WEDNESDAY TRADES AND OMISSIONS

Click on the link below for the Daily ES Chart to see what I am talking about.

http://i62.photobucket.com/albums/h101/asunblock/ESLONG91906.jpg
Before I mention my trade, let me first appologize to the 2 or 3 readers I have (not counting my wife....ok, counting my wife) for not writing entries on Monday or Tuesday. It's not that I didn't do anything on those days, it's just that I was scared to write about what I was actually doing! Couldn't have made money then, right....RIGHT! On Monday, I was very frustrated that I haven't made a trade in over 2 weeks, and I searched and searched for a place to buy the S&Ps b/c I felt we were going to make new highs. What ended up happening was that I started initiating trades on a 5 minute chart...DEATH TO ME! It's one of my golden rules, and I broke it, and on Monday, I lost about $625. It was a great lesson, but too expensive for what I am trying to accomplish...SUCCESS.

Tuesday was a LOT better, but still I did not write. Sorry.

As you can see in the chart above, once we broke the downward trend channel, I was looking to get long for the mid-to short term until we reached newer highs-at which point I would rethink my positions and possibly get short for the longer-term. I missed the opportunity to get long last week (as you read below on other entries, I did get long, but couldn't hold on for a multitude of reasons...all of which I will be going over for sure to see how legit. they were).

Anyway, yesterday's pullback to the mid to lower 1320s was prime opportunity, and I jumped on it, buying futures on the way down @ 1324 and 1323.5. I tried buying a 3rd at 1321, but the low was 1322.75. As the afternoon unfolded and ORCL came out with positive news, the markets reversed their direction and moved higher. I added a 3rd ES-mini on the breakout at 1327 and scaled out of that one @ 1331 at the end of the day. I sit with 2 minis now up a decent amount. I will try to hold one of them for new highs if they happen, and possibly get out of the extra one today if it seems we are headed back down.

Stops are pretty close at 1327ish area.

Good luck.

Andy