Aug 30, 2008

Pasted

There's good news and bad news for me. The good news is that I ditched the tweaks I was working on and reverted back to the way I was trading a few weeks ago. Found some nice entries in what seemed like familiar territory. I shorted KLAC, DELL and went long PETM.
 
The bad news. I lost money... hence the one word post title. KLAC worked perfectly (10:30 bar low, :15) but it wasn't a big gainer and I had to enter a market order because I literally turned away from the computer and my trigger price had been exceeded. So there was some slippage. DELL looked good off a break of the 12pm bar low (:15) but it just didn't move. Stayed in it for an hour to see if things would change but I was stopped out.
 
PETM looked really promising as price was consolidating along the ORH and I entered on a break of the 12:45 bar high. Price immediately moved nicely but then just completely stalled.
 
As for my tweaks... well, I was looking at the 3-min timeframe and how price interacted with the 20ema. I was looking for a retrace into the 20ema and a bounce. My conclusion is that while there are times when looking for this entry can be very profitable there can also be a lot of busted moves. Psychologically, it's not the best system to trade if you can't handle multiple losses.
 
 

7 comments:

bl said...

Nice work on klac. If one had shorted any of the popular semi naz stocks at the open(nvls intc nvda amat mrvl brcm onnn sndk altr lrcx mchp xlnx rmbs)guaranteed profit on the dell neg news, without all the analysis. I just put up a semi page. A note to myself: semi's sell off/rally with computer news. Just like anything else.

QQQBall said...

i have shorted PETM in the past... i just cant bring myself to go long - just a thing i have with that stupid store chain.

DXPE gapped up into Monthly R testing multi-year highs... then PB'd to intraday support from thursday, which was also a "Trader X" 50% fibbo retrace.

JRJC was a decent short on the 15 min (or lower time frames) as it broke below 18.94 suport on daily chart daily... swirled right down the bowl to S near 18... and then bounced.


NS PB'd to the 5MA near the ORL, but the vol was a little light...

happy holidays...

QQQBall

How I Day Trade said...

Just some suggestoins - when you make 1R on any stock pull your stop to even (now playing with the markets $ - at 2R gain sell 1/4)

- PETM: At .20 risk you should have not lost $ as it moved .40 - scale out at 2R as well - move that stop to even at .20
- KLAC - 2R gainer
- DELL - .12R once your up .12 move that stop to even.

Once you make 1R in any stock dont let turn it into a loss. Always look to preserve your capital

Just some observations.

Trader A said...

I was about to ask you when you gonna go back to your previous trading style (;

OONR7 said...

hidt: I think I may actually take that advice. I've thought of this before and it's similar to what traderam does and what I had been doing before. I stopped continuing as I was being stopped out of nice runs after only a 1R gain. I need to find a balance.

trader a: yeah, it only took a week :)

How I Day Trade said...

remember this missed money is better then lost money. Once I make 1R I pull my stop to even and leave it their all day - I sell 1/4 at 2R another 1/4 at 4R and then just let it go.

OONR7 said...

hiday: I've been utilizing this method of exiting... it's helped. Still on a losing streak.