Week Recap - May 16th 2008

I am sorry I could not post yesterday as was very busy trading for most of the time and then was very tired so called it a night...I did some trading around on my positions..i.e closed shorts at the open lows, held the hedge calls until 5150 or so, closed this also and went short again in small amounts only. Debated with myself on whether it is a wise thing to hold the shorts into the long weekend then decided I will. I took around 50 points(considering the hedge) net loss on my shorts that I closed....Traded around it to reduce it to this levels but still overall a good week for me considering the good profits I made in earlier part of the week and also last week.

The uptrend SO FAR has been weak and choppy which is why I am thinking this is more corrective than impulse which means atleast a revisit back to the lows is possible. Make no mistake, if we go and sustain above 5180/5200, it will be the first red flag for me and above
5220/5250 I will no longer try short and I will even give the bullish case a chance...Somehow I am not feeling confident enough to become a bull yet.

Something I wanted to say here is, please do not get carried away by what I post sometimes...Always do your own due diligence when taking positions and above all, please do not take on large positions you cannot manage. Trading successfully is not an overnight get rich scheme...we need to work hard...there will be bad trades, there will be good trades...Taking small positions ensure we dont pay for the bad decisions we make. So please whenever I post a position, I hope you all will think and make up your own decision when taking the trade.

Because of above I feel a bit guilty nowadays posting trades here...I mean if it goes good everyone is happy but nowadays this blog has got 150-200 visitors in a day....So to all be judicious and take your own decisions. It is very easy to get swayed by other's thoughts...I dont know how many times this has happened to me and I miss out on perfectly good trades. Read the charts and trade...The market is supreme. No one else is. Period.

I will post hourly, daily, weekly charts later on with my comments.

Have a good weekend all....

Best.