Monday, July 6, 2009

Trade 22: Aftermarket quick gain

The asx200 short was closed with a small gain of 31.50 for 10 points.

Even though the trade was profitable, I missed an opportunity to short for my standard amount, by jumping the gun early, and not riding out my profits for a longer period.

The early stopout of my position is also probably a mistake, if I had held onto my asx200 short from trade 20, my point gain would actually be 3825-3760 = 65 points - which is at least 100 dollars more (although I wouldn't have booked any profits).

The current market sentiment is very bearish - and I'm just wondering what news will drive the market past the support levels on all the charts.

My next strategy is probably to setup a longer term short based on the daily's and then continue my intra-day shorts, as they seem to be working for now.