Wednesday, April 05, 2006
That doesn't happen too often! With today's online commodity trading data feeds, things are more stable than they used to be. Luckily. But the sell off this morning was so swift I lost my data feed for a time and I just couldn't get the feel or an entry point. When the feed goes down, or better said, seems to be lagging, it's just wise to stay put and stay flat. My chart was gapping and jumping around two and three ticks at a time. When things settled down taking the retracement trade seemed to be the best method. A double bottom presenting itself timed at roughly 11:40 and I entered off that long at 11124. As is my way I pulled my stop up to breakeven but got faked out earlier than I'd hoped at 11249. I succumbed to greed and tucked my stop loss too close. I gave the Dow no breathing room. There things sat as the lunch crowd departed the building. Now I see a renewal of the rally and I'm sidelined during this breakout, leaving huge amounts of a profitable commodity trade on the table.