Wednesday, August 10, 2005

"to one who has faith, no explination is necessary. To one without faith, no explination is possible" - Thomas Aquinas

Well, it's about 9 days till Aug expiration and so far so good. I know I should just move on from old trades, but a lesson was learned with ADBL. Always cut your losses. On reasons i can't find at the moment the stock went from $18+ down to $13.5 at the moment. I would've taken the full loss of $2.5 minus the credit. Instead I only took a $.60 hit.

On Aug 2, I put on an iron condor on the SPX. 1190/1195/1260/1265 Aug contracts and i managed to get a .50 fill on it. not bad. a quick 10% on my money. hopefully it'll stay under 1260 for the next nine days.

My CME trades are looking good. The stock had a continual 5 day drop, looks like investors are buy on the dip pushing the stock back up to about $300. Looks like i'm gonna get full credit on each Aug position. $2.70 per postion. It'll be good if i hit it.

Looking into Sept expiration I think i'm going to play the SPX for the most part. A whole lot less risk of movement with pretty decent credit. Right now the SPX hit the 38% on the fib and bounced straight back up. I'm looking to set up the next positions with a low of 1185 and a high of 1270. This is going to be the aggressive portion of my account.

In my FX trading I lost 30 pips per position today. Trade was based on my High/Low of previous day strategy. Alot of whipsaw during the european session, so i got stopped out. The trade would have eventually made money no more than 30 min later if i had a larger stop.


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