Latest Trades And Orders (7/09/10)

One trade:

Sold YMU10 @10,098, covered @10,062. P&L: 36 points.

New orders:

Buy YMU10 @10,002 with 9989 stop and 10,034 take-profit.

Sell YMU10 @10,194 with 10,211 stop and 10,162 take-profit.

[ For some background, check out this post. ]

Latest Trades And Orders (7/07/10)

One trade:

Sold YMU10 @9798, stopped out @9818. P&L: -20 points.

New orders:

Buy YMU10 @9856 with 9839 stop and 9888 take-profit.

Sell YMU10 @10,098 with 10,116 stop and 10,062 take-profit.

[ For some background, check out this post. ]

New Orders (7/7/2010)

Buy YMU10 @9506 with 9489 stop and 9538 take-profit.

Sell YMU10 @9798 with 9816 stop and 9762 take-profit.

DOW 1,000

I couldn't believe my eyes when I saw the Market Technicians Association (of which I'm a proud member), all in all a fairly obscure organization, mentioned in the New York Times (the New York Times!).

Unfortunately, it is mentioned in relation to Robert Prechter's call (which he made in 2001 and several times since, usually after a serious bout of market weakness) for the Dow Jones Industrial Average to drop an eye-popping 90% in the near future, a forecast he arrives at using his special brand of Elliott Wave analysis. As a result, the overall credibility of both the MTA and technical analysis in general is unlikely to be much enhanced.

As Ralph Acampora, an illustrious technical analyst and a founder of the MTA, who was thankfully consulted for the New York Times article, muses:

I don’t want to agree with [Prechter], because if he’s right, we’ve basically got to go to the mountains with a gun and some soup cans, because it’s all over.

Trades and Orders (7/6/2010)

One trade:

Sold YMU10 @9648, stopped out @9661. P&L: -13 points.

The other order was a very close call. My buy limit level (9506) was actually the overnight low. 4 contracts traded there but my order did not get filled, so no cigar. It happens.

New order:

Buy YMU10 @9602 with 9584 stop and 9634 take-profit.

Latest Trades And Orders (7/05/10)

New orders:

Buy YMU10 @9506 with 9489 stop and 9538 take-profit.

Sell YMU10 @9648 with 9661 stop and 9612 take-profit.

[ For some background, check out this post. ]

Latest Trades And Orders (7/02/10)

One trade:

Sold YMU10 @9744, covered @9712. P&L: 32 points.

Sadly, thinking YM had missed my level, I canceled the other order (buy @9556, stop @9539, sell @9588) before it could be triggered (and make another 32 points). Which is exactly why I try never to cancel orders and one reason I commit my orders to this blog. Oh well, never mind.

Latest Trades And Orders (7/01/10)

One trade:

Bought YMU10 @9650, stopped out @9633. P&L: -17 points.

New orders:

Buy YMU10 @9556 with 9539 stop and 9588 take-profit.

Sell YMU10 @9744 with 9761 stop and 9712 take-profit.

[ For some background, check out this post. ]

June P&L: -3 points.