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

Ok, I have a few extra minutes so I'll give the trade details for today:


AMGN short: We gapped up and started moving higher on the indexes, but amgn was weak and moving lower. This is one of my 4 setups I look for, but have not had a chance to play too much. Watch a stock w/ relative weakness when the market has gapped up and moved up. As soon as the markey starts to make a reversal, or the weak stock (AMGN) breaks a prior pivot low, short. That's what I did today...AMGN short at 50.36. It got within .03 of tgt ao I moved my stop to b/e..it stopped me out , then dropped alomst $2.00.

SBUX short: SBUX was up multiple days on the daily chart, then gapped up big this a.m. , followed by a strong rally for almost an hour (it's now extended per my plan) The 1st lower high I see on the 5 min chart I short (15.29) I only get a partial fill of 900 shares so I let this trade play out alittle farther since the daily chart is extended. I exit +.53 (14.76). Nio real reason to exit at the number besides the fact that the indexes were firming up and the bids were starting to pile in at 14.75.

 

Hello,

I've been reading along just the past few days, I am through page 88 so halfway but I had a few questions for you. I wanted to pull up some charts and see what your seeing. Where do you recommend I go to see the 5 min charts your seeing? Is there somewhere I can go to go back and see the historical 5 min charts to compare your previous trades? You also mention many times your working with scottrade not by choice, who would you be using if you had a choice?

Thanks you very much!

 

Hello Ssage,

I use 5 min candlestick charts. I think any charting would work fine to see them. The last 4 years I have traded using tradestation and I'm happy with them, although I never really took the time to look into other brokers and I've heard some of the newer software other use is pretty good.
If you have any other questions or any other way I can help, just let me know. -G

 

5/1/09:

10:10 1000 QCOM SHORT 41.60
STOP 41.80
TGT 41.20

 

5/01/09:

11:06 1000 RIMM BUY 72.30
STOP 72.10
TGT 72.70

 

5/01/09:

12:11 1000 DXD BUY 53.68
STOP 53.48
TGT 54.08

 

5/01/09:

1:31 1000 RIMM BUY 72.91
STOP 72.71
TGT 73.31

 

Got within .06 of tgt. , stopped out b/e
P/L -12.84

 

I sold at resistance $70.45 today (purchased yesterday) . Had to day trade 3 times today. Market was so choppy.

 

Geez,

How do you scan the stock for strength or weakness? Any tool (RadarScreen) or visual scan? I'm specially interested in logic and parameters used.

Thanks,