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.




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.