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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