Wednesday, May 11, 2011

Although I wasn't profitable today, I am still quite happy. I only traded the stocks I wanted to. The setups I liked. I was very picky. In fact, it was strange, because it seemed that there were a lot of stocks that were setting up how I liked. The q's though, weren't moving anywhere, and then boom, they took off. looking now, i can see SPY had the much nicer chart today.


APOL: only passed on this because of past history. i know this stock can go up or down like a rocket some days, so i was timid. she did work out nicely though.



EBIX: not exactly my smooth chart i am looking for but, when there is big bar down, and then a nice retracement that ends in a doji right on the moving average, i feel quite comfortable. it seemed orderly to me. i sat in the trade for a long time. the thing is, i can't pay attention to the level 2. it makes me nuts. i need to just stick to the graphs. watching the level 2 you want to enter and exit every second.



FE: nice orderly chart. 100% comfortable with taking on trade here. also, nice .10 stop so i could grab a few more shares.


FEIC: i was watching this one as well. i wanted to pull the trigger but the 15 closed below the moving average and that called it off for me.  would have been a great trade but i need to be disciplined and selective.




i have the confidence now to know i can find the correct stocks. it is going to be a matter of patience and timing. the best thing i ever did for myself was to trade from 11am-2pm only. yes there are setups that i miss, but i can't worry about that. today i had a good 1 1/2 of focus from about 11am to 12:30 i was on my game, scrolling through charts and soaking the market in. sitting here all day was too boring. limiting myself to 3 hours is very helpful.

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