Nov 15, 2007

JCP - Short

Tried a new exit idea and it cost me. First entry was on a break of the 1pm bar low and I was stopped out two bars later. I waited before placing my stop after entry to see if price would try to shake me out during the next bar. The next bar high was my new stop and it proceeded to bend me over and thank me for playing along. I re-entered on a break of the 2pm bar... price started moving my way and I thought I was just too early in my first entry. Unfortunately, this stock did not want to make a big move down but I was able to get out at BE the second time.

6 comments:

greytrader said...

First entry was pretty far from ORL (1R)for me. Break of round number 44 and previous price action looked good.

I traded GG for lunch money. Exited about the same time JCP stopped you out.

My free Trade-Ideas account expires at the end of the week. It has been nice. Run 2 scans at 9:45, all results transfered directly to QT. By far the fastest and easiest morning list routine I have had. Unfortunately a little too expensive just to find gapping stocks. Hopefully I will eventually get it for free.

OONR7 said...

gt: yeah, it was a little less than 1R from the ORL, but - in addition to what you mentioned - it also had a lot of room to drop and wasn't even near the 119% level. However, I entered based on the failed retrace attempt on the previous bar from my entry. I would've preferred this bar to be a bit more stronger of a retrace. My target was S3 which lined up well with the fib. ext. I pretty much though this sucker was gonna drop... especially after my second entry.

OONR7 said...

I also liked GG (hanging man at ORL) but I would've liked it closer to the 5ema. However, it was smack up against S2. GG's also a frustrating stock to deal with because you enter, it drops a bit... retraces up to the ORL again (takes you out) then goes back down. For me, exits are much more difficult to 'master' than entries. Should you hold till a particular support or resistance point is breached (such as ORL/H or pivot points) or use X's above/below 5ema rule? Whatchya gonna do?????

QQQBall said...

10;30 bar was the entry on JCP - i saw it a little too late. i had DOW from yesterday amd missed my chance to dump it and my stop loss was eventually hit.

greytrader said...

Exits are definitely the hardest part of trading. It seems when one tries to be more patient, one gets stopped out and if one gets out early for BE or a small loss the stock eventually breaks out :-)

I have been studying Trader X's chart recently and it seems he is very patient and will not often exit a trade early. He probably would have sat through the 13:00 retrace on GG... I just could not take it !

bl said...

NR7,
I just put the brokers and solars on one page with charts: solars reversed 10:30 and brokers 10:45...in unison. Inside bar breaks: JCP -8/10" LWAY -3&7/15" -4/30 ATPG -2/15 and beautiful AFCE -6/15" SWIR NVTL quick -2/5 DRYS -4/30. I'm looking at premkt cnn briefing trade ideas and first 5-10 min into open 5% gaps(swir nvtl lway).
Alot of reversals: SINA SOHU AMAT NUAN. Or play the volitility group which looks a lot easier ...in hindsight of course.