Sunday, January 18, 2004
I forgot to mention earlier the coffee short I took off with just under $100 profit. I watched in denial three days of bouncing off support. When it finally approached my entry point again I dumped it and then reversed to long. The sunsequent rally confimed by belief. I just never let a trade go back into the red anymore after choosing such a good entry. I'm still not that good at defining exits but entry is strong. Now Tues. morning after MLK day will tell the tale. Will it jump through resisitance or fade. I think from memory I've got a couple of hundred into the trade now so there's room for me to relax and see.
Also my little bean oil trade measure up nicely. I sucked the stop loss down to breakeven at 29.81 which is nicely just a couple of ticks over the high of Friday Jan 15th. My first stop of 30.17 had me nervous on Friday morning as I watched the beans rally back. If it's going to fall, it'll fall fast when the long weekend is over. If it's going to rally above that current island top, I don't want top be short. There may be no stopping it. Time will tell. All I'll lose now is the commish. Not to shabby.