Jan 22, 2008

BMY - Short

Nope. You're not gonna find a chart today. I only show the winners (mostly) and BMY was a looooooser. Entered on a break of the 12:15 bar low (:15), despite the little voice in my head saying "what the hell are you doing? Don't you see the lower tail on the third bar?" While it was troublesome, I figured the 'craziness' had settled down by my entry.

6 comments:

Hammer Trader said...

I did the very similar thing on ITU too, and -1R loss.

LP said...

I had in SRE...I did it to fuel the daemons/gremlins...I felt that if I get a small loss out of the way...I can cut down any building up of a blow out in the future...

maybe small losses are good...

Anonymous said...

today OONR method didn't work for me. oh well, there is another day.
It has been making me money for 6 months now..

bl said...

I say fade one's fav poster boy stock on big down/up days: bidu cme aapl rimm...the usual. Or go etf: moo twm. Too many gappers to bother and putz around with: esi coco mbi were about it. Not worth it and may be changing of gears is necessary with diff mkt conditions. My 2 cents.

OONR7 said...

lp: you know, I think you're right. BMY was a decent setup but I think I traded it just 'see what happens'. If I had a watchlist with other good candidates, I might've passed.

bl: that really does sound like a good plan.

anon: sorry to hear that.

PRD trader said...

In my weekly watchlist i have about 40 & daily gapper could be another 40 but i didn't see any low risk setup,BMY was in my list but i avoid it for its 10.15 candle that was so wide & ambiguous i let it go.like your blog.