G, Pretty good call today on the beaten FAZ and DXD, though they shook you out earlier today. You could have made 5 good points on FAZ from your entry of 37 -- I know you don't need to be reminded! OptionsCharm
Said that to myself about 5 times as FAZ ran up to 41.00... I kept telling Nodoji "look at that FAZ..a machine!"
03/16/09: Total P/L + 182.38 6 trades 2 wins 3 losses 1 b/e was -650 early and came back in the green...happy with that. the b/e went to target right after stopping me out and was .06 from my target before I moved my stop...oh well.
G, I took the time to read through your tread and I have to praise you for the discipline you have in place each and every time for loss only around $200. That alone is so impressive and I am sure many traders here will agree with me! minus 200s and plus 400s have added up to a great result so far. Congrats! I have a question regarding the patterns you use on the 5 mins for entries. Do you wait until you see a mini trend, then wait until retracement to enter (in anticipation of a continuation of the trend) or do you enter at "higher lows" (for longs) that I saw mentioned a couple of times in the tread. Thanks OptionsCharm
OC, I go into most trading days with a bias(today was short) from the daily charts. I then try to pinpoint the best entries I can find each day to match my bias...today was FAZ and DXD longs...RIMM short. If my bias is long and the trend is up I will play higher lows, but as today went I had to wait for lower highs in RIMM to short and DIA (DXD long). The same with FAZ..I waited for the first higher high on the 5 min chart, then bought on the first higher low at 37.00.
03/17/09: Tues a.m.: I will have a short bias today, looking for some pullback in the markets. But I also feel like everyone and their mother in laws will be looking short as well , so if the market holds up fairly well thru the lunch break I may actually dip my toe into a long or 2. Best case scenerio is to have a 2-3 day pullback and then start going long........we shall see Happy St Paddy day all!