bill's trading diary 4/20/07

I usually open my workstation at 7:00 a.m EST to see if anything is setting up in the premarket. This morning, I noticed a large overnight move and immediately set my sights on what I call The Big 10 setup. This is simply a move of 10 points from the prior day close to fade before 12:00 p.m. Yesterday's close was 1480.50 so I placed a limit to sell at 1490.50.

Then I started to seek out other setups. Admittedly, I like to be done with trading as early as possible on Fridays. It's just one my pet peeves. Makes me feel like a Wall St. big shot even though I'm not(the guys that quit early and take a helicopter to the Hamptons for some R&R).My first trade was a sell @1487.25 and I covered that for 1 point. The second trade was a buy @1486 (nice support) which also was taken for 1 point. After the market opened, there was a strong buying flurry and the tape told me to raise my 1490.50 sell limit to 1491.50; I took a little heat and before I could say "Johhny Appleseed" the trade was covered for 1 point.

So its not yet 10:00 a.m and I have 3 points in the bag and logic would dictate to quit. But I felt hot and "in the zone," so I took another setup, a buy at 1489 and bagged that baby for 1 point finally calling it a day at the office at 9:58.

I love when this happens, don't you?

I think your helicopter is ready for you sir.

quote:

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Originally posted by elite trader

I think your helicopter is ready for you sir.

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I wish!