Trade DiaryMy Apple shorts are still doing well but last night I was going to short at $125 and got distracted missing my opportunity. As a first step at expanding my trading range it was interesting but very volatile experiment. My trading style doesn’t generally like volatility and I tend to stay away from heavy risk. My Apple shorts were for .50 cents so it wasn’t going to break the bank but allowed me to test the waters. I’m taking profits today on any sell off after the stellar results posted by Apple.
So How Are Your FTSE Shorts?
They were doing allot better two days ago and I should have taken profits. I was determined to stick to my plan and trade it till the end resulting in missed opportunities to take profits. Sometimes being too ridged can be a big hindrance but on the other side I have a reputation for taking profits too early.
At present I have three €5 shorts open after one was stopped out yesterday for €90. I have another order to open at 4,065 for €5. My plan is to continue to build up my short and take profits at around 3,900. I’m very comfortable with their being only a limited upside. Once earnings are over which have been better than expected I believe the focus will return to TARP, banks and the myriad of unanswered questions. This will push stocks back and create more headwinds for equities.
Entry: 4000 – 4150 FTSE (September Contracts)
Exit: 3900
Stop (Mental): 4500
Point Size: 20 Euro (5 x 4)
Estimated Return: 2000
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Did pretty well earlier this week with the two big down days on the FTSE.
I’m usually a longer term swing trader, so will probably wait to play a breakdown below 3900 or a breakout above 4150