EDGE TRADER

Wednesday, August 09, 2006

Trading thoughts of the day

Looks as if Homebuilders have the potential for a downtrend day; I may enter short after the opening range sets and if there is any upwards retracement. My concern this morning is whether this open is a fake out oops open that ends up getting faded and we end up negative on the day.

A day like this is tough. With the preponderance of these gap up opens being traps, it is feels really risky to buy them. On the flip side, entering a short trade with almost all sectors gapping up makes you feel as if you are swimming upstream.

My expectations are low for the day - may stay flat or try one or two setups if something looks compelling.

In retrospect yesterdays trades would have been to go home short the homebuilders and long oil service, but things were too choppy to risk it.

7 Comments:

At 7:30 PM, Blogger BH&CO said...

it would be nice to get some feedback

BHCO.blogspot.com

Thanks

 
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At 6:28 PM, Anonymous james moylan said...

I have a web site where I cover stocks and exchange traded funds under ten dollars. I would like to comment about the the article about the home construction stocks I think it is to risky to buy individual stocks in this sector I would instead buy somthing like the ISE HOMEBUILDERS INDEX symbol (RUF)

 
At 12:54 PM, Blogger The Daily E-mini Trader said...

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