Oct 7, 2008

OOBreakeven again

Last 7 trading days or so it seems like I'm doing whatever I can to breakeven... zero sum game. Today was no different as I shorted SAP twice and was stopped out both times. Shorted AAP twice, once on a break of the 11:45 bar low and was stopped out after playing not to lose and revising my stop (stupid). I then shorted again (1pm bar low) and scaled out to breakeven for the day. AAP could've been traded much, much better.


TraderAm said...

hello oonr7.
Thanks for your comment on my blog.

SAP (imo)is very tough to trade. I have been stopped out on it a few times. It can be wild, despite setting up for gap down trades. Today I couldn't see a good enough entry on the 15min so I'm glad I left it alone.

AAP > Just wondering if the 1st bar had any effect on your thinking ? I decided to leave it after that one. But your trades were fine. I'm not critising, but the $30 level would have kept me in. After entry, it didn't close above that level ?

bl said...

FWIW, on big down days gaps don't work that well,imo,everything slides from the open...32% of my 343 stock commodity page where greater that 10% DOWN! Somethimes news works: BAC with put options; solars. I don't usually trade foreign stocks like SAP. ETF's act like stocks in this enviornment very beta.BTW, you are doing alot better than I. I blew it with UYG...15 min chart would have kept me out of going long and short the open would have worked.

QQQBall said...

PMs & PM miners were up early. GG & GOLD PB'ed to .382 Trader X fibbo... take 1/2 at a buck and stop out on the rest.

re: ETFs

i have a very experienced trading buddy and with rare exceptions he basically only trades ETFs in bear markets...

i had to leave early today... huge swing down while i was gone.

007 - someone once said... lost opportunities are easier to make back than Losses. ;)

OONR7 said...

traderam: maybe I need to keep a mental roll call of stocks that haven't worked well in the past. SAP was definitely stubborn. The fact that AAP wasn't an ideal entry was the reason I was being so careful with my exit. My first stop out was a result of my 'trading not to lose' mentality. I was already down from SAP so I was really looking to make back losses. In fact, yesterday's OSIP trade also presented an opportunity for me to make back all my losses by I didn't take it and ended the day red.
Sometimes I just want to get back to the drawing board and wait for the next day.