Galt's Gulch

Discussion in 'Journals' started by redbaron1981, Jul 6, 2015.

  1. I am expecting a drop into the Gap. Should this happen I may add onto this position if conditions stay the same.
    #21     Jul 9, 2015
  2. #22     Jul 9, 2015
  3. Unfortunately I never found the right place to add more size on to this trade... I may reduce size and take some profit on this one (When I get some) and then hold overnight so long as all conditions stay the same. This maybe the start of quite a strong up move but then again with the exogenous events in play anything can happen.
    #23     Jul 9, 2015
  4. My confidence is beginning to wane...
    #24     Jul 9, 2015
  5. I have just scaled out of 50% of the position @ 205.58.
    #25     Jul 9, 2015
  6. I will add back on in this starts to go in my favour.
    #26     Jul 9, 2015
  7. Now fully out of that position remaining was exited at 205.24.

    To summarize I lost $1.31 on 50% of position and $1.65 on the remainder average exit price for full `position was -$1.48

    So the question is was the trade worthy? I was going against quite big momentum and a gap but I took the trade to try and make a front run on the higher time frame bullish divergence I was noting yesterday. It failed probably because of the two reasons above and so in future I will think twice about taking a setup liker that again.
    #27     Jul 9, 2015
  8. Well we have gapped up at the open and so far the buying seems strong. I would normally be long right now but the Gap is concerning me. The last 2 setups like this the market has closed the gap so I will not be looking at going long until at least most of the gap has been traded.
    #28     Jul 10, 2015
  9. So this mornings open highlights the last loss I took could have been an excellent trade if I had took the draw down. Hence why RM wisdom shines through.

    The market does not know or care where you got in! 'Being up' or 'being down' on a position shouldn't ever change the way you trade it. The market has no idea where you got in.

    I am scouting for longs But the market is not ready for them yet and all things staying the same I expect the market to fill the gap at least partially.
    #29     Jul 13, 2015
  10. Looks like we are making a short term top here. Short term being for a day or 2. I am still long biased but will wait for lower prices before entering.

    Because of taking a loss on the last trade I will not be trading this counter trend and will wait to enter long on a pullback. That may mean having to wait until Thursday or Friday but I am seeking out a higher probability trade.
    #30     Jul 14, 2015