Results ------------------------- DTK +1.50 Wooo hoo!!! AllenCook +0.65 miniTrdr +0.53 Dantheman +0.50 kokosij +0.31 TriPack -0.02 ElCubano -0.02 QQQBALL -0.02 Trajan -0.02 Corallus -0.02 Gordon Gekko -0.02 Sanjuro -0.02 wdbaker -0.02 uptik2000 -0.15 Peri -0.16 Amkeer -0.16 inandlong -0.22 Sorry for the delay.... im swamped. This one was interesting. Wanted to see if anyone would give that pullback enough breathing room to allow the strong downtrend room to work. 5 guys did. peace axeman Details -------------------------- Dantheman 49.53 STOP 48.53 TARGET +0.50 inandlong Target 48.60 Stop High of this bar plus +.10 -0.22 Peri target 48.49 stop 49.19 -0.16 DTK Stop 50.03 Target 47.53 +1.50 miniTrdr stop at 49.75 first target 48.50 - if it doesnt break, look to take profits or breakeven if it breaks below 48.40 move stop to 48.50 next target 48.10 stopped out at 48.50 +0.53 uptik2000 stop 49.18 tgt..48.60 -0.15 kokosij stop - 48.50 exit position end of day +0.31 AllenCook Initial stop: 49.55 (if it penetrates the 50MA) For exit: If it doesn't stop out soon, place a trailing stop w/+0.20 stopped out at 48.38 +0.65 Amkeer Stop at 49.19 target 48.54 -0.16 TriPack -0.02 ElCubano -0.02 QQQBALL -0.02 Trajan -0.02 Corallus -0.02 Gordon Gekko -0.02 Sanjuro -0.02 wdbaker -0.02
here's my reasoning for staying in the short trade... entry short @ 49.03 OK (same deal as before i'm only willing to risk 50 bucks on each trade so that necessitates a .50 or less stop.) It just so happens that what I see is: The last major move I saw was from 50.50 to 48.50....it's what my eyes gravitated to first and it was my initial impression that this up-move was only going to be a retracement. You could make an argument that the major move was from 51.00 down to 48.50. But. that is not what I saw. Well .50 from entry would put my stop @ 49.53 (which is just about 50% retracement of the move down that I saw.) Meaning that only if it moved past that point would my initial reasoning be invalidated (in my mind). I also believed it could go down for a retest of 48.50. As it turns out i could have been more generous with my profit target but...i have a tendancy to undershoot my profits.
Well... I used the 200 MA on the lower chart which also corresponds the to the base that the bear trap was set up on the day before, that gave me a possible loss of 1 (I chose 50.03 because that would have led to a round number loss of 1 {I didn't include comms.}). The target was based on the move from the bear trap high of around 50.50 and the low that was achieved on the move of around 48.50 which was a 2 dollar move. I figured that the low from 2 days ago would provide the first level of resistance and then the 49.75 - 50.00 area would provide the second level of resistance. I figured that I would let it go to the first candle of 2 days ago at 49.50 and then let it make another similar 2 dollar move down to 47.53 (once again using the .03 for a nice round profit). Good thing I left it some slack. I don't think it hit 47.03. Over-analysis? Probably. Was it what was going through my head when I made my decision? Yes. Did I disregard the affect of the futures on the stock? Yeah. Oops... 9:30!!!
thanks axeman - nice quiz entry looked a little low compared to 200ma but at an eyed in trendline of highs - since last time it hit 200ma it broke by a some cents put stop above current 200ma by a couple more cents. exit sucked - think i mistype exit stop info but it was to tight.
When you set your next resistence level to 48.50, you got stopped out, exactly to the penny. Should have given it a little more breathing room above 48.50, if that was going to be your new stop. But what do I know peace axeman