Apr 8, 2008

Frustrating day

I timed my GRMN short entry perfect on the 5-min chart (12:05 bar). Price then moved down and I was up a nice chunk of change... partialed out a bit then looked at the daily chart. QT now offers pivot points on historical charts but they apparently vary from month to month. Anyway, I saw the S2 from March at 48.29 and figured I would exit there. Well, I didn't and price moved back up to my breakeven point. A lot of profit down the drain.

SMH was just as frustrating. I happened to do well with NUAN long (but I felt I got luck with that as my entry was after price and spiked very close to the fib. ext.).


Anonymous said...

Just took a look at the pivot points on QT. Ewwwww, they are distracting. They should have a "show last period only" option.

What source are you using for your backfill because I can not see a pivot point at 48.29.

From yesterday, what did you use as your stop on KLAC? The previous bar low?

Good trading!

Anonymous said...

i was whipsawed and lost money on NTRI which lo & behold went up after i sold..i avenged myself on ACI nicely though.

WM did a headfake so my short was stopped out again @11.75..
CHOP city out there

OONR7 said...

anon: if you look at GRMN's daily chart in QT, add the pivot points you'll see that S2 in March was at $48.30 or so (the line prices aren't working for me). The daily chart and the fact that GRMN had already bounced around the $48.30 area lead me to believe this was an around of support.
I'm still adjusting to the daily pivot point in QT and still look at price action for verification. But... the PP look fairly accurate so far. Just look how GRMN bounced off S1 in March.

OONR7 said...

anon: as for yesterday's KLAC trade, my stop was the low of the prior candle. I like doing this with really tight entries.

bl said...

WM downgrade=fre fnm cfc...others