Wednesday, July 8, 2009

Trying Hard and Failing - The Roddick Theme - Trade 23

Ok so Roddick another heartbreaker, and another failure.

Sure beats some of those deadbeats who don't even start trying, and have already failed in their own heads, before they even have gotten the guts to try.

So the theme 'Don't stop improving, and don't stop trying, just because u keep falling short'

Or, maybe inline with this weeks' bearish theme, keep shorting even in upswings, and keep those shorts falling!

Which leads me to my first losing trade this week - ASX200 - got in at the right signs, but with no real news to drive the market further down - we saw unexpected late recovery - based on high confidence numbers and improved housing loans. I really should've skipped out on the trade as soon as I saw the formation of the HS reverse.

Trade 23 was an intraday trade, i lost 17 points $85.50.

Entry - Obviously the trend is down - and I will trade in this direction based on
-falling tick, resistence levels set earlier in the session, fibonnaci levels and MACD signal; Looking for at least a 20 point/15 point reward/risk ratio

Exited with a 17 point loss, as the new price breakout was created by upbeat confidence report and housing loan figures. - There was a large delay between this news and the market responding, which gave me ample time to unwind/take a new view on the short term price movement.

Today will be the day where I saw a 120 point swing - 60 down at the open, 60 back up in the last 2 hours to close even on the session. These are the kind've days that remind me of my poker playing days; and it's kind've exciting. LOL