Nov 24, 2008

A good start

There are three things I wanted to improve upon moving forward with my trading. My watchlist, my entries and my exits. Well, I think I did okay with 2 out of those 3. Of course, I mismanaged my exit - kinda. 

Alright, I went long GG off a break of the 11:15 bar high as price pulled back to the ORH and formed a strong candle. Maybe I should've been a little apprehensive considering that wide range up bar an hour earlier. Wasn't exactly an orderly pullback. Long story short, stock went my way at first, I put half my shares at breakeven which was hit and the other half at my normal stop (opposite side of entry candle) which was hit as well. I thought this stock would do well as the sector was very strong.

The next trade was AMZN. Again, I like the first bar closing strong and the subsequent bars staying in the upper half of the ORH. Entered long on a break of the 12:30 bar high and price took off. Well, didn't take off as much as it didn't make me sweat it out. So the plan was after a 1R gain I would move half my shares to breakeven and let the rest ride. Well... I decided to scale out after a $1 gain and, instead of letting the rest ride, I figured I would set a .30 trailing stop (thought that was very generous of me). Got burned and was stopped out on the rest as price proceeded to climb more than a $1. The exit strategy will come once my confidence comes back.


FX said...

Wohou, the feed is beautiful :D

OONR7 said...

sweet... thanks again for the heads up.

TraderAm said...

Good start.

TL said...