Nov 9, 2007

AMAT; KNOT

Went long AMAT (12th bar, :15) and was stopped out on a revised stop. Shorted KNOT (5th bar, :15) and made some change down to S3 or $15.76.
Not too exciting from a results standpoint today.

6 comments:

Flatwallet said...

I hate revised stops....they tend to be losses 90% of the times even on would be profitable trades.

OONR7 said...

hmmm... I know what you're saying. But I revise my stop once price falls below the 5ema. More often than not, when price falls below the revised stop... it's a failed trade. You never know how far it'll fall and if it took me out on a revised stop then the trade wasn't going as I had planned. It's better to limit losses and move on to another trade or wait for another day. I only wish I kept my stops in place early in my trading career.

Flatwallet said...

yeah I modified a few stops today...not good...almost rookie like...cest la vie

QQQBall said...

i think revised stops are more ill-advised on NYSE listed stocks. they seem to able to really shake the tree on those.

KSU and AKS are 2 stocks ive traded that they make you think its going to zero before running it up. the pain on those type of deals just stays with you. spend all the time watching the P&L get more "L".

OONR7 said...

I'll always revise my stops at the appropriate time to protect profits. I too hate getting stopped out on a quick spike... but I don't want to take the chance that the quick strike turns into something bigger. If you really want to 'ride' out a trade, maybe take a partial at your original stop and wait for that candle to close before closing the rest of the position.

bl said...

Chart of the day: LEAP -2/15 inverse hammer/gravestone doji for 15% to afternoon low . No I didn't trade it but a "goodlooking" pattern. Briefing and premkt TradeIdeas WL. Many of the Solars 4 bar reversal with gravestone doji's