May 12, 2009

Tuesday's trades

Sloppy day. Not just the price action but also the way I traded. First, I went short JNS off a break of the 11am bar low (:10). This turned out to be the ideal entry as price proceeded to fall and reverse at the fib. ext. However, the trade really wasn't going anywhere at first and I sold half my shares at BE. Ended up selling the rest at BE too. I was just very impatient with this trade.
Next, I went long WINN off a break of the 11:20 bar high. Not my usual setup but it was a bit of a 'dummy-style' trade. Everything looked good at first and 1R was reached quickly. But.... price moved down and took 1/2 my shares at BE and the rest at the original stop. I'm just bummed I didn't enter long again off a break of the 1pm bar high (:15) which is more of my kind of setup.
I also passed on GG (6/15) which just added to my frustration.


fir3ant said...

oh dude, talking about frustration...
Shorted JNS 3 bars ahead of you, got stopped then took it only half size off the 15min 11:00 bar and traded it scared (profts at 1R and 2R)
Longed GDX off the the 5th 10min, got stopped out at b/e and went long again off the the 8th. It reached the Fib's ext and almost 2R's. I took 2/3 off and got stopped on the rest at b/e - only to see it running till the end of the day.
Took POT off a perfect NR3 candle (6th on the 15) but was too afraid of the $100 figure and decided to bail (1R) - watched it flying almost 4Rs...
Frustration :-(

OONR7 said...

fir: I feel your pain. Pretty choppy in the early going. Take comfort in knowing you spotted some good trades.

Anonymous said...

Went short XLY on the break below the 11:00 10 minute candle as this was showing big red volume bars but the move didn't go much further and I covered 3 bars later for a small gain. Also went long TSYS on the break of the 10:50 10 minute candle but it didn't go anywhere. I then got bored and played SKF and gave back all my profits from XLY and then some. Stupid me!!


bl said...

NR, Life in the pit sas they say. Why not JNS -2/15, WINN 3,9/30 6/15
FAZ fade the gap. I sold out 110Jan call from last week when POT hit 200ema early Tues am for a few. I really screwed by BAC trades from 2 weeks ago by not looking at where the 50/200, spt, rst, fibs trend lines were on 6 mo charts. Went right up to the 200ema, rst, Fib# and reversed. I was way early on both long and short calls as I wrote covered calls and couldn't get out(11-15). If one doesn't know where the benchmarks, believe me, GS, MS and all the big players are pushing stocks to certains prices and all they gotta do is set up buy/short limits above and below to get the train moving. Hey fade the coals that was the big headline, and why not F they sold bellions of common stock this am, a gimme short.