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  • Thursday, August 04, 2005

    Short Sell

    WLT was taken short off the 15 minute chart. The ninth bar of the day was a break of the prior four inside bars. MACD was declining on the 15 minute and 60 minute charts, and I had been watching the orders in the nyse book. The specialist was trying to hold it, once he left the bid they pretty much flushed it down. A combination of the charts, the book, and watching the prints produced a good trade here. Unfortunately I covered half a tad too soon, but still held some to cover near the lows. Entered short at 43.00 and 43.95, covered(exited) at 42.82,42.61,and 42.43.Initial risk was .08 cents,based on orders in the book. A little patience would have payed more on this one, I pulled the trigger on my exits a little soon.Exits make all the difference.Again I had at least three reasons for entering this trade, and none of those conditions had changed when I exited the first part. Follow your rules,for both entries and exits, and the payouts will come.


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