Mar 5, 2008

Beat up

Haven't had this kind of day in a while. Took 4 long positions... stopped out on all. I managed to limit losses on a few so the final toll really isn't that bad. Bulls just could not take charge today.

The lo... lo... loooooooooooosssssseeeeeeeerrrrrrrs:

RRGB
PAS
SAY
SMTC

16 comments:

Eyal said...

Happens. Can't have them all go your way. Last few days it's been slim pickings.

OONR7 said...

yeah... I'd take the same setups tomorrow. Although I wish I hadn't passed on CSIQ.

Bubs said...

It was rough out there today, had a bunch of small losers and scratches today to.

Eyal said...

I managed to catch CSIQ, but it wasn't high up on my list. A bit of luck played a part I think.

Richard Todd said...

I had some luck early and decided to quit... silly fed report/financial bailout days are just difficult. We've been having too many of those days lately!

OONR7 said...

eyal: I was looking at the 10:30 bar on the 10-min chart for CSIQ. Where did you enter?

richard: I've been fortunate lately not to get caught in the chopfest. I've widen my stops a bit which has provided some peace of mind. Today was just a tease. Fargin iceholes!

wolverine said...

OONR7, do you look at any indicators or have any other rule of thumb to determine whether to widen stops? It seems my stops have been picked off, kicking me out of otherwise good trades, a lot more often than usual in the last few weeks. E.g. CHU yesterday.

Ugly day. Can't feel bad, but wish the range would break soon. Caught CSIQ, but it wasn't enough to make up for losses in SMTC and others.

anarco said...

Sorry about the bad day :-(
3/15 was the trigger for my CSIQ trade.

QQQBall said...

i had a bid on CSIQ at the appx 38.2% fibbo retrace; like 20.71 and it PB'ed to 20.81 had some work today, so i was in and out, so i didnt get filled. that stock looked strong. the best ones never seem to come quite back to where they seem that they should.

a non-gap play. went long HERO and sell stop was hit on a very odd spike up - in my favor for once.

solars looked strong.

OONR7 said...

wolverine: I been looking at either the previous candle's low (previous to my entry) or an area right below the ORH/L. The ORH/L is strong support and resistance area and oftentimes a stock will hold or break at this area.

qqqball: glad you caught HERO.

anarco: thanks and nice trade with CSIQ.

TraderAm said...

00nr7

I think you have jinxed the market after your comment on my blog :-)

I couldn't make much headway either. Hopefully the next few days will seem some better market acion.

OONR7 said...

yeah, I know... I was thinking that. I'll keep my mouth shut. Or better yet... this market is horrible, action really sucks (reverse psych always works).

Eyal said...

I got in a little before that. Either entry would have worked more or less the same. It was tough to take the trade though because of the relatively small gap I think.

wolverine said...

Thanks OONR7. Sorry, but I'm still confused...isn't the previous candle's low the usual place for placing stops? In other words, if you entered on a break of the 5/15' bar high in SMTC yesterday, you'd *usually* place stop just below that same 5/15' bar's low. I was wondering when you said you're using "wider" stops, how much wider and how you know when to use them instead of regular stops? Sorry if I misunderstood, and thanks again for the insight.

OONR7 said...

wolverine: Yes, my normal stop would be 5/15 bar low. But, my 'wider' stop now would be on a break of the 4/15 bar low (previous bar) or the most obvious area of support (for longs) or resistance (for short). Hope this helps.

wolverine said...

I get it now, thanks!