Tuesday, March 01, 2005

Sitting at hands

..but what signal do all these other traders have, when they trade, while I sit on my hands.
I just don't get it. They should see the same I see, still they trade.
They buy the high, they sell the low and they make money, while I sit on my hands seeing my contract move without me.

Frustration sets in, I will also buy the high, this is a trend move.

Ahh this 150c order on Tier3 of the market depth, if it gets taken out, the way is free to unknown highs and riches. Just put a StopLimit Buy one tick above.

Did so on HSI today, I bought the high at 82 and HSI tested the Lows, but firm to my new trading plan: NEVER cover at a loss, I held, ...
ok, ok, I admit the 30 tick stop on HSI did not get hit either, still you get really ingenious coming up with names for your own stupidity of buying the high, as if you never learned that breakouts usually fail.

HSI came back in a 25 tick spike and I was taken out +4, it reversed below my entry, but my happiness having found another fool buying the high, was just a short interlude, before HSI made another 15 ticks to test 14000, which was my first target.
But when 14000 held, did you see me going short? Me neither!
I sat on my hands.

Dax testing it's lows of the day, making divergence, I sat on my hands, because it was 5min to the news. Come the news with not so much than a ripple in the market, but Dax had made another 5 points already.
Ha, me buying another high of a move, not again.
You know: Once you can try it and I might fall for it, but twice,... I'm not a fool

It seems other traders did not have this experience and wisdom I had, they continued buying Dax for currently another 15 points (for those of you not familiar with the Dax that's 487,50 $ / contract)

And me, I'm still sitting on my hands, staring out of the window in a cold and sunny winterday.

1 comment:

blueandyellow said...

Hey now that I have your webblog bookmarked, it would be appreciated if you post some :-) Always like to read some good trading commentary!