Sep 25, 2007

0 for 5

Yeah, count 'em... all 5 of my trades today were for losses. My batting average today resembles A-Rod's come playoff time. Total loss: -3.25R. I haven't lost this much or not have a single trade work for me in a very long time. The best advice to myself is this... tomorrow's another day. I stuck to my rules, obeyed my stops and stayed disciplined. That is most certainly a good thing.

Here are the stocks and entries:

M: short, 5-min, 11:20 bar low
KSS: short, 10-min, 11:30 bar low
URBN: short, 10-min, 10:50 bar low
PCAR: short, 5-min, 10:30 bar low
PTR: short, 5-min, 10:25 bar low

15 comments:

greytrader said...

No follow through up or down today. Seems like a lot of indecision. Made lunch money on AUY gap fade.

On a positive note, prophet has been reliable recently.
There is a 7 day full feature free trial of Trade-Ideas through trader Mike's site. I am thinking about it.

OONR7 said...

gt: I actually signed up for TI on Sunday but didn't get it working till today. Still tweaking with it and I'll let you know how I like it.

greytrader said...

Cool. I would probably get another monitor for it, not much room right now.

Anonymous said...

Go have an order of freedom fries, forget about it, and try again another day.

John S. said...

I entered CROX today at $61.41 this morning. . It wasn't the best set-up. The stock started sliding and I put my stop in right under 60 bucks since that had been major resistance and should have provided new support. . Boy, that was quite a shakeout by the MM's. . Got lucky to make a profit with it and got out at $62, should have kept it but didn't trust it at the time. .

John S. said...

By the way, 00NR7, stay positive, tomorrow is another day . You have really taught me a lot on this site, especially I feel the Fib retracements come in really hand. .

Eyal said...

Take it easy dude, I'm sure you know that statistically this is bound to happen at some point. Tomorrow is indeed another day.

Flatwallet said...

Oonr7...I'm sure you'll bounce back tomorrow...don't sweat it...as you said you followed your rules...this happens...part of the game...think of something happy as you go to bed and wake up...it will change your perspective

OONR7 said...

thanks everyone. At least I had trading options today and traded within my plan. Have no regrets on anything I did. Sometimes, things just work out that way. That's why trading well on other days helps. I'll score this one for the market.
On an educational note, a good example of how the 38.2% intraday fib. level and be nice support... just look at PTR and KSS on the 15-min chart.

Jamie said...

Market tops and bottoms are the most difficult to trade. This market is setting up to take a dive and that's why it's so hard to find good setups. I'm keying off the daily charts at the moment - NRBs and reversal patterns. Also, intraday patterns I trust like C&H on 5 min. (CROX and GILD) today are good examples.

You'll make it all back in spades once this market rolls over.

OONR7 said...

those are great points... thanks Jamie. One thing I did discover after briefly going through the chart is that although my losers were gappers, most of them traded below their 30-day average volume. I usually like gappers to go way above their monthly average. I also just located the 'Vol%' column in the portfolio window of QT. Now I can sort stocks based on how much their over or under their average. Interesting stuff.

Anonymous said...

hey,

you traded your system, stayed disciplined and honored your stops. i call that a successful day of trading. over the LT, that serves you better than if you had made 1R and been all over the place with your trading.

QQQBall

StockHunter said...

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1) Advanced Analyzer - real good scanner with many built in features (only after the close)
2)Strategy Desk- a GREAT real time scanner!!! read about it in Dummy's blog a week ago and decided to try. Working excellent so far.

Anonymous said...

000NR7,

i dont undersatnd the KSS and PCR trades. KSS was trading well above the OR high - and i cant see the set-up on PCR?

QQQBall

OONR7 said...

stockhunter: thanks for the tip.

QQQBall: are you looking at the same KSS chart I am? Off the 10-min chart, price printed a WR down bar on the first bar then retraced above the 61.8% level only to come back down again. I entered below the gravestone doji that appeared on the 11:30am bar low with increased volume. Maybe our charts look different, but price never went above the OR high.
Also, I traded PTR, not PCR. And that too had a very weak WR first bar with price only retracing back 50%, where it hit S2 and then formed a nice down bar at 10:25 after two inside bars. I thought this trade was going to drop fast. In hindsight, unusual volume was about the only thing missing from these trades as the setups were there.