and really left some money on the table. Anyway, the number one rule is staying in the game and we survived for yet another day.
I'll be off the turrets this coming week as I am in the process of switching brokers and that can take some time. So 100% in cash with no idea where we go next.

Positions: None.