Here’s Why I Don’t Care Whether I Win Or Lose Today
Here’s my strategy for
Wednesday:
The DJIA
The system gave back most of the profit on
the short entry on Tuesday. As you know, the system’s goal is to catch several
HUGE moves per year. I have found that one often has to give back profits short
term in order to stay in the trade when it goes in an adverse direction. This
enables one to ride the froth while being positioned to capture the big waves.
I am currently flat the DJIA, the original channel is still relevant at
10597–10703. I am maintaining my short bias, however will mechanically trade
the system regardless of what I "think". Stay tuned to
Traderswire for entries
should they occur today.
Flat
Oil
I am maintaining the shorts in Oil. As you
know, position sizing is the key to swing trading this volatile market. My
reasons for staying short have not changed.
Status: Short/loss
The Dollar
The EUR/USD pair continues to flirt with
the 1.2400 level, not being able to decisively break it yet. I am continuing to
hold my long position in the pair. Just got word that the Chinese Yuan will be
pegged to a basket of currencies including the dollar, yen, euro and won. It’s
difficult to tell just who will be allowed to trade the yuan. Previously only
the 366 members of the interbank market had this privilege. It appears that this
will be expanded to include companies whose annual trade volume is great than
$247 million, per the Financial Times. These are exciting times for the FX
market!
Status: Long EUR/USD, Short Dollar/profitable
GOOG
This stock is continuing to flirt with it’s
50 day MA. The 200 day MA is way down at 218.91. We gave back a little profit
on Tuesday and are continuing to hold short with nice gains. I have moved the
trailing stops to 295.13 attempting to lock in profits should this one bounce on
the 50 day MA.
Status:Short/Profitable
X
Longs were triggered in US Steel on
Tuesday. Holding here.
Status: Long/Loss
ECA
Shorts were triggered in EnCana yesterday.
I am holding here with an entry at 43.13.
Status:
Short/Loss
Best wishes in the market!
Dave G
David S. Goodboy (marketsurfer) has been
trading professionally for over 14 years. Mr. Goodboy trades ETF’s, stocks,
index futures, energy futures and options. His primary focus is a unique
multi-time frame index trading system based on a combination of time/price
cyclical studies and statistical models. David was a trader/partner with
Biltmore Capital, traded with an option arbitrage firm, and is currently in the
launch stages of IntrendX, a global multi-strategy fund.