LHN8 - Friday’s long red candle and 20EMA going down and expected to penetrate 81EMA at a tight range. I see immediate support at $71.94 and then $71.33.
LHQ8 - Friday’s red candle supported at 81EMA @ $76.60. Will have to see if this holds. If not then will go lower to $75.00
Looking at the 6 month daily chart, SBN8 has been on a downhill pattern since it peaked at $15.18 on 4 March 2008. It is trading near the 1 year low of $9.56. Yesterday it traded at a low of $9.82 before recovering to close at $10.02. The 20EMA crossed over the 200MA on 21/5/2008 and I expect the 81EMA to cross the 200MA line sometime next week. The MACD is indicating that it will go higher sometime next week. Will keep an eye on this one.
This has been a very bad week for me. Burnt 50% in Natural Gas. It was trading at a resistence $12.07 and the 6 monthly support indicates a price as low as $11.45. I didn’t believe it will go to such low level and held on to it. In the end I panicked when it went down so fast. I couldn’t control myself and sold at a huge loss at $11.60 which translates to a loss of $5000. How can I allow this to happen? I have so little and so much to lose and this time I really loss BIG.
What’s my next move? At this point of time, I think I’m too emotional to make any radical moves. I’ll have to calm myself down first before I start all over again.
It’s tormenting!
I’ve closed all trades on Friday. May be silly of me to close the Natural Gas and Soybean trades since it’s on an uptrend, but I’ll just be contended for now over the weekend and plan for my trades on Monday.
Total gains for this week = $2937.00
- e-Mini Natural Gas = $1237.50
- Soybean = $ 350.00
- YMM = $ 135.00
- Soybean = $ 512.50
- Soybean = $ 412.50
- Natural Gas = $ 290.00 (my heart nearly jumped out when I keyed in the trade for Natural Gas instead of the e-mini Natural Gas which is 4 times smaller)
It’s easy to get excited or anxious after you enter into a trade, especially for beginners like me because every up or down will mean financial gain or loss.
It’s easy to make stupid mistakes and let emotions affect a trade when we have so little and so much at stake.
It takes a lot of discipline to be able to control your emotions. That’s what I’m trying very hard to do every day.
