- had to go to the gym to work off all of the stress!
- what an ugly day for the bulls...
- a lot of studies i follow were suggesting a bullish setup for today, but we got quite the opposite...
- i added a 5th NQZ09 contract at 1695.75, bringing my 5 contract avg to 1728.00
- on two separate occassion later in the day, i went long a 6th contract, with a tight stop below the entry...both of these entries were stopped out...
- first stop out: -5.00 NQ points/contract, 1 contract closed...
- second stop out: -8.00 NQ points/contract, 1 contract closed...
- today's trades: -6.50 NQ points/contract, 2 contracts closed..
- this represents the rare discretionary swing trading day with a realized loss for me...
- however, i am sitting on some significant unrealized losses in the 5 contract NQZ09 position...
- if the NQZ09 continues to head lower, i plan on adding more contracts, with relatively tight stops...
- there will be a bounce at some point, and i will use that bounce to lighten up on my position, and if we then head lower, to lower my avg entry price...
- even if we have put in an intermediate term top, i still envision the NQZ09 rallying back up into the low to mid 1700's within the next few weeks...
- i continue to remain bullish longer term, and believe that if we don't see new swing highs by the end of 2009, we will see them by the end of Q1 2010...
***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...trade at your own risk***
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