Monday, July 30, 2007
There were nice moves today but I was wrong in my assessment. After missing the move up I wanted to make some happen. After last week's weakness I have a bias in the short side so I figured I short MTW when it couldn't break resistance at 76.00. In a strong day like today I should have waited for a double top in the 15 minute chart if I were to go short. After the loss I switched to the long side. Longs in MFW and TSL helped me recover.
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.