Sam, a great tool you might want to look into is the ATR indicator. It helps with volatile stocks like apple and aig. It basically tells you how much the stock will move over a series of days. Hope that helps.
Sam, youre doing great. I'm a noob and learing alot just watching your trades. I catch myself thinking "he should have entered here or exited there" but thats all hindsight lol. I"m not sure if you stated what platform youre using, I'm new to all of this including the software. Good luck.
Sometimes the market plays some mean psychological games with me, so it's always nice to hear these words. However, the number in the total tally is what matters. Lol! I get it NoD. I agree 100%. I like the way you choose your words; short and with full effect!
Sam Here is how I would play this for a swing trade. First, pull up a daily chart. If it opens up positive I would buy at about $59 and stay with it as it is going up to about $61.68, that is where you will find resistance. You can either get out there if you want but I usually stay with it until I get an exit signal because it should keep going with the trend. Second, if it opens up negative I would place a limit order to buy at $52.00. That might not happen today but that would make your entry even better tomorrow. If you get this entry either today or tomorrow I would stay with the trade up to resistance at 61.68 or exit when the RSI (5 period ) closes over 75. I like a dynamic exit and use this for a lot of my short term swing trades. Overall it is a classic bull flag pattern. I hope that makes sense. Gary
P.S. As much as I would like to trade this one I have closed all my positions until January. I like to start the new year with a clean slate when possible.
12/30: My reason for entering FAS SHORT: 1) Breach of upward wedge 2) Breach of support 3) Breach of 8MA & 20MA *Employment figures seemed to have little/no effect on the market. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3047955.png">
Pic. 1: Trade 1: SHORT: Entry: $27.84 Exit: $27.70 +$0.14 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3047995/.png" I had made a different trade in FAS early this morning (B/E). Occasionally, I make trades on instinct rather than what the market tells me. Sometimes I come out well, sometimes my *** gets nipped. However, overall, I have done decently with this (due to tight stops), but I don't like these trades as I trade on feeling rather than indicators. Comments welcomed.
Pic. 2 Trade 2: SHORT: Entry: $29.86 Exit: $29.91 -$0.05 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3048018/.png"> Total (+/-): +$76.00; [-$90.00-$14.00(commission)] All Time Net (+/-):+$564.22