Thursday's trade

Tough trading. Shorted SGMS and was stopped out. Made some money back with JRCC (although that was pretty choppy too). Looking like a zero sum week with one day left :)

Goldman Sachs is evil

Just read an eye-opening article from Rolling Stone. As an American, I can't feel anything more than a sense of hopelessness. GS essentially controls the US. How? Just look at all of the former GS employees in high government positions, their lobbying, and the fact that no one would be able to even take down GS without the fear of complete, financial collapse. My biggest diappointment was reading how Bob Rubin was so instrumental in the Internet Bust and the mortgage crisis.

It's also appalling how self-serving GS is and how the US has lost the meaning of 'for the people'.

Wednesday's trades

Sorry for the rushed post, but time is in short supply lately. Took 4 trades, 2 wins, 1 loss and 1 BE. Attached are the charts - no time for descriptions.

Monday's trades

The day's over and I'm none too pleased. Once again, passed on some good opportunities in ADY and MS... especially MS. Entered a couple of losers: AIG and CHU. Got stopped out on both.

Just hope there will be other good opportunities during the week. I've noticed in the past few weeks that I only get a good couple of days during the week to make my money.

EDIT: Just noticed SpiderScan is coming out with a new version. Seems like Greytrader has been working overtime. Looking forward to the new scans.

Friday's trades

I started off the day well with a short of PSMT off a break of the 10:30 bar low (:05). It was good for about 1R worth of profit. I saw some good, but not great, setups in SGR and RSX and decided to cut my risk in half and go for it. They were both busts: SGR (short 12:10, :10) and RSX (short 11:50, :10). Both were very narrow entries so reducing my risk meant I was risking very little.

All in all, I still ended the day positive but the week was very disappointing (although positive).

PSMT is about the best looking chart of them all so that's what I'll post:

Thursday's trade

Someone asked yesterday whether I considered proximity to a round number before entering a trade. I said yes, depending on the chart setup. My trade today with FLR is a good example. I entered long off a break of the 11:30 bar high. My entry was $47.99 but if you look at the chart, you'll see that it was a strong candle that formed right at the ORH and price action was very much in an upward trend. To me, it was a strong looking stock - regardless of the round number.

Now, after making an initial move... price became very choppy and I exited the trade with money in the bank. It continued to move where I wanted it to - just below the fib. ext.

Also, if you haven't checked out SpiderScan... do yourself a favor and do it now.

Wednesday's trades

Had some decent moves after starting the day with a loser. You know, it always seems my first trade is a loser. Anyway, shorted HOT, IBN and SLT. HOT went cold real fast and stopped me out. Not the greatest of setups (9/5) but worth a shot.

SLT presented a nice inverted hammer at the ORL which was hard to resist. Just didn't have the move in it. Made some profit and then revised my stop later.

IBN made a nice move after shorting on a break of the 10:50 bar low (:05). I partialed above the fib. ext. and wanted to see what the rest would do. Well, the rest started riding back up and I exited the rest pretty much at the fib. ext.

A solid day but I'm thinking there may be very few of these as we move further into the summer doldrums. Just need to be patient.