Friday, November 12, 2010
for reference
some go up. what i like about this chart is if you got in around 12:45 you would have been stopped out. i still would take the trade. but, i think the ideal trade is the second trade after the tail down. but, i am never willing to wait for it because it seems to happen 50% of the time. so you need to take the first signal, and if you get stopped out, go after it again. that down tail is the market taking out all the long stops who have been hanging in for a few hours. then the take 'em out, and let 'er rip.
i love seeing the action around the lines. i thought those two doji's were textbook. i didn't want to get long the first doji because so far the trend was down. i prefered to wait for the short entry instead. i got in using TZA long, a little early, but okay.
TZA: I don't know at what time i got in. Seems a little early but i guess it was good enough this time. the only thing i didn't like was not getting paid for holding. i think this trade was worth about .25 or so. and i choose this stock to play against the q's. i guess TZA doesn't have the same umph from when i left. i sold into the second -1000 tick. i was trying to sell into the losers. i also thought the market could double bottom at this point. .i sold on the second push of TZA into the highs thinking it wouldn't push any futher through.
it was in fact consolidating at the lows. i'm sure some of it was mental, just wanting to lock in profit, in fact it probably had a lot to do with it. i always get caught in double tops and bottoms. what would you have done? covered or held?
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Covered and jumped back in =)
ReplyDeleteAnd BTW - nice trade!
ReplyDeleteyeah, you are right. no reason not to go back after it.
ReplyDelete