Here comes the sun…

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Solar Power to the rescue… I missed most of the shorting ‘fun’ today, had a few scratch trades. In the afternoon the market started a reversal and I spotted FSLR. It had a 1 min 2 wave pullback and a nicebase after that. As the market was consolidating at the same time it was the ideal spot to enter, but I did not expect it to run right to my target. It did try to scare me out by retesting my entry, but I stayed put and closed all at first resistance, previous days low (thin red dotted line)

Tags: 2 wave pullback, daytrade by Art Vandalay
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Out of sync

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Today I did not feel very in sync with the market. When I shorted the market went up, or the market went down but my short did go up. It was a struggle, but there were one or two nice trades that saved the day.

Cenx was one of them. It gapped up, just like many stocks this morning, but came back rather harsh. It consolidated for quite a while, forming a nice little base. When it broke down I shorted and covered partials at 2R. Trailing the rest until the large bullish 5 min candle at support. Closed above that candle.

Tags: daytrade by Art Vandalay
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Bear market

Somehow my natural inclination is to go long stocks. Once a bear market start I am usually in trouble first, until I readjust.

Today I had a few good trades, IBN was one of them, but I kept anticipating the market reversal.

I traded CIEN long twice, only to be stopped out. It was all very obvious, but it was a matter of trading what is, instead of trading what I want to happen.

IBN was a great trade. The market gapped down and IBN too. The gap down corrected with 2 up waves, the second one slower in pace than the first wave up. See the pink lines below the chart.

The second wave up bounced into the 5 min 20 SMA, that was falling. My first target was the equal move, it got there pretty quick. I took a partial at that target and trailed the rest. I was hoping for a lot more, but I just got a tiny bit more. 3.5R is nothing to sneeze at and it was a nice offset to my anticipating a reversal.

There must be a reason for the expression: “The market always does what the trader expects, but never WHEN he expects it.” This was the case. After giving up on a reversal, the market reversed… :)

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Tags: 2 wave pullback, daytrade by Art Vandalay
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