Monday, February 2, 2009

Test the lows

Last week I was getting short GBP/JPY around 129. I got stopped out of the second short with a small profit. After that I got long GBP/USD for the last few hours and closed it just before the close. Overall a good week.

Among the blogs I read it seems like a consensus that we test the lows of the year. Although I agree with the outlook, I'm slightly cautious because it seems like a uniform opinion from every blog I read.

Down around 13 on the ES with 20 minutes until the open.

Right now I'm short DRI, but there are a lot of others I would like to be short.

GMCR looks like death on a weekly timeframe. Looks like a 2-year head and shoulders pattern. I might buy a small put. On the daily it looks like it's up against resistance around 40, which makes for a good stop.

I wish I would have stayed short AZO. I had too big of a short position on. I'm trying to trade smaller because it's easier to stay focused and disciplined.
I should my ADM put on the 14th, but know it looks like it's ready to fall again.

This past weekend I've been reading a lot of news and fundamentals. Normally I only trade off of charts but I'm going to try to incorporate more fundamentals into my thinking.

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