Jun 18, 2008

COF - Short

Pretty slow morning as I didn't get my first trade off till 11:30 and my first two trades ended up as losses (ASML, SSL). I probably shouldn't have taken the ASML trade (8/15). I also shorted DISH but ended up partialing out for a slight gain.
COF was what made my day and kept me green for the 2nd day in a row. Entered off a break of 12:15 bar low which was an NR7, inverted hammer just below the ORL and S2. Partialed out quickly to pocket some cash and exited the rest just above the fib. ext.



PDT said...

Nice catch on COF, it was basically a no-brainer.

I also shorted DISH but unfortunately got stubborn with it and never partialed and ended up getting stopped out for .5R loss. How did you determine to take your first partial on DISH as I did not see any real signs of danger until it was too late. I have to learn how to exit better.

Looking back at DISH there were some really good setups on the 3min timeframe, particularly 12:39 (double inside NR7 that closed on its low).

OONR7 said...

pdt: thanks. I had been up almost 1R with DISH before it started pulling back up. When I scaled out price was in the middle of it's 5th consecutive down bar so a reversal/pullback looked good. I just wanted to reduce risk really and take some profit at the time. I figured I would take that profit and adjust my stop to breakeven which wouldd allow some room for the stock to bounce back down again... which never happen.

TraderAm said...

good trade on COF.

Typically , I decided to go home from work as not much was happening on my watchlist and so i missed it :-)