Feb 27, 2008

Active day

I felt like I traded a lot today when I really only entered 4 trades (YGE twice). I hesitated and missed some nice trades (COGT, ENOC) that were right in front of me. Might have to do with the layoff.

I entered YGE the first time when I probably shouldn't have as I don't really like indecision candles at the ORL (black arrow). However, I liked the contraction after the wide bar. I was stopped out a few bars later. My second entry was more like it. Decreasing volume, inside, narrow range bar right below S2 with a nice upper tail (very bearish). Sold all my shares at the fib. ext.

7 comments:

bl said...

Looks like you were rewarded for your vacation! 4/30" chart looks good. I sold my cfc hans options for 33% 45%. Might get back in. Premkt vol's looked good...not necesarily gap type plays: fnm nflx jpm adsk jaso lamr solf gfi

QQQBall said...

i scalped HERO for lunch money... just a quick trade. man, FRE & FNM were bouncing around this morning. there were some real fades too.

nice trade 007.

Hammer Trader said...

nice trade OO

Trader A said...

nice trade
i dont like the combination of the 12:20, 12:30 (engulfing) 10min bars & volume spike there.
btw what is your success rate? do believe in taking partial profits? how?
thanks

OONR7 said...

trader A: I got stopped out the first time during that engulfing bar. As for success rate... don't have a solid number but I would guess it's somewhere between 60-75%.

Trader A said...

hi oo
60%-75%! thats nice, mine is about 40%

as for the 1020 1030 10min bars:
when you look at "hindsight trades" or other annotated charts you are subjected to a variety of biases.so i have a simple exercise that i invented and i'd like to share, since you share so much (thanks btw):
when i look at "hindsight trades" and charts - i put my hand on the screen and block all bars after the entry bar, simulating as if i am in real time, then i ask myself if i would enter the trade. when i did it with your chart i told myself that the 1020 1030 bars with the volume spike seem to be bullish and i would pass on the trade.
what about your partial profit policy?
thanks

OONR7 said...

trader a: I know what you're saying about the 12:20 and 12:30 bars... however, I entered on a break of the 12:10 bar low for my first entry. Try your exercise and let me know if you would've entered on the 12:10 bar low. As for the exercise, I used to do the same exact thing a while back but instead of using my hand to cover the bars, I would just move the window so I couldn't see the later bars. I haven't done this exercise in a while but it is extremely helpful in giving you the 'live' trade feel even in after hours.
As for partialing... yes, I do it quite often. However, it's a bit more of an art form than a science right now. Sometimes I'll partial after 2R... sometimes at breakeven. A lot it has to do with how my day's been going (whether I'm up or down) how I feel about the setup (I tend to partial out faster on not-so-perfect charts) and where my stop is in relation to the nearest support/resistance. I've said before that I find exits to be infinitely more difficult than entries. Right now my main method of exiting utilizes Trader X's method and how price reacts/closes in relation to the 5ema. But if the trade is not going my way, I'm not opposed to dumping some shares to limit my loss. In the coming weeks, I may look into widening my stop (which would lower my position size) in order to stay in trades longer and avoid getting stopped on a quick spike. That probably would've helped with yesterday's first YGE entry (using the 12pm bar high as a stop).