Red again
Sucks being red but if there was a silver lining with today's trades it's that I was able to enter 2 base and break trades in the morning, flip over to the :15 charts at 11am and place two more trades (albeit in the same stock). Oh, and I also cooked dinner throughout all this.
The B&B trades were SID and KFT (red arrow with KFT is a potential second entry that I missed). Both started off with a quick bump but then turned on me for a loss on both. In hindsight, the relative volume for both was not good at all. Something I need to remember in the future.
I ended up shorting HAS off a break of the 11:45 bar low. This is not my typical entry bar as it had a long lower wick but after looking at so many B&B setups for the previous week or so I really liked this bar's volume and the fact it looked like a reversal. I was stopped out for a tiny gain off a break of the 1:30 bar high after moving my stop. I then re-entered on a break of the 1:45 bar low (red arrow) and came within .05 cents of my target (just above the fib. ext.) before price moved against me and I ended up breakeven.
This felt like a very tough day but I can certainly handle these kinds of losses. Still, I feel real good about the way I handled my trades... spotted them and took action. Did it all at a manageable pace with a new trading strategy. I'm gonna go out on a limb here and predict that this week will be one of my best in a long time. I can feel it.
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5 comments:
hello 00nr7
I was watching HAS today as well. However on my Quotetraker chart, my first 15minbar is much wider. I have it as open=38.56, close=39.29. So the 9th and 10th candles were within the OR. Hence I didn't trade it although I was tempted by the 9th.
Not that it made much difference to you as you were breakeven on it anyway. Just curious as to the 1st bar really.
Thanks
traderam: yeah, something's funny there. I cleared my chart and backfilled with Marketfeed and got your settings exactly. However, I cleared again and used TD Ameritrade and it was different as well, but the low was 38.56 with an open of 39.01. I wouldn't have made my first entry with a first bar open/low of 38.56 but the second would've worked. Please don't get me started down the 'reliable data feed' path :)
am i too late for dinner? nice trade on HAS. thanks for posting... ive been logging lots of beach time. ;)
don't try too many things. it will overwhelm you and you will fret & lose it.
Keep your system simple.
My long time mentor who is a veteran trader told me that long time ago.
qqqball: got a plate of picadillo waiting for ya. What beach?
anon: my trading is pretty darn simple. Hell, sometimes I think it's remedial. For B&B, I spot the pivot, place a trendline alert and wait for it to go off. While I have about 20 stocks in my WL, there's probably only about 3 or so that I actively track at one time.
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