Dollar Index Trading Journal

This morning I felt there was a good possibility the market could start heading higher today.  The waves could count that way, though I was suspicious it would ultimately prove false, and there was a trendline being respected that was a clear risk point for a trade setup.  I entered at 75.83 after it held and the position was briefly profitable before the trendline failed and I made my exit.

Dollar Index trades for 05/17/11

Personal Account

Position	Qty	Contract	Entry	Date	Exit	Date	Ticks	Profit	Held	Setup
Long	2	US Dollar Index Jun11 (DXM11)	74.83	05/17/11	74.63	05/17/11	-80	-400	0	EW Count – Wave 3
Long	1	US Dollar Index Jun11 (DXM11)	74.83	05/17/11	74.7	05/17/11	-26	-130	0	EW Count – Wave 3
Total	3	US Dollar Index Jun11 (DXM11)					-106	-530	0

Prop Account

Date	Position	Qty	Contract	Entry	Time	Exit	Time	Ticks	Profit	Held	Setup
05/17/11	Long	1	US Dollar Index Jun11 (DXM11)	75.865	08:35 AM	75.7	12:16 PM	-33	-165	03:41	EW Count – Wave III
05/17/11	Long	1	US Dollar Index Jun11 (DXM11)	75.765	09:19 AM	75.7	12:16 PM	-13	-65	02:57	Price trendline hit
05/17/11	Long	1	US Dollar Index Jun11 (DXM11)	75.73	12:14 PM	75.7	12:16 PM	-6	-30	00:02	Price trendline hit
Total		3						-52	-260	02:13

My outlook is still pretty much the same.  I'm looking for an opportunity to get myself in position for the next movement in the direction of the trend.  We have some great support and targets down below in the 38% to 50% Fib box.

Dollar Index Hourly

I bought a contract of the Russell 2000 while I wait for the dollar to sort itself out. A correction in the dollar should put a tailwind behind stocks.  It's up $200 already, so maybe I'll redeem myself for today's transgressions.