Jul 28, 2008

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.




TraderAm said...

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.


OONR7 said...

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 :)

QQQBall said...

am i too late for dinner? nice trade on HAS. thanks for posting... ive been logging lots of beach time. ;)

Anonymous said...

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.

OONR7 said...

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.