Aug 5, 2008

Happy... disappointed again

When you see the word 'disappointed' in my post title just know that it means "missed big profit".
Only took one trade today but it was a nice one. Unfortunately, I didn't see how nice it would have been. Let's move on. I entered PFG on a break of the 11:15 bar high on the :15 chart. It was a little further away from the 5ema for my liking so I placed my stop below the previous bar's low. As soon as I entered PFG I also saw a nice entry off a mini-base and break pattern on the 3-min chart. So I added to my position and entered long off a break of the 11:30 bar high (3-min). Priced moved quickly above any danger zone and I was in profit immediately. Once again I chose the fib. ext. as my price target and exited all my shares just below it. Usually exiting at the fib. ext. is fine for me but lately I've been missing a lot of profit. In today's case... I let an entire point slip by. I think it's mostly due to the fact that I've been in a mini-slump over the last couple of months (throw in vacation) and I just want to make the sensible choice right now and not be too aggressive.
I made good money... but I could've made bank. Although I really liked how I integrated the 3-min and 15-min trades off the same stock.




PDT said...

Are those just bad data spikes or did the real action really go that way?

Congrats on the trade and integrating the 3-min chart. Can you go a little more in depth about the 11:30 base on the 3-min chart and how you went about adding to your position.


OONR7 said...

pdt: yes, I think those are spikes but I wasn't in the trade at the time.

As for my 3-min entry... price had been basing just below the pivot high of 45.51. So, I was waiting for a bar to break that level on good volume. The 11.21 bar actually did that and I looked to enter but my order never triggered. There was then a mini-base just below the new high of 45.65. I looked for a break of this level on good volume which is where I entered.

OONR7 said...

pdt: I could swear I approved your comment and replied to it. I know I replied but for some reason it didn't go through. In any case... yes, those are data spikes.

As for the 3-min setup... I initially wanted to buy off a break of the 45.50 pivot high but my order was never triggered. Then a mini-base setup at 45.65 and I entered on a break of the 11:30 high. Adding to my position is not something new to me but I've never added almost immediately entering a position on another timeframe. This time... it all worked out.