Feb 12, 2009

Standing 8 count

The results of my first two trades certainly didn't set a good tone for the day. First I shorted NYX off a break of the 10am bar low. I usually don't get to the computer this early but it was there and I took it. Started off well, hit 1R but bounced back up, sold 1/2 at BE and was stopped out of the rest at the original stop. Then, went long CMG off a break of the 10:15 bar high and was stopped out later on (violently, I might add). 

I was down and contemplated whether to just call it a day but then I spotted KO. It surged above the ORH for the first time and then retraced back down near the ORH. Went long off a break of the 11:05 bar high. I usually like my entry bars to touch the ORH but I felt the close was very strong and the risk was relatively small. Worked out beautifully and I scaled out during the orderly rise to the fib. ext. which is where I exited the rest of my shares to get back in black. 
This has been a tough week and pretty damn choppy. Just got to stick with it and have confidence that the setups will follow through. 


Anonymous said...

OO, choppy indeed. Your KO trade worked as broader market was jammed up nice.
I made nice short in TEX but cover eariler than i should have.

POT mid day long gave me some chump change

BWLD was promising but unlike you i cover w/ a small loss as choppy market but later w/ market it also went up beyond OR.

But my major kaching came from my SSO play when i had the hunch market would go after 3pm..And moolah i made.

Addict said...

Hi 00, nice catch on KO. I noticed it around 10 but focused my attention elsewhere when it headed down, and missed the rally. The fairly fast snap back on the engulfing candle on the 5th bar on 15min was a really bullish.

The CMG trade probably would've worked if it weren't for the weak market from 1 to 3 pm.

bl said...

IMO, with bearish conditions follow thru with longs is a lower probability trade. So look for fast rallies at the open for gappers OR no gapper rockets 1 min charts: acl re cme rnr alxn life acgl cern cmg. I pulled up 9 school charts as many in scan premkt: apol stra cpla esi coco dv... and some rallied, some sold off. Coals, fertilizers, rails, banks can really move. I have a WL for each. With gap down these guys retrace big time 2+ points and in tandem. I can id group moves by the stocks comprised in each in WL of 1400. I guess I like to see what moves and get a handle on it: they move to the top or btm. I don't like flicking thru charts, except if one can id mosts pts up(gap, no gap) at the open and trade the first hour or less(and be done) it can be profitable. KO why not the 10:30 offsetting bars, CMG rallied to quickly. I think you're better off buying the retracement. NH's tend to fail. Traded DV 3/15 long for coffee and get a feel for group move.