Archive | October, 2008
Watching from the sidelines…
What a week that was. What a finish to the week by the Dow! Here is the chart of the 5-min action in the Dow futures contract just for Friday’s session which shows a total range on the day of some 3580-points. I have never seen anything like this in my 23-years. Both our ASX [...]
Continue reading...9 August 2008 – EPIC hits its target
10. October 2008
Our last short position in EPIC banked gains today at the desired target level. This leaves the account square but without any great setups on the horizon. Last nights plunge in the US removed some of existing setups and because we’re not trading momentum we will most likely have to wait a week or so [...]
Continue reading...8 October 2008 – HRL target met
9. October 2008
We banked profits on the short HRL position today and came within a whisker of doing the same with EPIC. Here is a visual version of the HRL trade. Last nights decline puts the account at +2% for the first week but we’re still struggling to find appropriate opportunities. One or two are developing but [...]
Continue reading...8 October, 2008 – Confessional
8. October 2008
I woke this morning, took one look at the state of the US markets and walked away figuring that the buy orders suggested last night would not be a chance. I return mid-morning to see that for some ridiculous reason Aristocrat (ALL) had somehow managed to open a few percentage points higher before staging a [...]
Continue reading...October 7, 2008 – Big Down
8. October 2008
Not much to add on the position status. We retain 2 shorts; EPIC and HRL both of which are showing reasonable open profits. We’ll let these run until the target or trailing stop is activated. Our account increased $370 last night putting us in the black. With the major trend down we’ll still just be [...]
Continue reading...6 October, 2008
7. October 2008
Our account went into last nights slump with 1 long position and 2 shorts. The long trade, RMD, suffered quite severe slippage on its stop making our loss double what we wanted. However, in this environment this is the kind of stuff that can happen and it does work both ways. Our two short trades, [...]
Continue reading...October 6th, 2008 – Gathering Dust
6. October 2008
It continues to amaze me how many people think they ‘need’ to trade. I mean, really, in this environment? The hardest trading environment I have seen or can remember with any clarity since I started in 1985. I think the 1988 – 1994 was bad, but I was young and stupid back then so clarity [...]
Continue reading...October 4, 2008 – US Swings
5. October 2008
I mentioned in Friday nights update within The Chartist that the US was poised for a big session one way or other as the release of the all important non-farm payroll data and Congress vote both coming home to roost. We’ll, we didn’t quite finish at the ends of the extreme’s but the intra day [...]
Continue reading...October 3, 2008 – Pt2
3. October 2008
I’ve scanned some 1500 ASX stocks this evening and without the ability to short it leaves us sitting on our hands yet again. I like the look of shorting a few of the financials, such as CBA and as discussed this morning CGF, but no can do. Patiance is a virtue. Our time will come. [...]
Continue reading...October 2, 2008
3. October 2008
It was my intention to start this performance account with US$50,000, but considering the A$ has tanked so much of late I’ve kept the base currency in A$ for the moment. So, our start account will be A$50,000 and we’ll be risking 0.5% per trade in these conditions. The minimum risk/reward per trade will be [...]
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11. October 2008
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