Aug 13, 2008

A surprise

AMAT and UYG were my losers today. I shorted BAC off a break of the 10:36 bar low (3-min). I decided to scale out for some profit then held on and managed the exit off the :15 which didn't work out as I was stopped after the 12:30 bar high was exceeded.
 
The surprise of the day was AEM. I spotted a nice base and break entry off a break of the 11:27 bar high. However, when entering my order, price had kinda shot up a bit so I didn't think it was going to be triggered. After 3 minutes - and not noticing if the order was triggered - I went ahead and canceled/deleted the order. I was a bit in a rush and really didn't notice much. Anyway, later in the day I noticed that AEM was doing well (not thinking I was in the position) and was hitting myself for not being able to get in and thinking I should've placed a market order instead of a limit order. I think you know where this is going. Turns out my order was triggered and I was up and above the fib. ext. but the time I realized it. I exited all my shared just below the $53 level for a nice gain on the day. Nice when things go your way like that. However, I really should be more careful as price could've just as easily tanked without me realizing it.
 
 

 
 

 
 

3 comments:

PRD trader said...

Its amazing that how the opening range high and low dictate the whole day, I am working on opening range for quit a long time now, its surprise me every signal day. Good to see you are doing well

TraderAm said...

Nice :-)

OONR7 said...

thanks prd, I agree with your view of :15 OR and see it as another area of strong support and/or resistance. It also helps to weed down my watchlist.

traderam: thanks.