Wrong Side Of The Market !!
Ouch !! I was caught on the wrong side of the market ! I shorted Yanlord & SembCorp this morning thinking that the market will pull back after the past few days of strong rally. Unfortunately, the new wave of powerful rally in the afternoon has proven me wrong. My stop loss for both positions were triggered and I have to return as much as half the profit I gained last month to the market. Actually, the losses won't have to be so much but I adjusted the stop loss for Yanlord a few times using my own discretion.
Lesson learnt : Don't buck the trend, don't anticipate, adhere to the trading plan.... and more.... all recorded in my trade journal.
The volume/distribution charts below explained why "katek die pain pain" today. There is presence of strong hand since last Thursday. A friend of mind just shared this with me after he attended an investment seminar at Merril Lynch today: The fund managers missed out the action over the last 6 weeks so they are all dying to get a piece of the action which explained the continual rally.
The volume/distribution charts below explained why "katek die pain pain" today. There is presence of strong hand since last Thursday. A friend of mind just shared this with me after he attended an investment seminar at Merril Lynch today: The fund managers missed out the action over the last 6 weeks so they are all dying to get a piece of the action which explained the continual rally.
Labels: Trading Digest
posted by Market Wizards @ May 06, 2009
Comments: 7
