Oct 10, 2007

Frustrating day

Went long XING (break of 10:10 bar, 10-min chart) and it stalled at the ORH. Then, I went short DSL on a nice NR bar with low volume on the 10-min chart again (12:10 bar low) and I was shaken out a few bars later for a very small loss.
Now, XING... eh, I can understand how it didn't have the engine to get past the ORH on such a down day. But DSL... WTF???? It drops right after my entry and I'm all ready to pop open a Tsing Tao and then it gets all choppy. DSL proceeded to drop to the daily pivot low of 52.81... and I had a sell limit order already in place at 53.10 (you know, I didn't want to be greedy or anything).
This week has made me want to become a scalper. I have left so much on the table after large initial moves after my entry.


Jamie said...

Same thing happened to me with DISH. Thought is was a BO, but ended up being just a quick scalp followed by a retracement all the way back to the base.

Jerry said...

Hard to find setups that can stay from start to finish this week.

Sitting here is good as I don't lose money. Give me a Tsing Tao, too!

OONR7 said...

you know... if I widened my stop an additional .50 - I'd never lose. Of course, I'd be living out of my car because of the smaller share size... but hey, I'd always win :)

QQQBall said...

i shorted AA - pretty good entires averaging 39.10 or so.. strong R was at 39.22 and it looked like it was coing to break that. i covered at BE when the INDU moved down, but AA didnt. i was risking only .16 - shorting after i covered, the thing tanked on volue, went down - jumped back to monor R near 39.10 and then tanked again.

like i said above, i wasnt feeling well and on top of it, i got a low volume dive on KSU to boot. so i just watched the rest of teh day.