Oct 19, 2007

Typical OPEX day

You never know what you're gonna get on OPEX day. Sometimes you get some nice runs and sometimes you get chopped out. I made some quick money on GRMN (inside bar, 15-min) and then got stopped out of CERN (11:45, 15-min) fairly quickly. That's just how it goes. FWLT and RIO were also nice inside bar candidates.
 
Have a good weekend.

19 comments:

greytrader said...

I had a nice trade in RDN, break of 4th on 15. Still going actually.

Have a nice weekend.

Jamie said...

OONR7,

Did you mean atypical OPEX day? I wish we could look forward to this type of action every third Friday of the month!

Enjoy the weekend

OONR7 said...

jamie... we obviously had different watchlists.

gt: congrats with RDN.

jason said...

Right there with you; also traded CERN short(on the 10-min). In addition, trades were made in MOLX (15-min; 10:45 candle...came close to hitting the 1.38, but ended up break-even) and TIE (30-min; 11:00 candle...made a small amount on this one). Eh, basically a wash of a day.

Can you give me your opinion on the MOLX and TIE trades?

Jason

KC Equity Trader said...

Ops Ex day was wonderfull today. I cannot remember such action on what is usually a snooze fest. I think Wall Street was setting themselves up for the holiday seasons. I am expecting the big boys to send the market down and then load up and the end of October on some nice rallies.

OONR7 said...

jason: MOLX is a tough read especially when you throw in R3 and R4 pivot levels. This was on my watchlist but the pivot levels combined with the overall down day and no inside bar on declining volume made me stay away. TIE was also on my watchlist, but after noticing the choppy price action and the 100% retrace... I was hesistant to go long on this. However, a decent entry on the 10-min chart would've been the 11:40 candle which was an inside bar at the 50% intraday fib level on decreased volume and right at R3. I think I would've preferred a more NR bar though. As for CERN, I probably deserved getting stopped out on that one because I did look at the daily chart before entering a saw that the previous low of the day had already pegged a major pivot support level. I just really like the entry (second inside bar on declining volume) and figured it might make a quick run to retest the pivot. Just didn't happen. Sounds like you and I had a simliar day.

bl said...

FWIW, Jason,
MOLX-nice with the marubozu(bullish) candle
TIE-bullish hammer
CERN-alot of tails but nudges the 13 ema toward eod
Briefing had some real winners:
isrg omcl sndk hans pktr mmm amd cree (reversal). I'm sorry to report that I longed SNDK a few times mostly for a loss. I'm contra trend and pay for it too. Should have shorted from the open: hits the 5ema and .5fib retracement(46.12) on the 5 min chart,
(also -4/15 chart away from the 5 ema), and reverses to 42.42. I had sndk hans pmcs stv on my 4 focus list but.... PS you can short ipo's usually 2 days after open! Somtimes it pays to short the weak groups: subprimers.

jason said...

OONR7 and BL -- Thanks for your analysis.

It can be especially frustrating when you hear that many people did great, on a day such as today, while yourself did not. This seems to happen to me with frequency! However, I've also noticed that I often do well on days when most are not able to capitalize. Not sure what this means in regards to my trading style, or if this is purely the result of my brain finding patterns where they do not exist; it's possible that I just choose not to remember the days I do well alongside other traders, and over-emphasize the others.

Not sure where I am going with the above ramble, but it makes sense at this late hour. :)

Btw, not sure if you had any problems getting filled on CERN, but my entry priced 20 cents above my STP order, and exited (for what should have been break-even) 30 cents below the STP loss price. %0 cents loss, instead of 0 is just insanely bad. And volume wasn't that thin. Ouch.

Jason

OONR7 said...

jason... my entry was filled fine, but my exit had a lot of slippage which made the loss that much more painful. As for what you were saying regarding personal performance versus other bloggers... I too have noticed the same thing. This issue I have is that I can never seem to take advantage of huge swing days like yesterday. I did see a lot of opps. yesterday that I didn't take (I mean, I was really contemplating entries) such as FWLT and RIO... both short. Would've made some nice change without deviating from my criteria. I'm really trying to be disciplined with my new 'inside bar' approach. But sometimes that discipline gets in the way of profitable trades. I just need to take advantage of all the opportunities that present themselves and stop talking myself out of not taking trades.

