Indices have relentlessly been pushing up this week. ES/SPX jumped over a major CHVN and left several gaps below. They closed at another new high of 2030ish this week. Oh, boy, I am glad that I took a stop loss of 2005 on Tuesday and avoid a big draw down. I still have a 2015 week 3 and 2070, a misuse of Karen's concept which are underwater to deal with. I will take stops or roll over these positions next week. I need to admit and correct a wrong trade much quicker instead of hold and hope it would work. A profitable wrong trade is still a wrong trade. The problem is it reinforce a bad habit.
Grains have traded in a range bound but each with its own tendency. Corn broken down on daily but still holding its weekly up trend short term. Soybean held up a daily bull flag on strong demand despite large harvest data. Wheat resumed its down trend on daily and on edge of weekly break down. I am still being slapped left and right. Most of my Nov's puts have not been working out. I have been taking stops in wheat and corn. Majority of my bear calls are underwater. I took some profits in my bull puts this week. They may not be enough to offset my losses. Admittedly I really don't know enough about grain market to trade in such large numbers of contract. I have been fighting the trend and taking losses. I need to reduce my holdings, step back and let my mind to be cleared. I need to study seasonal charts, current trend and have a plan for Monday this weekend. After USDA's report on Monday I will start to reduce my holdings and wait for market to tell me the direction.
Review of last week's plan:
I didn't initiate any action to look for a trading partner. I will do it this coming week.
I had one entry mistake in soybean bear call which hasn't be exited yet.
I did study seasonal for grains.
I didn't watch three webinars but attend one with Stage 5. I will watch two trading video next week.
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