Thursday, September 03, 2009

Tomorrow's news today (I wish...) - AKA "my trading plan"

around 11:50AM EST (OR 10:50 for 15min chart - but it is less likely) I will be looking for 10min bar to set new high
the moment such bar will print - I will submit all queued trailing stop orders for my short term long positions
Why queued? Because I will have no time to do it manually.

Somewhere between noon and 12:30 I will be re-opening short term short positions IF market behavior will confirm my plan.
How high SPX will go?
Don't know yet and again - time is more important to me than price (but I can speculate that it will be around 1012 area)
How high it will NOT go? Not higher than 1020.77 - IF it does - it will be disaster and total change of plans :)