Monday, May 3, 2010

no money made, but good day
















i was shorting the pullback from lows. i was expecting the market to head down. i doubled up as it continued to break lows. then i got stopped out. again, same as friday, when the qqqq's broke the morning swing high, X took off. then it had a beautiful pullback to the EMA. really great buying opportunity. i missed it because i was resting my eyes. it takes a lot of mental strength to be focused on the market for 3-4 hours straight. i working on it though.

















shorted retracement. never would have been stopped out but i got tired of waiting. just goes to show. set stops and let them work. i did have to bring my gf's sister to the airport so i got a small excuse.

































i bought this just trying to scalp .15 because it bounced back and forth for about 30 mins. i guess i timed it right and the stock xploded after. whoops

















wow, are you kidding me. i totally believed this was going to get crushed for another day along with BP. nice pullback to the EMA and rocket ship.
















q's breakout, X follows

















15min gs















10 min gs
















5 min GS. i was just comparing the different time frames. there is a theory that you should only trade when all 3 time frames are in agreement. this would have given a very nice entry on the 15min. the min was too early. when looking for pullback turnarounds, it is probably a good idea to watch the 15min and see if it produces a doji.

















gap up, stopped up, nothing happening.
















wow. i shorted this retracement. son of gun stormed later in the day.
















i passed on this one because it was too early in the day, but nice stair stepping.
















beautiful doji right along the EMA. would have been an excellent entry had i seen it.

although i lost a small amount of money today. it feels good. i am not just haphazardly buying highs/lows, retracement, stocks that are running, blah blah. i have reason for these purchases. New highs with market, or retracements near the EMA. it gives me more confidence. i also am waiting for my price again. the only trade i wish i would have nailed better is the GS trade. just because there is a 5 min green bar, doesn't mean buy. but a 10 min or 15 min green bar or doji, is a much better indicator. if i am watching the 5, i think i need to wait for the u-turn. i am always expecting a V. meaning that i am always expecting the stock to reverse right after that 5 min bar, and more often then not, it is going to bounce back and forth. let it. be patient.

that is the other new thing. i am being very paitent, waiting for my trades to set up. let's see how tomorrow goes.

p.s. it is funny when some traders online are saying there is nothing to trade, the action is horrible. i think just the opposite, if you wait for your times, and be patient, today could have been another amazing day.

1 comment:

  1. Thanks for sharing Joshua, I appreciate the introspection and progress. If you find any extra patience - send some my way =)

    Heres to some good trading today bro - all the best!

    ReplyDelete