Good day... still disappointed
Let me just say that I'll take today's results and be the happiest man on the planet. With that said... I still flubbed my exit and missed a great B&B entry with FRO.
So... starting off with FRO I short off a break of the 10:30 bar low (:15). I was stopped out 4 bars later after a strong move up. Later in the day, I missed a great B&B entry off the 3-min chart on a break of the 12:21 bar low which broke through the pivot/low of the day. This would've been a nice gain and more than redeemed the stop out earlier.
Next I entered AKS on a break of the 10:45 bar low. Pretty wide candle but it was a strong move below the low of the day. Wacky action on this trade and I was stopped out on a break of the 12:45 bar high... but still a nice gain.
My real missed opportunity of the day was FCX. I entered on a break of the 11am bar low which close strong and had room to run to the fib. ext. Problem is... I exited above the fib. ext. after a decent gain but the stock continued to drop 3.5 more points. I flubbed this because my exit are off of a candle that closes above the 5ema and this stock coasted to the bottom. Still and nice day but I really have to start trading smarter. Making good money is one thing but making a lot of money to cover for the days when there aren't a lot of opportunity is another. Always room for improvement.
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4 comments:
Hello 00nr7.
Good stuff. A profitable day when you think you've made mistakes is always a good sign.
I was watching FCX as well, but the 7th candle was a bit wide for me (almost a $1 stop). However, the main thing I wanted to mention was that I got the Fib Ext=83.27. I wonder if my data was incorrect on this ?
FRO, I missed completely from my list. Shame as that was a nice mover. Did you consider the 11th candle on 15min chart as a possible entry ?
Thanks
We are having a commodiy melt down. check the 30" charts on these.
traderam: I think you're data's correct. There was a spike in FCX's Friday price and I start my fib. lines there. If I bring it down to the next highest... the fib. ext. is 83.26. I actually entered at the fib. ext which doesn't make me feel too bad. It was a little less than 2R based on the entry candle spread. And yes, it was wide, but in relation to the closing price it was that bad (around 1% or so).
oh... and I did consider the 11th on FRO but I didn't like that strong move back to the ORL (but it was a nice candle). I should've kept an eye on the 3-min chart.
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