3 fills on 13 stocks. 1 short 2 longs. got out of everything too early. net positive 37 cents (-1, +12, +26) all done by 9:45 The 1 cent loser is now a 15 cent winner, it went 10 cents against at its worst. The 26 cent winner is now worth 46 cents, and the 12 cent winner is now worth 25 cent or so. One of these days I will limit out of half or two thirds, and trail a stop on remainder. The kaching is just too great a temptation. Also elected not to place orders on BMY due to negative cnbc mention and, more importantly, very negative ecn activity.
Lost about .10 overall today. AMR was the culprit that brought my average down. I was that first print when he dropped his bid Robert
16 orders, 1 fill, 1 tiny looser, -5 cents today, stock eventually kept on going 60 cents agains. But I've seen a lot of home runs on my list today, just take a look at PG, FDC, OMC to mention a few.....
1 fill on 13 stocks, +5. Now for the sob story, it proceeded to climb another 30 cents in the next 15 minutes. I'm getting the feeling that if the specialist is in on the opening print he's not in a huge rush to close the gap, you just have to expand your time frame a bit and hold on, any thoughts?
There is no "gap" that is being closed...and once you are in the trade, you should look at all the basics for exit strategies....don't close until you see a good reason to.
Today finally got creamed for 35 cts on FRE, shorted the open. Anybody same experience today? Do you guys refine this trat by reading charts before putting in orders? DOWN MARKET, UP SOCK ME SHORT=> I still think I did the right thing.... What I don't understand is why did the specialist not take it down first to take some profits and then let it take off?
Rafycur, Had the same problem yesterday. got nailed by FRE same way. In fact yesterday I lost 4 out of5 OO's. Had to small of an envelope. Today I changed my upper envelope. Wanted to be atleast .20 above yesterdays close. Kept me out of 2 losers today, FNM and FRE.No fills on the buy side. I get scared to have my SS/B order so close to the previous days close. I know your suppose to follow FV, but if the specialist doesn't gap it up/down above yesterdays close substanially, what is the likely hood of him participating, therefore having a reason to work it down/up. I'm probably over thinking it. Should stay consistent, but I don't like to be creamed like that. Did the start of the new qtr have anything to do with the way things moved on the OO's? regards
So is that the only stock you trade with this strategy? What happened with your other stocks? Nothing makes money on every trade, and you are going to take the occasional painful hit. Diversification will ease that pain. I have had a couple of stocks beat me out of up to 75 cents in recent weeks, but my equity has bounced right back in following days. Knock on wood- I haven't had to deal with two big losers on the same day- I'm sure that day will come eventually.
I have 12-14 stocks, good balance. use 12 a day. It seems the SS on the stocks I'm using haven't followed the hopeful path the last two days. Hopefully it's a minor setback.