May 28, 2008

Insert finger down throat

Barf. That's what today's trading was all about. I traded KEY twice (stopped out once) off the 5-min for some hard earned chump change. At least it kept my mind whizzing.
 
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.
Tomorrow will be a better day.

4 comments:

greytrader said...

KEY was my only trade today also.
9/15 out at 19.42... exit could have been better.

Anonymous said...

OONR, i get my gaps from IB. I didn't spot KEY today. I know you mostly use prophet.
In IB what technique do you use to shortlist better candidates. In IB scan on any given day there would be say 30-40 gapups and similar amount in gapdown. How do you shortlist to best candidates? Many times, none of my list show up as good candidate for trades as per your methodology. Thx

TL said...

Not a lot of opportunities these days... I only had 1 order on SPW (8/15), but my stop limit order didn't get filled...
Are you still using stop limt order, or you just use stop order when the spread is small (not the case in SPW though)? I considered keeping the order in place to try to get a fill later as I miss the fill in the next bar, but just gave it up which turned out to be a bad decision. What do you think?
Thanks a lot!

OONR7 said...

tl: since I'm pretty much strictly trading off the 5-min chart, NR bars are the norm. Up till now I've been using stop-limit orders to get in and have only missed one trade (and a partial fill on another) because of it. However, I may start using market-if-touched (MIT) if I see that I'm missing out on a lot of trades. MIT is offered in IB (not sure if it's available with other brokers) and you simply place a trigger price (stop price) and once that's hit your order becomes a market order. I may do this if my entry spread is .05 or less.

As for SPW... if your original order is missed (but triggered) I would consider adjusting your position size before 'chasing' price. This way... your risk is exactly the same as it was in your original order. Be careful with chasing though.