Update for September 11, 2007.
1. We liquidated the Long Oct Lean Hogs at 65.90 (long from 66.70), a 0.80 loss or $320. There was no immediate follow-through to the upside, and we did not want to wait to get stopped out most likely.
2. Dec Copper is a huge winner: Long from 3.2740 - closed at 3.3875. We are using a tight stop to protect profits.
3. Still short Dec Corn which was down 4.75c today. Stops are in place.
Tonight's scan shows many potential setups. Among those, a sell setup in Dec Swiss Franc (8473) with a stop above the recent high of 8502, a R/R ratio of 5.9 - we are placing the order in the Globex market (6SZ7).
I found that it is best to be very impatient with the losers and to weed them out aggressively and very quickly. Therefore we liquidated the Long Oct Lean Hogs position today even though the initial risk was not met. We exert a "time stop": if the trade does not move rapidly into the expected direction in that time frame, we get out. It is best to direct our mental energy towards the trades that are working. Pull the weeds, and grow a nice garden. (Reminds us of the early bird and the worm).
PRH
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