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    Wednesday, May 7, 2008

    Morning update



    Naturally, I'm disappointed with the action yesterday. Everything fell into place, good size positions, news "supporting" my trade direction, and yet stocks didn't flush lower. All in all, I made money, but only because of experience, which helped me enter and exit smoothly. When a trade is in "full swing", but not responding as it should, it's a sign. Whether I was still profitable, or not, I would have acted the same and exited the trade. I'm here to get hold of the next setup, with my capital intact. For now, stocks might only present short term setups (2-4 hour trades), until the next grand signal (many indexes/stocks in confluence). I'll capitalize on the shorter term moves until a clear direction presents. Sure the news is terrible, but yesterday's action proves exactly why I don't trade headlines. I don't have to go long, but I surely could not stay short considering the circumstances. In any case, after reviewing my trades, I acted appropriately and professionally, which is the best one can hope for in adverse conditions.

    Let's be careful not to label this environment as bull or bear, as it depends on one's time frame. I am able to trade either side, for any amount of time I see fit. I'll look for windows, like 11am-1pm, and 1pm to 2:30pm, for potential several hour moves, all the while scoping the larger time frame signals. We've done a great job conserving capital, even making a bit, considering the lack of follow through. In short, I am happy to know I executed exactly as planned, and I would not change anything that I could control. On to the next trade!


    Read these: "Good news" at MER


    And, from Minyanville

    Remember, bad economic news doesn't mean we only short. At a minimum, how stocks respond to news will often cause adjustments to our plan. I do not think one thing has changed economically, but as a trader it was not wise to stay short (heavily) after yesterday.

     

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