Friday's trades
I started off the day well with a short of PSMT off a break of the 10:30 bar low (:05). It was good for about 1R worth of profit. I saw some good, but not great, setups in SGR and RSX and decided to cut my risk in half and go for it. They were both busts: SGR (short 12:10, :10) and RSX (short 11:50, :10). Both were very narrow entries so reducing my risk meant I was risking very little.
All in all, I still ended the day positive but the week was very disappointing (although positive).
PSMT is about the best looking chart of them all so that's what I'll post:
Posts
6 comments:
Hi Nr7,
I have been wondering, are you still trading futures? thanks Hector
Hector: no, futures is no longer in the mix for me.
First time on the blog. I will link you up on my blog. If you get a chance take a look at it and please add me if you think it's of interest.
Jay
http://attitudetrader.blogspot.com/
A rare criticism ;) Well, question really...
Why did you start covering out your first short? A hammer off the ORL after you enters, but no green bar for quite a spell - maybe you sell a 1/3rd to lock in profit near the ORL, thats a decent plan... And price never really gets too far from the MA, and when it does, its then that it starts to reverse. Nice little intraday ABC structure... looks like appx 1:.618, but that's just eyeballing it - 1:1 would have probably been near the 1.382 extension.
The second I looked at that chart's PB, I knew you had a winner. Of course, I wasn't looking in real time either amigo.
Good Luck
QBz
qqq: not sure I understand the question because it seems like you're asking why didn't I partial at the ORL... which is what I did (16.28). Never heard of the ABC structure - need to fill me in on that one.
My bad, when I looked at your trade summary my impression was that you got shaken out.
ABC - A is up leg, B is the retrace/reaction leg and C is continuation leg back up - opposite for downtrend. 1:1 is the length the C move = length of A move. gives you a target. X's old strategy was basically ABC where C = 1.382 of A (starting area sometimes called "X"); of course he started A from the prior day's HOD/LOD.
a recent example is HMY daily chart on this last retrace, but note the high gold miners usually exceed 1:1. I went long off the target low.
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