I hate it when they slope the green away from you!! That's just mean. But you are correct. That is the environment in which we live. Good trading to all.
+ $486 First of all, a big thanks to Redneck Trader for making me think right thoughts. I took all my signals today except the two I missed due to lunch and bathroom breaks! Had no IB access this morning to cover ORLY at a profit, and held onto my Etrade portion of the position, so am holding an unrealized loss on this trade. The daily chart has short written all over it now, so we'll see how it plays out. I've once again poorly managed a scaled-in trade. However, all of my previous losses on identical setups were taken too soon, just before the trade moved seriously in my favor, so I'm watching carefully at this point as to whether to scale out at a loss on pullbacks, or whether the expected retracement will occur. Offered 36.60 HANS on open, no fill and it dropped so fast I couldnât chase it. Short GS @ 92.00 overbought. It quickly moved .30 cents in my favor, but before I could lock in a stop near b/e it rebounded toward a test of the dayâs high. Wow, that thing moves fast! My initial stop was 93.00, but I exited @ 92.85 for a $170 loss, because the L2 action got âthat lookâ to it. Iâm not sure there is anything I wouldâve done differently on this trade, except possibly wait for a test of the dayâs high. I thought when it (and the SPY) was overbought it would pull back, plus it was highly overbought on the daily chart as well. Lowered offer on HANS to 36.05. At some point 100 shares got filled. Added @ 36.39. Covered @ 36.21 for a $175 gain. Added more @ 36.51 overbought. Huge seller came in and in 3 minutes it dropped where I covered @ 36.15 for a $364 gain. Offered HANS 36.50 and came back to see my price touched, but I got no shares. Short HANS @ 36.41 overbought. Covered @ 36.25 for a $155 gain. Short HANS @ 36.48 end of day volatility play. Target of 36.38 came close, but not quite, so holding.
Enjoyed HANS chart. In-Out and I was there were priceless! Srsly though, you impressed me again with consistency. Lovely, ma'am, just lovely (thick Russian accent implied)
the market is trending up for the last couple of days..why would you even want to short anything for just a fraction of a gain?? unless you are biased thinking its going to go back down..trade what the market tells you. not what u think...
I am for the most part day trading and I like the speed with which price falls during pullbacks. (As geez pointed out, that HANS move was priceless.) I also think in a bear market stocks trading at or near 52-week highs will retrace part or all of their gains once they reach an overbought condition on the 30-day chart (take a peek at APOL, AFAM, and HOTT for example). I am well aware of my shortcomings in this regard, as I'm leaving half my opportunities behind. But keep in mind I'm still very much a beginner with a whole lot to learn, and no one can learn it for me. I look forward to one day being able to trade ALWAYS with the absolute discipline geez utilizes. Taking ORLY out of the picture (oh, I hate being at this point in a trade...again), I think I've been getting better at that discipline. I am so close to "getting it", I can taste it.
I don't think anyone really knows what the market is telling us at this point. Have we hit bottom, is the upswing temporary? No one knows at this point. If we did we would all be rich!
+ $762 Day + $2576 Week + $4038 Month Cover target on HANS set @ 36.10 and I got 100 shares filled, so exited the remaining position @ 36.15 market because the L2 indicated a bounce. Gain of $332 was better than the $100 I was looking to scalp yesterday before close. Turns out I had more HANS from yesterdayâs partial fill (I either didnât realize or I forgot it was a complete fill), so I targeted 35.95 for an additional $100 gain. (I wondered why my DT margin was so much lower than I thought.) Short HANS @ what I thought was 36.20 and got awful slippage, 36.11. Market maker scalped some nice profits there. Covered oversold @ 30.90 for a $210 gain. Wasnât fast enough to get my FDO and GS shorts in at the same time I was trading HANS. Both were very nice shorts. Short HANS @ 36.57 break through the HOD and overbought. Was about to enter an SMA target of 36.25 and I clicked market instead of limit, so I covered @ 36.40 for a $170 gain instead of $320! Interestingly, my SMA target was .03 cents from the bottom of the move, proving that 90% of traders/robots must all be playing off the same indicators. Later HANS set up a triangle that I just read about in Alan Farleyâs book last night, and I expected a break through to a new HOD. Patiently watched it, as it was during the doldrums, I had a nice profit on the day and didnât want to take action where action was not warranted. Then I saw it rally to new highs and was chatting and missed the prime entry. I shorted a small position @ 36.56 even though oversold, because the strong uptrend seemed to be weakening by formation of a slightly lower low. It eventually rallied to new highs, so all I got by entering against my signals was a poor entry price. I toyed with closing the position end of day so Iâd have more DT margin Monday, but I calculated how much was tied up today do to my overnights and it should be amply restored on Monday, so Iâm holding the position for the Monday morning volatility play. Still holding ORLY. The daily chart looks very good, indicating eventual retracement of the move to an oversold condition, especially considering this was another up day in the market. Have a great weekend everyone!
Good job, NoD! Another green day - gee, that seems to be a norm for you (yes, despite ORLY ) I learned today that chasing and not setting stops is costlier than just sitting and looking. No matter now bad the itch is (and mine's baaaaad). You just absolutely CAN NOT trade out of desire to "make something happen". Trades will happen the way they will happen, not the way you want to. This wisdom just cost me 70 bucks