QQQQBall said...

Jason,

MOLX trade.

X always took some off the table when he had $1.00 gain. i suspect it was for just this reason.

jason said...

qqqqball: Yep, I do the same thing. In the case of MOLX, it never hit a $1 gain; entry at 28.66, max price for day was 29.49.

bl said...

Jason%NR7,
Recently a daytrading blogger quit but he had a good job offer. He said he broke even but what he realized that he hadn't "plunged" into a trade when opportunities presented themselves. Maybe it's a matter of time before this all gets internalized. I like having my list before the open Briefing WL, CNN, TI premkt5%, mostly naz. And culled before the open with all charts up 10-20 with 1-4 focus stocks. Plus afew standby's (That's the ideal and I'm slow to take to it because I have to be convinced)Why? it's easy, maybe he best of the best, many eyeballs, too many stocks become a blur. I don't pay attention to volume at all as it clouds the issue for me and have to think about too much. I like fibs candles: Hammers IB Marubozu Doji's. I see price bounce against the 5 ema 5"(and 15") chart alot and reverse like sndk. Now why I didn't short rather than long? I wasn't patient enough to oberve what happened and act upon it. I "thought" it would just retrace, like I was the smart guy. I should look at spt and rst lines more. Oh well.

Anonymous said...

most successful traders are short/long term traders..haven'e seen a very successful DAYtrader.
Risk reward is awful //price movement is random//
However, i have great regard for traders who can see opportunity and sell in 2-3+ months..This style has lots of merit and logevity..
Daily slog like OONR7 (HA HA) will wear you out soon (not to speak of a hole in the pocket)

greytrader said...

Anon,

I take it you are not successful at any style of trading :-) You are not very good in english either.

Rudy said...

Anon, if, in your considerable expertise, daytraders are largely unsuccessful, I urge you to peruse wall street warrior, trader X, and maoxian's blog. All of these traders have one thing in common ... years of experience.

The most profitable traders in this business are the ones with the most years of experience and the capital to ensure such expertise.

Although all of these traders do have loosing streaks, I am willing to bet it is a rare occurrence that they ever have an unprofitable month or year.

OOnr7, strong trending days are a drag on fib retracement players. However, in studying your past trading history, you do show weekly consistency in profiting from your trademark "bread and butter" fib moves.

Jason, I find that by prioritizing my intraday watch list, such as, most abnormal volume and biggest consolidation breakouts, and by focusing on finding internal bars on the 1/2 chart, I can stay focused and not get caught up in the 1/4 hr price and volume fluctuations. You may wish to revisit Maoxian's blog for dummy charts examples.

Note, the 1/4 hour chart is great for qualifying the 1/2 overall trend, such as, higher lows, closing above 5 ema, etc. In addition, it is wonderful for seeking an earlier entry than the 1/2 hr IB break-out, such as hammer, NR7, IB, etc.

The point here is this, the 1/2 hr chart is my fail-safe entry point. If for whatever reason, I may vacillate on a lower time frame, but the overall trend on both time frame converge, I must take the 1/2 break-out. Period!.

Hope this helps, Rudy

OONR7 said...

rudy... thanks for the great comments. I have found success in the fib. retracement plays, however, those aren't the only plays I make. I wanted to diversify and re-incorporate the Trader-X style of trading into my daily routine. The plan is to find better, more explosive entries on the 15 and 10-min charts based on inside bars on declining volume. I like your 30-min thinking and may give that a look this week.

anon: I think your mommy's calling your for dinner. No more computer time little guy.

jason said...

Thanks Rudy and 00NR7; great thoughts from both of you.

Jason

John S. said...

00NR7,

Could you tell me when you place set a stop-loss below or above a candlestick, do you place it above the open or close of the candle, or above the high or low of the candlestick?

Thanks, John

OONR7 said...

john s: above/below the high/low of the candlestick.