Marketgeometry

Wednesday, April 4, 2007

Dummy Trades or A Dummy Trading 4/4/2007



I frustrating start to a nothing day. As I stated on how I trade, one of my favorite currency plays appeared on my screen. Much to my detriment, I had not shaken the cobwebs out of my head to recognize it before it got away. If you look closely you will see in the middle of the night, USD/JPY had popped its head briefly above 119.00 twice. It then about 7:15 made a third dash over the 119.00 level peaking at 119.10 before going lower. A screaming short sell if I had ever saw one where you hopefully would fill around 119.00 give a pip or two with a target outside the bottom end of the range. A target of about 118.60 which would be just above the previous resistance level. Risk 10 pips to make 40 on a picture perfect trade. The trading Gods were in a giving mode today and my coffee was not working for me yet. Mental note - maybe I can live without sleep during the week?

The rest of the day did not go any better. I did buy MVIS in premarket and got out at 4.20 for the trade of the day along with making a little in FSLR. My biggest mistake of the day was seeing the Steels get in gear but not in a crazy way. I tried buying breakouts there instead I should have been buying dips. I pointed out IMCL in the chat room but did not take it and missed a few good calls on PXD and MON. Another day that I thought should have been good for me but has not.

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