Shots at shorts
That is what I should do in a market like this. It is a bear market, but I am still in bull market mode… looking for long trades. I should more often take a shot at a short.
At least I made some money today.
Tradersblog.info
The hardest way to make an easy buck!
Nothing great…
Click the chart for an overview
This was a very nice trade. But there could have been more in it. A lot more!
CNQ gapped up and formed a nice base. Just before 11.00 pace changed. The first wave down was the steepest. The second wave was a lot slower and the third wave stayed even more in the upper end . As price was approaching the rising sma 20(5min, light grey line) I entered a long position. I took all of at 2R, instead of partials. Don’t ask me why!
This would have been a great stock to stay in all day. I deviated from my rules and it cost me! Well better this then deviating from the rules and making more money, becuase it reinforced bad habits.
The POT trade was not a really nice trade. I don’t know why but when I entered I had a feeling that the consolidation was not enough. But then I thought, ‘but what if it will go anyway and I’ll miss the move?’. Usually if I think that before entering a trade its going to turn out bad. This case was no exception. My best trades often are those that I really don’t want to enter but I can’t think of a valid reason not to… In this case I ignored this knowledge, traded it and traded it badly.
I gave this trade more leeway then I usually do and had to take a full loss.
nEUROtic
click the chart
The currency (FOREX) market is hot. The $ is stone cold. The daily EURUSD chart looked like it could breakdown, but instead it broke to the upside with a lot of conviction. Crazy conviction! But in crazy markets there is often money to be made and the EURUSD was no exception today!
DLTR, APOL, PTR
Click on the chart for an overview
DLTR gapped up out of a daily consolidation. After a two wave correction during the day I spotted it when it showed the beginning of a 1 min bull flag. I was impatient in entering and cheated on target. There was only 30 minutes of the trading day left and the market showed some weakness
APOL had a nice 2 wave correction on the 1 min chart. I was a bit late and did not get the best entry.This one just failed to hit target and I got taken out on the trailing stop. Result 0.5R
click the chart for a complete view
PTR gapped up, was strong all day and during lunch showed a bit of a pace change in the range. I entered long when it broke the most recent swing in the range. Altough this one did hit target, I did not get a fill and was stopped out on the trailing stop.
Result: + 0.5R.
It was quite a difficult day with the market gapping down, rallying, breaking down and in the end rallying to the highs of the day. Still, it was an inside day in the in the QQQQ, and though the SPY and DIA broke previous days highs, it proved to be too much resistance to break with conviction. Todays result, 2R, is nothing to write home about but at least it was positive!
Tiny 2 wave pullback
- big momentum move
- consolidation
- red lines are initial and trailing stops
- 1st pink line is long entry ( 8.67)
- 2nd pink line is partial exit (8.93)
- 3rd pink line is closing trade (9.25)
- risk was 0.13, reward was (0.26 + 0.58)/2= 42 cts or more than 3R