On twitter we were talking about CTV this morning. About an hour into the session, I pointed out I’d like to see CTV consolidate for awhile, and then blow past 41.50. Well, I bought into a pretty sloppy ascending triangle, for 1.2R.
Here’s the 5 minute chart:
At the time I got out, it seemed stuck at 41.60, and kept falling back down to 41.45 or so. I sold at the top of the channel on the next bar. I mentioned that it could still run, but that the bid/ask was kinda thin at times, and I wasn’t sure it could pull away from 41.50. The bottom line is that I’m just way too scared of this market to hold onto positions (yes, even more scared than usual!). As I write this, we’re basically flat in the indices.
Also, as I write this, CTV has run up to 42.40. Just over a full point above my buy price. Oh well! I am still happy with my safe 1.2R. It’s a marathon, and not a sprint, you know. At least ugly got a piece of it and held it much longer than I did.
[EDIT: as of 11:32 EST, it's fallen all the way back down to my sell price. So, while I was too quick to get out, I'll give myself points for being correctly jittery.]
March 14th, 2007 at 9:27 am
[...] via twitter. It’s really helpful to see what other traders are thinking in realtime. Today Richard helped me get a scalp of CTV. I’d love to see some other traders get involved. If you’re a trader on twitter, put [...]
March 14th, 2007 at 10:46 am
[...] I take that first internal height, since it gives me a slightly smaller target. If you look at the triangle play I made earlier today, you might notice that I would have hit the prescribed target if I hadn’t been so jittery and [...]