So yesteray (on my birthday, no less) I made my first short sale. I did it at work, on my lunch, so I only had a little bit of time to watch the market. Remember, I'm still an intraday noob. I was drawing in trend lines (channels?). It looked like it was trending down the last channel I have on there, so at $19.15 I decided to short and cover at $19.10. 13:58:33 â Sell short @ $19.15 As soon as I shorted it started to go back up (you can see the green candles). I was like "yeah, with my luck, my first short would immediate go against me." But I waited it out and it started to drop. It wavered between 19.13 and 19.15 for a while, and then between 19.13 and $19.11. At $19.10 I sold, and seriously 2 seconds later it was at $19.07. Oh well. 14:22:20 â Buy to cover @ $19.10 My lunch was over, but it continued to drop. And then today it was in the $18s. Too bad I couldn't trade today. This whole trade was based on how I thought the price would act in the channel I drew. I ignored all the indicators at the bottom while I was deciding to make the trade. So that's my incredibly long (and boring) post about my first short ever. Not sure why the pic is so small. I think photobucket may have shrunk it. http://img.photobucket.com/albums/v326/ironfistx/shortchart.jpg
Isn't this what they call channelling stocks? Anyway, I am sure glad that it worked out for you this time.
I cant speak for everyone but I think that is a TON of indicators. Since you said yourself you dont look at them why not get rid of them? You could try to stick to one - maybe RSI or MACD - and learn how it works, then maybe add some more.
not bad for your first short. Who do you use as your online broker? Most of my shorts are etf shorts. One of favorite is EWZ, missed out on todays open above 45.50.
LoL, I was about to say the same thing. He reminds me of myself a few months back. Maybe some of you remember this thread? http://elitetrader.com/vb/showthread.php?s=&threadid=76477&perpage=6&highlight=adx&pagenumber=1 :eek:
I'm using QuoteTracker and it has a ton of indicators. I was just messing around with them. I tried using them but I can't find anything consistant. I use Scottrade. If I ever start daytrading seriously I will switch to IB cuz the commissions are much less. I was thinking about getting a Level 2 quotes subscription. Yay? Nay?