02 April 2007

Be Flexible

If you follow the blog, you know that my thinking can turn on a dime...one minute I think I'm right and the next moment I might totally reverse my thought process...In reality it does all change on that one trade we see...hmmm...that shouldn't have happenned...and then you have to take action. The theme for April is to take profits...and then to take more profits...do I still think 1790 is possible today? Sure I do. Do I want to be holding long contracts if we fall back into 1780 to achieve 1790? No I do not. That simple...today we got great entry...no pressure on our stop and we were out of that range within 10-15 minutes...I thought it might take more pressure on the late shorts (hence that initial 1793 idea) to bring the market into rollover mode...but it didn't so we move on...let's wait for the lunch hour to wind down until we see if we can make some more points on the short side after lunch...initial thoughts our selling into 1788 if offered...jfg.

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