Looked like a good set up. Spus pulling back with arun holding strong near the highs. Thnaks for sharing. jim
<img src="http://puddles.humanfund.ca/20100521/spy.png"> <img src="http://puddles.humanfund.ca/20100521/arun.png"> 10:30 LONG ARUN 12.51 STOP 12.44 TGT 12.65 - Both ARUN and SPY gap down but head higher - As SPY puts in 4 red bars retracing ARUN holds strong - Buy over the tight bar on ARUN as SPY turns - 3 bars of weakness take out my stop then ARUN makes it's slow move back up to my target I also fat fingered VRTX short at 10:52am.. - VRTX was showing great relative weakness to the market so short a lower high setup I managed to: 1. Cancel my stop limit short to enter the stock 2. Thinking my short filled I proceeded to enter in my stop order 3. Screwing up my stop buy order I in turn bought at market 4. The trade immediately moves 5c against me 5. VRTX goes up and I close out the long losing a few cents and just move on.. I'm counting this as a b/e trade. Had i not screwed it up I would have been shaken out again (11:40) and then VRTX would have rocketed to target (standard) 0-1-1 - 8 day win streak broken 3-3-2 on the week, right on plan http://puddles.humanfund.ca/wp/2010/05/21/2010-05-21-trades/
You must be quite good to make a bet like that. Here's what I think is going against you. a. the market (it's looking quite bearish at the moment) and it's harder to make that kind of a return in a down market b. To make that kind of return, you're probably going to be having to invest in penny stocks. It's possible to do as I know I've done it but I think the odds are in your friend's favor.