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Monday, June 16, 2008

Stock trading June 16 , NDX at 1967, 10:20AM, take off any long, play short if you are skilled

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Stock trading: NDX is now at 1967. I will play it on short side starting now (10:18AM) (or range bound from short side) with a reduced position size. Explanation later. I did not go long today at all.

10:51AM: NDX is back to 1966 area. Just enough for those who did not get out of long position. This is a tough market. I would stay from going long.

I would play only half of a normal position on short (or range bound from short side).

10:5ish: I got stopped out when NDX broke 1967. Stopped out when it crossed 1968. I will re-assess and see whether and where to enter.

11:03AM: I am re-rentering on short side with NDX at 1981.

11:25AM: NDX is now at 1972. I just applied RFT's "POEM" of trading (I will post the "POEM" later). In this case it means, I took half the position off (9NDX point gains). This gives me 7 point profits on the half taken off, and leaves me with a trade that is now guaranteed to make money. Therefore from now on, I am up at least 7 NDX points for the day. If 1981 is the top of the day, then I will have a free trade (half size) to play for a bigger swing. If NDX retests the high and fails, I might re-enter the half I took off with the 9 point gains. I will decide later.

1:43PM: NDX is now at 1991. I am re-rentering on short side again.


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Happy trading,

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