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.
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4 comments:
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 ?
NR7,
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.
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. ;)
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.
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