Sep 29, 2008

Crazy

Wow... can't believe the plunge. Although kudos to Congress for not caving in to any package that's presented to them. I know something needs to be done but it sorta feels like Paulson's got a gun and saying 'approve it or else'.
Anyway... I was profitable today but, once again, just a decent profit. I'm sure a lot of folks killed it today. I'm thinking TraderAM is a happy man right now if he was in any position and held to the end of the day as he usually does.
I, however, found it to be pretty choppy early on. My nice winner came from NE. My first short was off a break of 10:30 bar low... scaled out a bit afterwards, then added to my position on a break of the 11:15 bar low. Made a nice profit and sold at around 42.55 or so. V and INFY were my losers. Mondays are going to be pretty difficult days for me to trade as I will be interrupted fairly frequently. That fact that I traded today AND made money was nice.
Here's the NE chart. Using the 'partial at 1R then move stop to breakeven' method of exiting prohibited me from making some nice dough on NE. But I'm not complaining as it's really been a nice technique to use over the past few weeks.




6 comments:

TraderAm said...

Hello oonr7...

Guess what ?? didn't have much time today, work got in the way. Ouch...maybe I missed out on a lot of profit. Only had 1 breakeven trade.
As you say though it was choppy, so not sure if a lot of potential shorts may well have come back to breakeven before falling off the cliff late in the day. Anyway ..that's what I am saying to make myself feel better..lol

P.S Nice trade on NE.

Ethan said...

Hi, I have been followed your blog for a while and love it. But the black background and white letters are really hard on the eyes. Is it possible you can make a change? I know it is unique style, but it is your posts that really matter.

QQQBall said...

total discretionary today. traded bounces on a couple of high divvy paying energy plays & another stock. i was watching the vote and i could see they werent gonna make it so i hit GG.

all meat, no bone today. solid day in the casino. i was a day early on SDS - that would have been a nice ride.

OONR7 said...

traderam: yeah, I did think about the BE effect but thought you might've been able to slip one by. Better luck today (although, as you mentioned, I think it will be tough trading).

OONR7 said...

ethan: sorry the dark background is bothering you. I had adjusted it about 2 weeks ago to where I thought it was nice and not so much contrast. I adjusted again and it's pretty close to the original background. Not going to change from here as I like the 'dark' look of the site. Gives it a bit of a lounge effect. Hope the new bkg works for you.

OONR7 said...

qqq: nice job with gold... I completely forgot to check that out. I'm going to add a separate watchlist with just the gold and mining stocks.