No snake, I like to give SPY and DIA alittle room to move. So .20 stop is usually the smallest I go with them. But the 84.42 tgt should be easy to see on the chart (11:05 high)
yeah, I saw the logical target which is why I thought maybe you had that in mind. I didn't see much logic (I mean from a chart perspective ) to your stop number. So, you basically just used a flat 20 cent stop and 40 cent target with no real technical basis for the numbers even though the target just happened to coincide with a good target point. Just a solid entry signal. Thanks for the info.
5/12/09: Total P/L +947.39 4 trades 3 wins 1 loss * will get to some of the questions regarding the trades later this evening... "other" job beckoning
geez, It is a pleasure to watch someone that has confidence in their system and takes the appropriate actions based on that system without over analyzing the trade. Hope you don't mind - to the other folks analyzing the financial trades... Regarding the financial trades, my guess it that he simply looked at the chart - saw an appropriate setup, as pre-defined, and took the trade. Without the extra analysis of the correlation of one stock to another. I think this kind discipline and belief in your system is what it takes to be successful. See and do. Still enjoying the journal.
Snake, Yes...solid entry setup. Then I looked to see if a .40 tgt was attainable, saw the 84.42 from 11:05, so I took the trade.