Jan 6, 2009

No traction

A lot of trades today just didn't go very far. They went far enough to move my stop to BE a few times. While I didn't make a whole lot of money today, I did feel like my entries were justified, had solid control over my watchlist and generally didn't make any foolish mistakes. I really like the patience I'm showing right now and I know the payday will come soon. Don't have too much time for analysis but here's a snapshot:

Stocks traded: NE, SU, VLO, MS, NQ emini and MT. Made cash on all except VLO and MT. I regret not entering MT off a break of the 1:20 bar high (5-min) after being stopped out earlier (entered on break of 12:50 bar high). On my first entry, I also like the setup off the :15 chart (12:30 bar) using the first pivot high of the morning (5-min) as my ORH.
When drawing my fibs., I always use the previous day's high/low. However, for big gappers I use the first pivot high/low of the morning off the 5-min chart. Most of the times it coincides with the :15 ORH/L but sometimes it does not.


Anonymous said...

dude, that looks trigger happy to me.
I had a net loss today. But see ENDP nice setup

OONR7 said...

the setups were there... the follow through wasn't.