I commend you for moving forward and not just talking about it. Try to use the "RSI" indicator. It will help you a lot. When you get comfortable with that one I will tell you about one or two more which will assist you to better entry points.
If you will pull up a daily chart and put a RSI 2 period and 5 period. Then look at AIG and CENX. They are both really oversold. Both of these are above the 200 day SMA in which case I am only looking to go long. I never go against the long term trend. I have placed a limit buy order for AIG at 41.45 and CENX at 14.00 I like to spot them when they are oversold and place my buy order 5-10% lower than the close. If it pops up in the morning I might not get in. I don't chase it I move on to the next set up. This is basically a Larry Connors type of set up. If you read his strategies they are very easy to learn and have a high winning percentage.
missed my entry on CENX by 1 penny. I use day orders for my trades but I am going to re-enter the same two orders for Monday. Still in SLV
Seems like I had a good break from trading and discovered some strange things. One thing was that, if day trading is the daily norm for you, than everyday life seems like a constant state of meditation. . However, I actually missed trading and so I armed myself with a little more knowledge and tried brushing up on my older skills and came back in today. My balance as of yesterday was: $ 2280.22 $ -376.85 (from the last day trading session) $ +115.50 (from my first swing[ [SLV], thanks 4re) -------------- $ +2018.87
No need to thank me, you pulled the trigger. I got stopped out on my SLV trade. Time to move on to the next one.
01/24: Pic. 1: Trade 1: LONG: Entry: $30.28 Exit: $30.20 -$0.08 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071069.png">
Pic. 2: Trade 2: LONG: Entry: $47.94 Exit: $48.75 -$0.81 A really good trade that I got shaken out of. This is a constant problem I am having (long tails) and need help/solution with this issue. I tend to get frozen out of the remainder of the trade and due to lose stops have some profits lost <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071081.png">
Pic. 3: Trade 3: LONG: Entry: $14.20 Exit: $14.37 +$0.17 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071086.png"> Total (+/-): +$644.00; [+$665.00-$21.00(commission)] 2011 Net (+/-):+$2662.87
Good trading. Sure it woul be nice to get the whole move, that will come with time. Youre doing quite well.
01/25: Pic. 1: Trade 1: LONG: Entry: $50.00 Exit: $50.00 +$0.00 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071416.png">