Friday, April 13, 2007

Friday's Silver Futures Trade

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Risk = 10pts
Profit = +12pts.

This one was a tough one to take. I had the opportunity to take profits below 14.07, but I decided to practice my stop management instead. When it first dropped below 14.10 @6am, I lowered my stop to 14.123. Then it hit 14.07, and I was wondering what to do, so I decided to draw that downtrend line. With each bar completion, I lowered my stop according to the downtrend line. My stop got hit when the price violated the downtrend line, and didn't go back down, so I was out, and that was that.
Probably if I entered more than one contract, I would have surely taken partial profits on that drop down to 14.07.

When ZI touched the R2 line again, I thought about shorting it again. However, the fact that it violated my downtrend line, and took out my stop before proceeding to drop back down kind of made me tentative, and a bit flustered. I was hesitant for about 5minutes, and that was it for my window of opportunity.
I decided to not make any more trades in ZI after that, just didn't feel into it enough.

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