Jul 8, 2009

Wednesday's trades

Had some decent moves after starting the day with a loser. You know, it always seems my first trade is a loser. Anyway, shorted HOT, IBN and SLT. HOT went cold real fast and stopped me out. Not the greatest of setups (9/5) but worth a shot.

SLT presented a nice inverted hammer at the ORL which was hard to resist. Just didn't have the move in it. Made some profit and then revised my stop later.

IBN made a nice move after shorting on a break of the 10:50 bar low (:05). I partialed above the fib. ext. and wanted to see what the rest would do. Well, the rest started riding back up and I exited the rest pretty much at the fib. ext.

A solid day but I'm thinking there may be very few of these as we move further into the summer doldrums. Just need to be patient.


Charlie G. said...

Hi 00NR7,

I traded HOT and SLT today too but a half hour on both of them before you. HOT I entered short just as it was cracking $19 and the 15 minute opening range low. I got lucky taking profit on that low of the forth candle, but was quickly stopped out the rest on break even on that strong bounce at 9:50ish.

On SLT I would of been stopped out where you entered on that wick but I had my order in as STL which led to a long entry on that stock on mistake but kept me in SLT for three more candles.

Good luck the rest of the week!

OONR7 said...

nice going, charlie. That's pretty funny about STL... that's happened to me a few times.

Eyal said...

i also traded HOT. at the break of the 16th NR candle. so i let it work a bit.
do you consider round numbers (in this case 19$) as ressistance areas when you enter a trade?

and did you also saw a "deep pullback" setup when you entered the trade? why dont you consider that a good setup?

OONR7 said...

eyal: I do consider round numbers when entering but I don't let it stop me from entering... especially if the setup is really nice. It is a bit riskier and I may partial out if I see the round numbers acting as solid support or resistance.
As for the deep pullback... depending on price action, I don't mind. With HOT - on the :05 - price moved quite a bit during the 3rd and 4th bar, sometimes those are the moves of the day. However, if there's a good, NR entry point and risk can be reduced... why not?