Mike's active trading journal

Discussion in 'Journals' started by michaelscott, Apr 16, 2007.

  1. This isnt going to be a fancy journal. Just going to post up a few blotters for my own reference. I wont be posting to this journal everyday, maybe once a week.

    I have a few other accounts through different brokers that I utilize other strategies. Once I build up this account to a certain point, then I will be withdrawing cash from this one to feed the other longer term strategies. I've been doing this for quite a while where I will withdraw cash from this account to feed the other strategies and diversify.

    I got in on EXEG a few days ago and sold all of it today. I wasnt satisfied with how IB executes these .OB orders. It took me an hour to sell 14000 shares. What happened to direct access trading? This platform is simply no good at trading .OB stocks.

    I started to buy some MICG, but decided against it after the trade. IB just isnt good at handling these .OB orders and I feel uncomfortable holding a security where when it fills is anyone's guess. I closed out the trade a few minutes later. MICG is going to 2 dollars, but Im not going to do it with this platform.

    Today SOLF came up on the scanner. It appears there is a reverse head and shoulders. My price target is 16. I have a limit order set to sell all shares at 16.

    Here is the blotter for today.
  2. This chart demonstrates my logic behind the SOLF trade. You can see the different price channels in the chart and the reverse h/s pattern.

    Its going to take a lot to get past the 16 barrier.
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  3. Here is another trade that I am involved in using another account. Just thought I might throw it up because this has always been a very reliable pattern for myself. When I see this pattern then I know I have a winner.
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  4. Sometimes I just sit here for hours until I must do work at my job studying the price movement. This is an interesting intraday price movement.

    Its self-explanatory. We will finish the day most likely up near 15.8. Im expecting on Tuesday we will be at over 16.

    75% of the time these triangles are continuation patterns meaning whatever the previous trend was, it will continue. 25% of the time its a reversal. Depending upon which way it breaks through the triangle will spell out whether we are looking at a continuation or a reversal.

    The target of that formation is the following. 15.5-14.9=.6 0.6+15.15=15.75

    Lets see if it gets there.
  5. This formation, if it works out, will place the price target around 16.5.
  6. Just received a call from this chick Im going out with who works for a hedge fund up in Stamford, CT. It looks like something big is going to happen with SOLF. We think its going to appear on Mad Money tonight.
  7. Just got back home from work. Im still in the SOLF trade. Here is the blotter. Im going to take a look at the chart and I'll let you know in a minute where it will go.
  8. Am i reading that right, you have an unrealized P/L of about 40K?? If that is true, why the hell are you "just getting home from work"?
  9. Here is the master Solf chart. I revised my price to 18.5. People are telling me that Cramer might feature the Solar plays on his show tonight.

    No more .OB stocks for me, at least not with IB. When I enter into a trade and place an order, I want an immediate fill. This was nightmarish. By the way, the EXEG, the company I made 4 grand off of...its not even a company that has operations yet. Imagine that, I made some cash off of a drug company that has no operations. They are still combining the two companies together with the shell and the drugs are not even through phase iii testing. They have no real products. The market isnt about fundamentals when I can make 4 grand off of a company with no products on the market and no formal operations. Risky trade and I would have made 10 grand had it not been for IB's shaky platform.

    The market is at a grand point right now. All of the composite indexes have broken through a key resistance point. The cup/handle thesis is coming true for the total market. Now let me give you the price levels to expect in the next 2-3 months or so for the composites.

    Nasdaq Composite- 2850, Current: 2518 13% more upside
    NYSE Composite- 10567, Current: 9625 9% more upside
    Wilshire 5000- 16395, Current: 14891 10% more upside

    This week is historically very strong:


    When we have closed high on a Monday, usually Tues and Weds are also pretty strong as well.

    Now SOLF has reached above all resistance levels and closed at a key level. Lets see if it will make it to 18.5. If it can make it over 18.5 then it will go to 20.
  10. gabe


    nice call on solf, too bad that porn chick doesn't work in hedge funds too
    #10     Apr 16, 2007