Weinstein Trading and Fading

I also traded AMZN after earning,started to buy at 119,to my horror it keep going down and I keep buying,look like I am going to lose my shirt today,but I was willing to hold overnight,to my surprise it start going up and I started to sell slowly and done by the time price hit 126.Never again this game, I promise myself.

 

Trend following kind of day

I came into the office early today and did my usual scans and saw nothing and I mean nothing that looked good. Even X didn’t look good and I thought it was going to give some love today. I was looking for a lower open and a bottom to go long with and it was higher in premarket which would have been great if if closed below the low two days ago. I calculated the odds of being more likely than not that it would make another test of the lows and so I didn’t touch it. After todays price action it does appear that its going to want to take a look at the 200MA which I show just under 42. The Fed is say they are going to keep rates low for a while which means two things. If your making money and you can make more by borrowing money your golden and if your not making money and would only borrow money to stay afloat your in a heap of trouble as the economy is in the dumpster or the Fed would not keep rates so low. I think I will skip X for a while
DAL WW daily stopped out +33
short near the end of the day stopped out. IOC was trading in the 61.50 ish range in the afternoon when it looked like it was having trouble. Following my thoughts on this would have been the thing to do as it never saw that high of a price for the rest of the day and I just watched it fall further and further. I did have a second kick at the can when it went of 61 again but I passed on it as it didnt look weak enough. I did end up placing a small trade and as it would turn out I was stopped out shortly after + 2

SNDK was my best trade of the day. It was also a trend following trade that I scalped as well as added to on the way down. some of the scalping worked out and some did not but in the end it worked out as a nice trade. The stock pretty much fell from the 26.12 level where I started to short it and slowly fell until around a half an hour to go it bottomed out at 25ish and was able to bounce back up. When it hit 25 I had 200 shares and I covered 100 at 25.01 and the other half around 25.16 on the bounce higher. + 401

+ 436
- 460 Month

 

I was screwing around with 20 shares at a time. no worries. If you had full lots or higher I could see how that could turn into a horror show REAL fast. BIDU was one day of lack of strict discipline and it cost me my month. Being right is not good enough, you have to be right and you have to time it correctly. Miss either one and you better know how to hit the exit fast or your toast.

Have a great weekend and I am glad the trade worked out well for you

Robert

 

Damn, you just about made back all your losses. While it was a bumpy ride, I believe you handled it really well this month. Hope next month would bring a smoother ride.

 

Great job fighting back to end the month near even, Robert.

 

Hi Saliva,

Thanks. It started out good today and then I just fell apart but in some ways not nearly as bad as I have in the past.

I wish you a very good month yourself

Respectfully

Robert

 

Hi OldSpec,

Thanks. I keep working at it. some days better than others.

Best

Robert

 

I took a good day and turned into a horrible day

Early on I did well with AMED IDXX NFLX and VCI. JNY never was a good trade but I walked away soon enough.
I ended up on the wrong side of IDXX and AMED and picked the worst times to walk away. Well almost the worst times.

AMED on my second time with AMED I did take a stop (way later than I should have) but I did go long and made some back. Then I covered the long pretty much at the top of the move and started to short again. I wasn’t very aggressive on the way back down but I did add as it fell and then started to cover. I traded it back and forth a few times and closed out – 1910. This was actually much better than at the point I took my first stop but no where near enough size. AMED after the first time trading it today was a nice gain so this was that much worse. – 1910

IDXX was poorly executed on the second time as well. I had closed out a gain and I shorted it again when it looked like it might break through 49. I added as it went down and then scalped some but when it snapped back up into the close I waited to long to exit. I then actually went long at the end as it tested 50 but covered at just above break even with about a min to go. I don’t have up on my charts an alert of entry for oversold. So when I at first went long IDXX I manually calculated it. That worked out fine but on the second time around I interchanged VCI with IDXX when I went long it was not in my mind that this was the oversold stock earlier. I am not sure how I did this but perhaps because I finished it and then went on to homework. When I came back to it and shorted it is when I thought VCI was my oversold long. Very frustrating. – 534

JNY was a long that never worked out after three tries and getting stopped out for small losses each time. – 137

NFLX was ok. Went short and was stopped out early in the day. Took one more stab at it and stopped out again near break even. + 42

VCI was my one good trade that I didn’t make multiple mistakes with or allow it to go bad. Gap up signal that did not fully qualify in time but the price qualified it. Made just over target even after scalping it. + 330

I allowed my PnL to alter my exits and choices and paid the price. Like stated in Trading in the Zone I ended up doing what I was trying to prevent by trying to prevent it. One saving grace I guess is that I did exit everything at the close as I didn’t have a reason to hold overnight with IDXX and especially AMED or NFLX. At one point it was a very good day. It seems like I make a lot of these simple but dumb mistakes when I am tired. I went to bed and fell asleep around 2am as I could not sleep and then was back up at 6:30. Also the entry for following into the close with a trend needs to have an entry and exit worked in the signal so that I may simply enter in both at the entry of the trade and let it do what ever its going to do. I keep making the one step forward one step back and hopefully for the next of the week/month etc… I can figure out how to get away from this pattern.

- 2209

 

Robert,

what do you do for a living ?

 

I am a trader. Well at least I try to be some days. Today was not one of them.