Mar 162010

As it turns out it didn’t really matter much, but I had a technical issue this morning. My machine froze at 9:28 EST and on reboot I had to rebuild the database with the help of NJ. Thankfully, as luck would have it the market had moved into one of our key levels pre-market and at 9:15 on strong volume I was able to get a nice short fade off the first post news test of the overnight high. I almost never trade pre-market either but I was sitting right there, order flow was good and I could’nt resist. I sold 49.25 and put my stop outside of the Friday high as a hedge against being wrong. If it did move against me, I probably would have added up there to bring my average position out a bit and would have felt really good about it since I was confident the market would hold that level at least for the first part of the morning. Thankfully though, I won it right there and Friday’s high didn’t come into the trade at all. Exit was at 48.25 smack in the center of the morning volume control area as on the pre-market sheet. Nice day despite the technical difficulty. You might also notice that the little sell scalp from 46 toward the ON low came into play and might have been good for a few ticks depending on fills. We may watch for some more trades a bit later if volume is strong as it is building energy now and retests are becoming more and more likely.

 Posted by at 9:41 am

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