Trying to short BIDU on Tuesday and Wednesday was like harakari a with long steely knife. Donot you see and look at charts? BIDU broke out from long cup shaped base? It was symmetrical triangle with small pivot point prior to that. Bidu does not sells off with the market. It stays green during horrific sell offs. Very powerful stock.
Here's what I surmise hurts us from time to time.. Personal Opinion and beliefs.. Neke.. you must think BIDU has no business priced where it is, therefore you try to "defeat" the stock. Same thing with those shorting Oil, Gold or Buying Financials..
Excellent post and point. What you just pointed out is a common death sentence for traders and a common mistake of many. Prices can run a long long time in either direction defying any logic (never apply it) or rational pricing.
And I completely forgot to set a short trigger under the pretty trendline I drew.. Was so busy looking for longs when I should've been looking for shorts.. It is why it is said markets are rigged against shorts.. the counter-rallies are so vicious and convincing... It seems more often than not your trades travel in the intended direction after taking your money.. food for thought.
Your BIDU March 260 PUTS (BDUOV) would have been worth 100K today had you held. If only someone had tomorrows newspaper today you could turn 1K into a billion in a month. Would you guys rather have that or the power to turn invisible?
Weekly Update for week 10 ended 03/22/2008 Another bad week, down 6.4K. Made some error of judgement in my discretionary trades and my automated did not fare much better. The worst was shorting GS after their earnings release on Tues on some strange impulse (I guess I can attribute that to the sentiment in the market being negative). Within two minutes of that, I was already regretting doing that, but I was off driving to work. By the time I got to the office and logged in, was already down 4.5K. Will give extra effort to getting more automated stuff going. That is my strategic direction: removing as much discretion as possible. Code: Balance B/F: 106,100 Net loss for the week -6,421 ------------------------------------------------ Balance C/F: 99,679 Number of Trades 21 Number of Profitable Trades 11 Since Inception of Thread 01/13/2008 - 03/21/2008 Balance B/F: 102,615 Net loss (Less Margin Interest) -2,936 ------------------------------------------------ Balance C/F: 99,679 (Down 2.9%) Number of Trades 196 Number of Profitable Trades 113 Expected Balance at this time to be on track for Year-End Target : 167,817 Status: Behind Target (Based on adjusted balance before withdrawals) Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS/LOSS TYPE POT 2008-03-20-09-32-58 2008-03-20-11-06-25 600 82524 87048 4503 LONG ----------------------------------------------------------------------- GS 2008-03-18-08-15-50 2008-03-18-09-36-01 1500 246356 241931 -4478 SHORT