Dec 10, 2007

PLAB - Long

Going into today I told myself I was going to try my hardest to 'take the money and run'. Basically if I can make 2R (based on the spread of my entry candle)... I'd take it. And that's what I did with PLAB (twice). From the :15 chart my first entry was the 5th bar high and the second was off the 1pm bar high. The second entry wasn't off a retrace, but it was too good of a candle at the ORH to pass up. Because of slippage I ended up with just over 3R. However, looking at the charts right now, I picked the best times to exit. In the end, I would've made more had I held on to my initial position but on a low volume day and a fairly low volume stock I feel good about the choice and result.

6 comments:

Dave said...

stopped out of LYG, closed LDK too early and got a nice move in RATE towards the end of the day as it broke just as the moving averages converged (I use the 5 EMA, 10 EMA and daily VWAP).

Jerry said...

This is a cool trade.

OONR7 said...

dave: funny you mention MA crossover as I was looking at the 5 and the 8ema crossover this weekend to help define my exit. I think the crossover works just as well as what I'm using now which is what X used: look for a significant spike or close below (for longs) below the 5ema and exit off a break of that low/close. I just hate when a move works against. Today's PLAB trade is a good example. Had I not exited for about 2R initially, I would've had to sit through that retrace starting with the 7th bar... ugh.

jerry: thanks... it's nice to make money quickly, exit, re-enter then make more money quickly :) All I really did today was scalp. Hmmm... maybe that's what I should do from now on!!!!

Hammer Trader said...

with the current market, scalping is better than holding longer time frame, and I like to cash out 1/2 position when it's 2R (so it's a free trade) and let the remaining 1/2 go.

bl said...

nr7,
nice with plab 5/15. 7/30 looks good too. Traded LDK 6/15 for latte. Scalp trades? Try look at the brokers on a 1 or 5 min chart panel: leh mer cit c ms jpm...they reversed 10 min in to the open, 1-3pts. celg phrm osig amgn =sliders, how does one trade these? 19(11 premkt) >$1gap dns >$12price in first 15"

bl said...

FWIW, 5/5 premkt gapdowns per above scan(edit >$12 <$100)that closed red in the first 5" bar at the open continued down with the second bar: amgn celg ltre osip tin, and up to 5.5 pts. No reversals. Not bad