Jun 26, 2008

Disappointing

Shorted C and ended up at exactly breakeven. I'm disappointed in myself today because I paid a lot of attention to the fact that the market was down big that I passed on several long positions. GG, KGC and AEM were all trades I should've taken but was basically scared to. Not good.

9 comments:

greytrader said...

I took GG but all three GG, KGC and AEM are gold companies that were going up with the price of gold. If they went south they probably would have gone together. Buying more than one is like doubling or tripling on the same trade.
Conventional wisdom is to trade the best looking chart in a sector that is going up.
That being said, I wish I traded all 3 :-)

greytrader said...

Where did you short C ? Don't really see an entry on the 15.

OONR7 said...

gt: I actually had an order for GG (10:30 bar high) but canceled after price started going down. Just no confidence. I didn't know all these symbols were connected but I did see how their patterns were almost exactly alike. AEM was probably the best of the 3 setups (11:30 bar).

I shorted C off the 10:45 bar low. Not the ideal entry but it was worth a shot on a big down down day.

PDT said...

Its probably best to just go with the market on extreme days like today so I wouldn't beat yourself up over it.

Plus it seems that gap-ups have not been following through that much lately.

Stock said...

hi oonr7. A couple of days ago you asked if there any other bloggers who are trading in accordance to Trader X's style.
I was wondering if you will be interested in opening/joining a dedicated chatroom. In this chatroom, all X's followers could enter freely and write their trade ideas during the day. We would be able to discuss setups during the day and call out trades.
If you or any other reader is interested, plz let me know and I'll arrange it.

bl said...

NR7 On a big down/up day Jamie resorts to a WL. Yesterday he mentioned BA downgrade prmkt. A gimme. C and GM today a bit difficult, some coals were upgraded. With a WL of 1000 just to see what is happening I become familiar with group moves. That said it's easier to just have a page of 20 stocks and just observe/patient for reversals. I like premkts scans too(and forget after open...how many do I need) and used to chart up them. $>2 scan: OSK. some guys just trade 1 or 5 stocks. V?

OONR7 said...

pdt: I don't know about trading with the market. Gappers typically have built in momentum based on some news event so it really shouldn't matter what the overall market is doing. Also... what if the market reverses??? There's just so many ups and downs that to try to predict what the market is going to do it tough. Charts, however, tell the story of who is and who isn't interested in a stock. I trade off of areas of support or resistance and stocks with decent volume. For now, I'm turning off the indices panel as I find it's more of a distraction and just another tool that fosters indecision.

OONR7 said...

stock: I'm somewhat interested in that idea. However, I have done this in the past (over a year ago) and I find that I just can't keep up. That's why I never go to wallstreak. It's almost distracting. Let me know if you put anything together.

bl: that's pretty sound advice regarding WLs but I really don't want to add more stocks to monitor. Yesterday's issue for me wasn't a lack of trades but more of a lack of conviction on my part.

TraderAm said...

stock.

I agree with 00nr7, a chatroom could be distracting. They tend to have entries being posted left right and centre. But having said that, it seems like an interesting idea and worth an initial try out. Do you get charged for running one ?