A 70k bet that I can't make a 50% gain in 2009

First, the entry was at 11:56 not 11:58, that was my post mistake, but the time stamp on the top of my post should tell you that:

06-09-09 04:57 PM

6/9/09:

11:58 600 GS BUY 148.48
STOP 148.18
TGT 149.08

Second, I was playing the strength of the Bank sector in general, and GS was the only one I could find setting up "cleanly". Look at FAS, JPM, BBT etc. compared to the SPY or DIA at the same time...banks were the strongest. Plus I liked the daily chart of GS for a long.
I bought GS on a very weak Higher low on the 5 min chart (just like you posted on your chart)..I placed my stop just under the 11:50 bar low (148.23) and I gave it an extra .05 of wiggle room (and to make it a .30 stop) so I put my stop at 148.18.
With a 30 cent stop, I checked to see if a 60 cent target was attainable.....the top of the last major pivot at 11:35 was 149.19, so a target of 149.08 looked good. That's all I needed to take the trade.
So, it was the daily chart strength...the sector strength at the time compared to the indexes and the higher low that it put in that made me buy here.
Hope that helps-G

 

go to bed Mike..we've got a big day ahead!!!
lol

 

6/10/09:

WED watchlist:

LONG: wlp rti lmt aapl celg bbby

SHORT: jaso mgm rmbs klac amzn genz dtv hans spls spec

 

6/10/09:


9:34 1200 JASO SHORT 6.19
STOP 6.34
TGT 5.89

 

6/10/09:

9:58 1200 SPY BUY 95.03
STOP 94.88
TGT 95.33

 

10:03 1200 SPY EXIT 94.87
P/L -204.36

 

10:22 1200 JASO EXIT 5.88
P/L +351.71

 

6/10/09:

2:35 1200 DIA BUY 86.93
STOP 86.77
TGT 87.23

 

2:55 1200 DIA EXIT 87.24
P/L +355.40

 

I trade w/$16 roundtrip. Now, that I do it occasionally it is ok, but switching to IB seems inevitable.