Thursday, August 09, 2007
Here's a trade I took today that just wouldn't have been possible if not for the folks in Wallstreak (in particular, StreetSmack). These set-ups seem to come across clearer when on a chart with a short time frame (1min, 3min). I'm still learning the ins-and-outs of this set-up (which probably isn't such a good idea to trade a set-up I don't fully grasp), but there's no greater teacher than real-time experience. Besides, I didn't have too much risk on the table. I meant to scale out of the position, but came across some technical difficulties that needed some attention and so just covered all at once. One of the tenets of this trade was to scale into the position as the failure takes effect. So, as you see more red you increase your short position. Maybe next time. For now it's baby-steps for me.