Nov 122010
 

We arrived in Normandy yesterday.  It was raining a little but we didn’t let that stop us from exploring the Benedictine Palace in Fécamp.

Benedictine Palace

Benedictine Palace

I was checking the the markets with my iPhone and it really looked like ES was going to hold above 1200.  But it closed around 1210 which told me that buyers weren’t prepared to bid it higher.  I had scaled out half of my swing trade on Wednesday because my entry (1207) was pretty poor and I didn’t want to sit through another adverse move, especially if scenario 3 was going to play out.  So I reduced my risk.

I woke up Friday morning with a pleasant surprise – the first objective for my swing trade was met. The gap at 98.00 was filled along with a third of my position.  I now have a tiny portion left left to see what happens.  I still think a 60 pt correction may happen, but I have a poor enry so I may stop out.  If I had a better entry closer to the highs I could be a lot more patient.

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