Friday, June 26, 2009

Trade 19: Getting nowhere

I shorted the index again today, hoping that the bears might return in the final hour of trading - and this trade was based on downtrending tick (which as worked this week) and also based on a resistence at the 5 minute charts.

It quickly went against me as the index started to trade 10 points higher - I decided that I could get out close to even, and I positioned my trade for a breakeven.

I exited at 1 point gain 3843 which was a small morale victory - having the patience to play out my point of view, and waiting for the best time to exit given there weren't any grave danger of a continued breakout.

I'm working towards unwinding my WPL position, as there is a really good chance that Oil will continue to rally.