Oct 8, 2008

More crap

Shorted SBAC and EL today. SBAC was breakeven and EL was a loss after revising my stop. I passed shorting SWN on a break of the 3rd bar low... wish I hadn't. 

I'm hoping just for one good trading day this week... that's all. I will be very happy with that.


QQQBall said...

a few years back, i was long a small miner with 5-letter symbol. it traded on the US & canadian exchanges. one sunday night, a buyout was announced (along with 3 other companies) at a premium, BUT ONLY on the CANADIAN EXCHANGE. i trade with some buddies at a private site and one guy pointed it out late sunday... monday's open on US exchange is at friday's price... im buying, buying, but only after typing back & forth with my buddy and laughing... i figured they would break the trades. but they didnt. true story.

today, i got up at 3 am on west coast & checked markets. ugly! gold up... go back to bed, get up - gold UP more! market opens, RGLD goes down... im stunned, then i check, then i just BUY... look at RGLD (&GG) on small time frames... they were like frozen for for a few minutes! long enough anyway.

GG actually came back to the .382!

sorry for the long post - maybe of interest to someone.

very good day at the casino

OONR7 said...

qqqball: think I understand that :)
Where did you enter your trade and what timeframe? Are you using scans or just a set watchlist?

QQQBall said...

sorry for the delay - i was out in the field today & missed the opp to dump alot stuff i bought cheap since monday. got back just in time to see the swan dive - the market is so deviant!

i hit RGLD at 34.25... or 34.24... or both? i hit it on the way up from the spike down... i didnt look at any charts, indicators or anything other than price. commodity was way up and RGLD should have been moving too - i know the issues with miners vs the underlying, but RGLd is royalty play & ive been in and outta it for many years.

on these types of plays, ill usually load an order $.05 or $.15 above the ask and just let it rip - no need to pinch pennies or get fancy. i sold some at just under 36- again based upon price action only (almost bought it back and closed my position (some from b/f) at 39.56. look at 40 on a LT chart. i fully intend to buy it back & might have today if i wasnt so late in getting in the office.