May 1, 2009

Friday's trades

Disappointing day. Disappointing because I varied from my exit rules and it ended up costing me. Here's how. First trade was RIMM long (5/15). My 1R point was 72.63... price went up to 72.56 two bars later and I decided to place half my shares at BE (instead of waiting for price to hit 1R). Now, if I would have waited for price to hit 1R before doing anything... I think I would be looking at a profit on this trade instead of a loss as price moved upward close to a dollar later on. Instead, I took a small loss, then tried to re-enter the trade off the 10-min chart (11:30 bar high) and was stopped out for a full loss. Understand the disappointment????
Next was EXPE, the stock I wanted to trade yesterday but passed. Well... it presented a decent setup today as well off the :15 (5th bar high). But I passed again because of yesterday's move and the fact it was right below the :30 ORH. Soooooo.... an hour later I look at the 10-min chart and go long off a break of the 11:50 bar high - price churns, I partial at BE and get stopped out. Again, disappointing because I my first entry was the right one.
Finally, JRCC... not much to say here except choppy conditions ruined the trade. Entered long off a break of the 1:15 bar high and was stopped out later on.

I really hate losing money on Friday. Makes me think about this shit all weekend long. Well, I won't. I had a good mental week coming off vacation, I made some good trades and spotted ones that I should have taken. Things will come together. Enjoy the weekend.


TL said...

I feel your pain man. It's very annoying to pass a good entry and then see it explode.

I had a similar experience today. I found a perfect entry (for me at least) on APOL (18/ 15). But when I made the order on IB, I somehow decided to wait 1 more bar for no reasons. I really can't recall why. Like any other good entry, it never gives you a second chance.

bl said...

NR I have 1)a 95 naz WL stocks >$30: sohu amag vprt rimm fisv pnra hmsy gapped up. I chart up 1/5 or 1/10 and that's it. Having them early I don't have to start chasing success and those 7 are on one page. I could make 4 pages of 4 different time periods 2)a premkt naz eps WL: jrcc flir mxim qlgc lpnt drys. BTW the coals rocked at the open, 2-4 pts by 1:30. Shippers too. 3) a premkt +8%naz WL: bmrn baby arba hmsy bgfv vprt ewbc.I need to keep it simple, have an early WL vs chasing success. Any one of those WL would have been profitable. You might being buying too late in the day for these mkt conditions. In a strong bull market, there is no fear, and prices rock all day long.

OONR7 said...

tl: sounds like you and I are going through the same thing. Although, for my part... my hesitancy is partly tied into waiting for the 'perfect' setup. I find I talk myself out of way too many good trades for fear of being wrong. I have to keep remembering that it's a probability game and if I can stick to my exit plan consistently... everything should work out fine. Looking forward to next week.

bl: sounds like you have a good plan scan your WL. As for your last sentence... I think that's absolutely correct.

TL said...

That's absolutely true. I've been too picky in my trades lately. It's like I'm always waiting for the trade to set up "perfectly". I remember Jamie said somewhere on his blog that if it fits 80% of your criteria, go ahead. Also, if it's good enough, I should be able to get out at BE at worst. It's all about risk and reward. I'm trying to implement that attitude.

OONR7 said...

tl: that's good advice. It's a matter of conviction. Playing too defensive can really wreck your P&L. I do feel like it will come together soon. To your point about getting out at BE... I have recently adopted an attitude that if a stock doesn't move within 2 bars after entry - I need to think about partialing out immediately.