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Monday, April 03, 2006

Monday's action

A good start to the week with a lot of opportunities. I am in several positions now, and just babysitting...I doubt I will take any new trades.

I hope you guys are making some good trades, and I will post charts tonight. Here is your thought of the week:

"You've got to jump off cliffs all the time and build your wings on the way down."---Ray Bradbury

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Richard said...

What are you babysitting?

Trader-X said...

a couple:

BHP - close to the target
ADM - nice move so far
RDRW - short; nice move, watching this bounce to see if it is reversing or will continue

good profits in all - keeping an eye on the 50% line between the high and fibonacci extension to see if price will stall or continue (or, RDRW - the low and the fib extension)

Dave C said...

Hey X,

I was looking at both BHP and EWJ, but entered EWJ on bar 2 instead (liked how it matched OR high).

What made you choose BHP over EWJ? Seems like BHP was the better trade ;)

Chris said...

I took RDRW and closed it +.75.

BHP and ADM are nice so far, sorry I missed them.

Trader-X said...

dave - I took BHP because of the profit potential at the target (in points, not percentage terms).

But, EWJ seems to be working out for you. It hit the fibonacci extension. Similar set-up and good trade.

Charles (San Fran) said...

pd was a good trade to the fib ext.

Trader-X said...

FYI - I closed BHP with a .60 profit. I will probably close a few more open positions here - I have good profits in all of them and may take the afternoon off. They may all still hit the targets, but watch the 50% line I mentioned previously in the comments.

Check back tonight for charts. Feel free to keep posting your trades here.