Excellent entry! You must be watching it very closely and had been very patient for such entry to come to you. My problem with FAZ is I often jump on its surge and then found myself rushing to stop my loss almost immediately. OC
04/1/09 400 CELG BUY 38.46 *CELG had 3 days down on the daily charts followed by a gap down this a.m. below the last major pivot. I like the climatic selling pattern this causes and bought the first reversal bar on the 5 min chart over the 9:45 bar at 38.46, my stop just below the LOD 37.96 and my tgt just over the HOD 39.46. 800 RIMM SHORT 45.38 * RIMM had a very extended move in the a.m. and I watched it for a lower high to scalp short. At 11:40 RIMM moved below the 11:35 bar (only by one penny) to trigger an entry for a short. The stopwa above the pivot 45.63 and tgt 44.88. 800 AMZN SHORT 74.08 *AMZN was a textbook short here. At 1:10 AMZN sells off and that is followed by a very weak rally that I short when a lower high is triggered at 1:30 under 74.10, the stop over the pivot high 74.34 and tgt at 73.58. 600 FAZ BUY 19.53 *FAZ was oversold in the afternoon and I kept watching for a higher low to go long on the 5 min chart. At 2:40 it finally set one up and I bought it here, put my stop under the last pivot 19.23 and tgt at 20.13.
OC, My whole trading plan is based on being patient and waiting for entries to come to me. At the end of the day I want to be able to pull up any chart I traded and be able to spot the perfect entry and stop within seconds....if I can not do that then I know I took a bad trade.
Geez, Great journal. I have enjoyed reading it and glad to see your making progress on your bet. If I may ask, how are you coming along with your 50% gain requirement? I also see that your entering trades based on four setups. Are you finding that the trades are to the point of being boring and you put them on let them go and see what happens? Best of luck to you in your bet as well as your trading overall. RW