Tuesday, March 25, 2008

Resume

It looks like everything turned around last week, resumed. Dollar collapsed again last night and grains started heading higher again as well as gold. I'm basically sitting on my hands now. We're at a critical point where anything can happen. In this kind of market, I'll probably get either chopped out or pick a wrong direction, so I'm staying out for a while.

At the same time, I'm working on a new strategy on ES. My trades will be based on volume mainly. Hopefully I can achieve 60%+.

As far as my current position trades go, I'm still holding. In early March, I was in a great danger, but it's eased back quite a bit. Lumber is seeing some strength of speculation of avoiding recession, which means more building. The bean-meal spread is still on the edge. I really should have added when it got down to $40K spread level. I got in at $27K and now it's about $30K, so I'm losing $3K on that. If I added even at $35K, I would have been exited last week. It's all hindsight I guess. I'm waiting to move money from swing account to day trading account soo.

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