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XHB short +1.43

For those wondering what kind of trades I am usually after (not always obvious from some of the horror stories I post), here is a good example:

XHB 11/06/2007

This was a quick short of XHB. Opened the short position on 10/30 at 22.28 and closed it on 11/06 at 20.85. This is only a point on a half but it was a clean trade. I picked up a decent entry point which allowed me to capture a good portion of the downward movement. Granted how don’ t know for sure how much of the move I got because the downward trend could keep going for days but I felt it was a good time for me to get out. The sell volume was dropping, the price was right around the last resistance level and the 2 period RSI was turning up and heading towards 30. Those were all bullish indications which made me take my profits now. Only the next couple of bars will tell if my timing was right or wrong but I am happy with the results.

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