May 4, 2009

I'll take it

While I wish every day gave me more Rs than I know what to do with... the days when I can work myself out of an early hole and into decent profit are just as satisfying. I executed my trades exactly like I wanted to execute them. I didn't tinker... followed my exit strategy and stayed green.
Traded LVS, BKC, CHL and JOYG. Here's a quick recap of each:
LVS: went long off the 10:50 bar high (:10) after it pulled back to the :30 ORH. Got choppy after the entry and I scaled out at BE. Left the rest to run at the original stop and sold all shares below the fib. ext.
BKC: went long off the 10:30 bar high (:10). This was a little riskier since the entry was below the :30 ORH and R2. The trade was doing pretty well but when it couldn't find support at R2... I bailed at BE. Since it was a riskier entry, I didn't want to risk losing money after being up more than 2R.
JOYG: went long off a break of the 11am bar high (:15). This was my 'bitch' trade of the day. Setup looked wonderful, nice pullback to ORH... lots of room to run, strong gap day. Then... it flopped and stopped me out.
CHL: went long off a break of the 12:30 bar high (:30). This trade saved my day. The entry was a nice pullback to the 5ema off a hammer-like candle. Worked right off the bat but just could not get past $48. Consolidated a bit and I just exited all my shares after it took a convincing bounce down from $48.
These gap and crap days really blow as you think you're in for a good day and then... pffft, nada.


Anonymous said...

you are overtrading and getting out of the trade too quickly.
(remember yesterday)
Go slow even if you trade only one stock like tarderram is doing now a days. This will also keep you relatively stressfree

OONR7 said...

anon: I didn't feel like I overtraded today and I didn't have 4 positions going at once. I disagree about just trading one stock just to trade one stock. TraderAM is trades less because the opportunities may not be there or he may have other things on his plate (like work commitments). Some days I don't trade much either. But... you have to trade the setups when they come. Every trade I took today - I would take tomorrow. And, frankly, if I hadn't have kept looking for opportunities - such as with CHL on the :30 - then I would have had a down day.
As for getting out too quickly - it's my 1R rule. Hey, I let BKS run to 2R and it came back on me... so was that too quick????

Tyler said...


Nice trading today! Glad to see green.


OONR7 said...

tyler: that's weird. I was literally just checking out your trade. Going short on a day like today and making money is good for the confidence. Well done.

bl said...

NR, my only thought is you might think about trading earlier in the day, even first 15 min, as this was a Buffet rally/SPY to 200ema which I completely forgot. Of the the 12:30 helped everyone. Smart money made now?

Tyler said...

Thanks 00NR7! My brother had been talking about a reversal this morning, so it made me stay away from longs for fear of getting stopped out. I wish I could have just traded the charts rather than over think everything.

How do you take a screen shot of your trade window? Is it just "Print Screen"? I was wanting to post mine, but wasn't sure how much of a pain it was. I would have to do mine and my brother's and might not have the patience if it takes too long.


OONR7 said...

tyler: there are so many screenprint capture programs out there. I use Snagit and I just copy the open trade window. The whole process takes a minute and that includes loading up the program :). Not sure if you use bittorrent... but just go to isohunt and type in Snagit. Viola. Glad to see you're going to print your trades.

OONR7 said...

bl: I can't trade the first 1/2 hour because of obligations but even so... I would need to drastically change my trading plan. But it's a thought for when I move back to the US.