Monday's trades
Another come-from-behind day. Started everything off shorting UNH on a break of the 10:40 bar low (:10). Price almost reached 1R before turning back on me and stopping me out. I later tried to short again off a break of the 11:10 bar low but settled that trade for BE after seeing support at 27.50.
The saving grace today was actually a long in DISH. I bought off a break of the 11:30 bar high (:15)... which was a NR3/NR7 combo bar. Price went up nicely... then stalled. I managed to get a little more than 2R on this which helped to offset the UNH loss.
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8 comments:
Good trading to make it profitable. I found it quite tough today.
ta: I was fortunate with DISH and my main purpose for entering was to make my money back. It turned out well. I had a very small watchlist as a lot of stocks seemed to want to fade their gap. I'm sure you'll end the week well... you always do :)
Tough day here. Shorted MT on the 10:20 bar failure up against the 8sma. Was stopped out of that when it took out that bars high at 11:10. It then proceeded to fall a buck from my entry. I am thinking I should only stop out if a 10 min bar closes above or below my stop. What do you think? I also went long PBCT on the 10:30 bar as it looked like the ma gonna give it a nice push. Stopped out of that one at 3pm on the support break. I would appreciate your opinion on these trades. Keep up the good work.
Paul
00NR7,
Great trade in DISH! I like the small stop/hammer.
Do you exit in 1/4 position size?
Tyler
paul: thanks. I think MT was just a tough break and I wouldn't waste too much time wondering why it didn't work out immediately. Your entry was solid but looking at the chart I did see some warning signs that the trade would not run quickly. After your entry, price quickly dropped and bounced off of S2. That is a warning sign for me and I would've flipped to a :05 chart to get some more detail. If you look at the :05, you'll see a lot of consolidation after your entry (another sign things might not go well). Then there's the definitive 'up' candle at 11am (:05). I would have revised my stop to .02 above this candle and sold either 1/2 or 3/4 of my position considering the trade was not going my way and support was nearby. I'm trying to get out of losing trades and stay in winning ones. If you were only sticking to the :10, I would've revised my stop to a break of the 11am high. As for PBCT... I don't see the setup you're talking about. The 10:30 bar high on the :10 and :15 chart was never broken. If you did manage to get in it seems like you would've been stopped out before 3pm. Let me know if I'm looking at it incorrectly.
tyler: I actually sold 1/2 my shares, or remaining shares, each time. I usually sell only 1/4, but I was down on the day and wanted to lock in profit and wipe out the loss.
Thanks for the great analysis. I need to integrate pivots into my trading as I didn't consider the S2support.
Paul
I'm hearing more volatility than last year. Check out the short/long etf's: fas faz, uym smn. Daily gaps: just look for the set up. Tues FAZ gapped down rallied 13% in 45min. Why look for the perfect set up...80% of stocks follow the market. Why should I make it so hard!? FAS has come 500%since Mar lows with many many gaps
From TI's top 13 beta over 2 weeks: vale faz fig dndn drys rf key fas mgm lvs gnw vnda srs.
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