Aug 12, 2008

Good day

Started the day off with MS short (3-min, 10:18 bar) for a quick gain. Scaled out because the price was choppy. Sold all shares when price closed above the red line (last pivot high on the 1-min chart). Gave all my gains going long CSIQ (won't go into detail).
Ended the day well with shorting CHL off a break of the 12:15 bar low (:15 chart). Exited all my shares after a 1 point gain.




bl said...

Congrats: neg broker news and pos solar news. In-play groups

TraderAm said...

Nice going. You're getting consistent with profitable days.

I was looking at MS briefly as well. Would you have considered the 9th candle on the 15min chart? And also on a related question, since you already traded it on 3min, do you have any doubts about entering it again?

It's something I have difficulty doing, i.e. entering the same stock again later in the day if a pattern presents itself.

P.S > I must be doing ok in this trading lark, as I entered CHL same time as you :-)


OONR7 said...

traderam: you're doing alright no matter what goes on over here. Just trying to keep up with your 5R days :)

As for your question... if I already have a large position size I most likely will not re-enter. However, if a stock made me scale out but then continued in the direction I wanted it to move I will definitely re-enter if the setup is right. Of course, my goal would be to enter any trade during the day that makes sense, regardless of whether I'm already in that position. I don't think I'm near that goal (has most to do with capital and stuff). You'd have to be prepared to lose more.

OONR7 said...

oh yeah.. about MS. I don't think I would've entered off the 9th on the :15. That big up bar prior to that could've been a sign of a reversal. Trying to eliminate the more risky entries.

OONR7 said...

traderam: I also wanted to comment about consistency. For me, that is my goal when it comes to trading. Consistently make money, day in and day out no matter what the market. You know... there are always stocks that are moving out there - even gappers. Some days there are more than others but I also don't need to trade every single day. The one thing I want to be sure is that my entries work and I manage my exits so that my winners far exceed my losers every day. Actually, my win % in just the last 2 days has been 57% which I think is good, but it's not like every entry is working. However, I've enjoyed nice profits on my winners and obey my stops. Hell... you know all this :)

TraderAm said...

Thanks for the info in your answers.