Tuesday, November 20, 2007

Intra-Day Update - A Monster Trade..21 Points Plus

The long position from 1421 turned into a monster trade capturing 21 S&P points and getting stopped out at 1442 with our trailing stop.

The high was 1446, but with the quick reversal from that level it caught the trailing stop at 1442.

So the stops did what they were supposed to do and as usual they were our best friend.

Trading without stops is close to financial suicide and I cannot stress enough the importance of not only loss prevention stops, but also the trailing stops that lock in profits and let the market take you out of a trade.

All totaled for the day, we captured 28 1/2 S&P points and are very pleased to say the least.

It looks as though the pre-market call of a great day for day trading was right on the money and quite beyond even what I had anticipated.
I do sincerely hope that some of you caught some of the action today and I will be thrilled if you caught it all. It is days like these that simply put you on cloud nine and trust me I have been through the gamete of emotions through the years.
Lets see if we can keep the streak going tomorrow, although I think my trading will be rather limited due to holiday trading. Thin markets are always frustrating to play.

No comments:

Trend Analysis LLC Headline Animator