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Monday, June 1, 2009

Nice morning

I decided to try to wait out the first 15 minutes of trading starting last week. Today that cost me a nice entry which cascaded to missing a few nice entries and left me scratching at the range area mid to late morning. Lots of learning as this tends to be my weak spot, but I would like a bit more profits to play with for my future learning...I guess I can't have it both ways.

I expect that I was not in the right trading mindset as the morning opened either. I had three people chattering at me right up to 0930h and on and off there after...not conducive to getting in the "zone" for sure.

Watching the open turn relatively strong on higher than average volume had me itching to jump in long, but I held. Trade the plan and all, I used the interruptions as excuses for not being in.

So I think I may have a new guide as it pertains to the open. I see that the TICK indication was strong to go long, there were a number of nice pullbacks in TICK that never reached the lower boundaries. I will note these on another post, I am just venting right now. The one low that did hit my target was a good entry on it's own, a little late but was still a 30+ cent move on SSO.

Lunch approaches and I see the TICK pattern heading down and I am in a long position in SSO hovering over my stop which I will not lower. I am sitting just under the 100VWMA which has typically been a good place to be and I usually miss it and get stopped before I can get under it...we'll see if it works today...this is my second try at a long SSO from the same price.

Ah, it is moving as I type and the TICK trend may be resuming up as well...I'll see where the next low reading appears and judge whether to advance my stop or not.

Jeff.

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