Monday, December 31, 2007

Trade still open -- I forgot about early close today


Trade #7 lost money (3 ticks), and trade #8 made only 5 ticks.

Trade #9 is still open! Oops! I may not sleep tonight, so it's a good thing its New Year's Eve. I forgot that the market closed early today, and left my trade open. After 5 minutes, I called the broker to ask what was happening, and he told me the market was closed. Fortunately, the trade is profitable so far. I may not sleep until the market opens tomorrow evening, but I made enough money today that even if the last long trade loses money, I'm not worried. Lesson learned!

Note in this chart how beautifully the Klinger volume indicator hints at a change in direction BEFORE prices change and cross the EMA. Could I ask for a better indicator? I only use the Klinger volume indicator for entry, however. Once I reach break-even, I use the MAs, Bollinger Bands, and MACD for exit signals.