2011-05-02nd (Mon)

At the end of the previous trading session I had the following positions;
Long 40 contracts Copper July 2011 with ACB of 424.61
Long 50 contracts Silver May 2011 with ACB of 44.01

I was engaged in client meetings for the morning and early afternoon.

When I returned to the screens I found out Silver had peaked intra-day to 47.285 (2011-05-02, 11:22 am EST) and dropped back to around 46.

I felt angry, frustrated, and greedy.

I searched for indications for a rebound but none of my time-frames gave me that conclusion even if I forced myself.

I was too scared to turn my Long trade into a Short trade immediately.

I finally closed out my Silver position;
Sell 30 contracts Silver May 2011 at 45.005 (2011-05-02, 15:22 pm EST) for a profit.
Sell-To-Close 20 contacts Silver May 2011 at 45.020 (2011-05-02, 15:23 pm EST) for a profit.

I am not angry at myself for walking away from the screens with positions open, for I often have to do that, and sleep as well.

I am angry at myself for when I came back to the screens and was confronted with a scenario contrary to my Thesis I hesitated for 30-minutes before making a Trade Decision, and in that time Silver dropped from 46 to 45.

Next time shoot first and then ask questions.  Capital Preservation is the Key.

Although I made good money within 24-hours on my Silver trade above I was not happy with the execution of the exiting trades for it could have been much cleaner.

Currently I have the following positions;
Long 40 contracts Copper July 2011 with ACB of 424.61

Copper July 2011 is currently at 421.03 (2011-05-03, 03:04 am EST)

USDJPY is currently 81.084 (2011-05-03, 03:08 am EST) and hit my preset entry of 81 earlier but I cancelled that trade because I believe USD can weaken more to 80 although I am not placing any limit orders to capture it.

If USDJPY rebounds before I can get Long then too bad for me I am happy to miss this round and wait for the next.

Stay Tuned,

Jeff
(2011-05-03, 03:10 am EST)