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Wednesday, March 9, 2011

A.C.C. 14.5: Midweek Ramblings ...

As I mentioned on the Facebook page, I haven't had a trade for the ACC book since that USO 40 Call trade earlier this week. I've been concentrating on investing research, as well as plan out how I'm going to expand the "Challenge Project" in coming months. Especially, the savings side-pocket account.

General Mills (GIS) had a strong open, and hit an alert that I had set in that resistance range. So what did I do? Did I change my outlook that General Mills is now breaking above the resistance set on the chart?

No.

As I've often said, resistance on a chart is a region or zone. So I set another alert for 'at or above' $37.46. The action in General Mills to this point also demonstrates why I do this, and reinforces my statements in regards the aforementioned regions of resistance and support, and why I view the close on the daily chart as more important.

(Edit: 4:05 PM ... strong close which is a good sign. I've set another alert, higher yet)

I'll take this opportunity to review the trading thoughts that I had on Sunday ...

Gold (Brief short trades): I scratched this trade much too quickly from my focus list. It's offered several short opportunities after I stopped watching it.

Must ... have ... more ... monitors.

Copper (Waiting / Stalking): I've been waiting for a setup, and it's forming up nicely.

Crude Oil (Looking for longs): Obviously had my loss this week looking to go long, and as I've discussed; I think I didn't focus heavily enough on my multi-time frames, namely ... the daily chart.

U.S. Dollar (Looking for shorts): We've gotten a rally now, and I have an alert set for 'at or below' 76.965

Soybean Meal (Waiting): Waiting on firm support to form for long trades

Corn (Looking for shorts): Very profitable, but I never took it. Just seems like I'm out of synch.

Live Cattle (Short below 114): Never took it, and it just rocketed higher. So scratched that trade.

Pepsi Co (Long July 2011 60 Calls): Very profitable. This call was going for 4.60 ($460) per option, and at the time of this writing, last traded at 5.20 ($520), and the spread is between 5.50 and 5.60. I did not take this trade either.

Quite frankly, the commodity markets just feel 'out of sync' with my own personal methodology. Or perhaps it's just me. I'm not ruling that out either since I also missed that Pepsi (PEP) trade.

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Note: The above statements should not be construed as an investment or trading recommendation. Airelon's Investing and Trading Journal is a blog that allows subscribers to look 'over my shoulder' as it were, for my own personal specific trading and investing ideas and thoughts for the next week. But they are only thoughts as of the moment of publication, and are subject to change.. Any trades or investments that I discuss within this blog are simply my own thoughts regarding my own investing and trading outlook. Remember that entering any market is an individual decision. There is no guarantee that I will enter, or have entered any of the trading or investing ideas that I discuss in this blog; as larger accounts may require a different strategy as the ones presented here. This blog simply contains my trading and investing thoughts for the next week. I, the author do not grant this work for wide distribution beyond any single individual subscriber as this publication is protected by U.S. And International Copyright laws. All rights reserved. No license is granted to the user except for the user's personal use. No part of this publication or its contents may be copied, downloaded, stored in a retrieval system, further transmitted or otherwise reproduced, stored, disseminated, transferred, or used, in any form or by any means except as permitted under the original subscription agreement or with prior written permission. I personally only enter any market after watching and reading the tape and I trade using money management principles. The losses in trading can be very real, and depending on the investment vehicle and market, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 14 years of experience in trading and investing in these markets. Airelon's Challenge Chronicles are demo accounts,with all of the inherent problems therein, which are used within this blog in an attempt to track the results of my own thought processes., and is run as a model. Traders who should make their own decisions based off their own research, due diligence, and tolerance for risk. Any pictures used within this blog are believed to be public domain. Any charts that displayed using the ThinkorSwim platform, or any other charting software are believed to be public domain. Any other pictures were obtained through Wikipedia's public domain policy. As a reminder, any trades discussed for "Airelon's Challenge Chronicles" would only be 'day trades' according to the parameters discussed for Airelon's Challenge Chronicles, at this stage of the game in order to escape the risk of over-leveraged gap opens in the commodity futures markets. As a 'trading sister' would have grown to the $30,000 level, I would have graduated the account into 'swing trading'. In addition, it is understood that readers have read my YouTube methodology series. It is also understood that the writer of this blog has repeatedly warned against the dangers of shadowing any other traders thoughts. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.

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