Apr 5, 2008

MOS - Long

Another strange day as a lot of my candidates started setting up nice patterns at one point but then presented reasons for me to stay out of the trade. I ended up entering MOS long on a break of the 8th bar high despite the previous bar's bearish look. My entry bar was an inside NR7 that closed strong above the intraday R2 level. My initial target was the ORH and I ended partialing out when price reached that level. Exited all my shares on a break of the hanging man low (12:30) that appeared after the long run up to the ORH.

Other than that I was keeping an eye on ACI and looking for a good opportunity. But I never found one that I was completely comfortable with (even though the stock made a nice move).

2 comments:

QQQBall said...

that was good thinking on the target and great exit. i think trade like this is nice and "crisp" in that you dont grind down mentally as the price action roller-coasters sideways. i know some may disagree, but this is the kinda pro trades that help make yor year. you are in, you are out, you are not in too long so the MMs cant spike it down & stop you out.
newbie would want to make big bucks on this set-up and it just wasnt there.

nice trade.

OONR7 said...

qqqball: thanks. I've tried to tame my greedy tendencies (wanting more) with the reality of making a career out of trading (partialing out and taking some profits). I've made some dumb trade the past couple of weeks and I'm trying to do all I can to weed out candidates that aren't in line with my criteria for entry. Of course, every time I make tweaks to any part of my trading I expect results to follow thereafter. However, I think I'm done tweaking for a while. I don't really see how I can improve my entries other than being sure to take every one that presents itself and making sure I scan for the right candidates.