A trading journal site following the in's and out's of the trading day through my eyes. Market sense and commentary. In no way should this be interpreted as a site for recommendations or stock picks. If you treat it as such, do so at your own risk and may God have mercy on your soul.
Saturday, September 24, 2005
Closed position - In cash
The RSI (5) system indicated an hourly bar above 70 (hit around the 80 mark) in the last 1 1/2 hours of trading on Friday (9/23/05) and I closed out my long calls for a $0.05 per contract loss. Not much of a loss really and I may have got out 'even' on the trade but I didn't want to work my limit order and instead just took the bid price. Also, I was worried about the impending action on Monday following hurricane Rita. Hurricane Katrina ripped me apart and I can't afford that kind of loss again. Also, the RSI (5) hourly system signaled to sell the long position and triggered a short. However I'm all in cash.
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