Feb 11, 2009

Short day

Couldn't trade past 11:15 or so but I did get into one trade. A losing one. MMC. Went long off a break of the 10:55 bar high and was stopped out about a 1/2 hour later. Got within .02 of 1R but then just dropped. The other trade I wish I hadn't wussed out on was IPI. I actually had an order in to short the break of the 10:45 bar low but nothing triggered, I canceled the order with about :05 left in the 10:50 bar. As soon as I canceled... price drop to the trigger area. I thought for a second I was too late with canceling the order, but I wasn't. 






8 comments:

Anonymous said...

OO, i am sure MMs watch these orders. I had on multiple occasions my stop orders exceuted even tho market prices were few cents away and then it went the way i intended them too.This is more likely to happen in small stocks and like SPYs/QQQQs.

JF David said...

Nice setup IPI, I will remember the 2 hanging man candles just under ORL. First break ORL very dangerous in many cases.

joshua said...

i don't think you can be upset with the mmc trade. looks picture perfect, with a break out over daily high, pullback, and then break through again. i think that one was well played but didn't go your way.

bl said...

Looks good. I'm looking more at the opening to see whats moving and of course alot of them are lower priced stocks. Why not? Tehy've been been down so much: XL NFP YRCW SVNT HGR.

TL said...

The IPI trade looks really good. Did you consider shorting off the low of the 10:50 bar?

TL

OONR7 said...

jf: yes, that was a nice setup. I'm bummed I lost confidence in it at the very end.

joshua: thanks... you're right, I didn't lose much sleep over that MMC loss and I can only hope I get more of those setups.

bl: I've been considering allowing lower priced stocks into my WL but I'm still going to hold out for a bit.

tl: I did think about the 10:50 bar but it didn't fit in my plan and I'm trying to be very disciplined. That setup makes a lot of sense.

bl said...

Try getting into the trade earlier...maybe: mmc ralled $2 in first 30min...and that was it. Blow off? Trade for the first 2 hours of the day and visit a Paris cafe. HA!

OONR7 said...

bl: easier said than done, my friend. I would love nothing more than the catch a $2 and watch the women walk by :)