Tuesday, May 18, 2010
funny me replaced the X chart i always have up with TNA today. oops
ridiculous chart all day long. down down down
short the big volume spike
i tried to buy the pullback. didn't work
first move was buying after that hammer. i missed the better price entry because i was watching BIDU. i tried to buy at the new 5 minute candle with a stop below the last candle. stopped out. then i shorted after the doji. put on some more shares, stopped out of them, and then i put them back on. obviously, left alot on the table. these exits are going to be my downfall. i need a rule.
shorting the retracement, stopped out but pretty close. i should have kept on eye on it, but somedays i have seen APOL go down, and then ride up all day. also, i believe the education stocks trade opposite the market. i am going to have to do a correlation calculation with them and let you know.
this along with FXP is going to be my go to stocks when i want to short TNA. i can't short tna with lightspeed.
don't ask. sometimes my candles a minute late, but it still doesn't make sense what i did here. i checked my orders, it says i bought at :38. that would make sense. i was trying to ride the pop until the end of the 5 minute candle. the short afterwords, was to big of a risk +.45 but it would have been worth it. i think here, it actually popped a $1, so it had bigger move to the downside. usually, they pop .30-.50
i was shorting lows, i didn't take my profit after the push down, i think it was about $60 in the green,something i would normally do. but, $60 isn't anything. i need to be taking at least .50 a share, $100-$150 a trade, if i want to be profitable. the candle wound up a textbook hammer but the stop was too far away for me to trade. nice retrace to the EMA. then later in the day, i passed
on the short entry. then took it later on. got stopped out, shorted, stopped out, and then shorted again.
this short i am okay with. it was further from the EMA than i would like but that is okay. i shorted as it broke the low of the previous candle, but the candle turned around to form a mini hammer. there was a nice short entry around 12:15 that i would have gotten stopped out on, and then another entry around 12:40 that would have finally worked.
overall, it was a tougher read for me today, but as you can see it could have been very profitable if i did a better job of separating the noise. not much else to say. today was a brain drainer. eye balls hurting, head hurting. what are you going to do. better than managing a bunch of monkeys.
i remind myself how fortunate i am to be able to daytrade from home. i really have only been trading since january without working, but man the cash disappears quickly. it is time to free my mind and start making money.
till tomorrow
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Looks like you had some profit on ESI before the stop? Those are so tough emotionally.
ReplyDeleteWe were on the same side on DNDN. I almost shorted after I got stopped, but the chase and loose stop kept me from out - despite not looking at the PnL - need to remember to consider that when I set stops.
You had some nice setups. Hang in there - I can see it coming!