Sep 26, 2008

Up, down...

then relatively flat (small loss). Shorted CMI off a break of the 6th bar low, scaled out at 1R, then sold above the ORL. Also shorted TEL for a loss. Then tried to short CMI again off a break of the 12:45 bar low and was stopped out. Shorted BTU off the 12:30 bar low which put me slightly in the red with all the commissions. So... sucks that I let a nice profit slip away but it's been a good week and I thought today was pretty tough trading (tons of candidates).


Tyler said...


That was a great short in CMI! Do you find your ideas on the 15 minute chart and then trade the 1 minute chart?

Have a good weekend.


OONR7 said...

tyler... thanks, almost wish I would've stopped trading after that. But, yes, I do look at the :15 for my initial signal then look at the :03 chart for confirmation. What I mean by confirmation is how price is interacting with the 5, 10 and 20ema. I usually like to see a 2 bar move in the direction of that gap that coincides with the signal on the :15 chart.

TraderAm said...

Hello 00nr7.

Yep, CMI very nice trade. Just out of interest, CMI, 2nd trade off 12:45 low, what was your thinking on that one ? As I can't see an entry there on my charts.

Good week, by the way. Nice trading in a tough market.


QQQBall said...

took SDS long near 38.2% Trader X fibbo. split the order for partial & stop loss. got stopped on 1/2 on the run below $68 and then of course it ran up past 68.80R level to the round number 69... the good news is i still had the partial sell in, so i dropped it at first bounce back above 68, at like 68.20.

gave it about a quarter on the stop loss, which probably isnt enough for a 2x ETF over $65/share... still, my loss was small although i am still not amused when it moves to my target afer a stop run by the GOONS!

OONR7 said...

traderam: thanks, feels good to make money even while my watchlist aren't what I'm used to. As for the 2nd entry... it pretty much met the criteria I look for which is resistance from the 5ema on the :15 and confirmation of a downward move off the 3-min chart (using the 20ema as resistance). I was really just planning to scalp to the ORL but it didn't work out.
I mentioned in some other posts that I've been a bit conservative in my entries and letting my winners ride, but I'm close to finally implementing some things to help me squeeze out more profit especially if I've already made a decent profit on the day. Didn't work Friday but I'm hoping it will in the future.