Jan 16, 2009

If it wasn't for bad luck...

You know the rest. Really wasn't much happening in my WL today except for AVP. I shorted off a break of the 10:25 bar as the ORL showed good resistance. Everything was going really well and I moved 1/2 my shares to breakeven after a 2R move. I was then stopped out the rest of my shares at my original stop. Price then proceeded to drop straight down and past the fib. ext. 

Just not my week. I hope next week turns out better for me. Enjoy the weekend.


Anonymous said...

hey OO where were you yesterday. You know my day is not over till i read your blog.

Rudy said...

Is this your correct exit?
1/2 @ Initial stop (stopped-out)

Mayabe this might be better exit plan?
1R - move all at b/e (or bank 50% profit)

2R/Fib - bank 50% profit, move remaining 50% to b/e

Exit 50% balance at EOD

OONR7 said...

rudy: I used to follow that plan which is what TraderAM uses. However, I found that my trades were being cut short after 1R. My solution was to move half at 1R, then keep the other half at my original stop. This way if price spikes up but then continues down I can still catch the move.
Another thing, when my risk is really small (as in this case @ .10) I don't like to waste 1/2 my shares on a quick move.
This stock acted like it knew me :)

anon: got caught up with stuff yesterday and couldn't post my trades. Here's the shortened version: I lost money. Actually went long NQ and was stopped out a few ticks before the big move up. Again, the story of my week.

rudy said...

Any reason why you did not trade HSP today? Using the exit plan outlined, could've netted 2.4R?

bl said...

Yo OO, AVP looks like the "h" pattern Jamie talks about: draw 9:30-10 trendline break vs ORL break

OONR7 said...

rudy: did you mean HSP on Thursday? If so, the volume at the open was really low and it wouldn't have been in my scan. Also, not sure I see a good entry on either the 5 or 15 timeframe. There's an inverted hammer on the 15 but it's pretty wide range. Hope you hit it though.

OONR7 said...

bl: I think you commented about the 'h' pattern in AVP today. And yes, I did see that. I actually saw a lot of those on Wednesday as well. However, I'm just observing at this point. One thing in common is that these moves happen at the bottom/top of the OR which is what I need to get back to recognizing. Simplify... simplify. I forced a lot action this week just to trade. Patience is so important in this career.

TraderAm said...

oonr7 > Work your way thru it, you'll be fine and also a much better trader for the experience.

Patience is the key as you say, my volume of trades is way down this month.