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You can see this at work really well on any 3-min chart. AAPL establishes the LOD today at 97.21, stages a small bounce and falls back to 97.24, There's your higher low. Go long on the next 3-min bar and you get to ride above 103. It establishes the HOD of 103.60, then fails to break higher...

Timmy, check out my journal: Page 17, 9/27 post has a MA chart with an illustration of S/R (day's highs and lows) and how they can be used: http://www.elitetrader.com/vb/showthread.php?s=&threadid=132626&perpage=6&pagenumber=17 Then look at the MA chart on page 16 for 9/25's post and...

Once a high and low for the day are established, you can go long at a re-test of the low or short a re-test of the high. Because you have a firm high and low price to work off of, you can set a tight stop. If the trade goes in your favor (fails to make higher high or lower low) you make money...

You can day trade in an IRA as in buy and sell a stock in the same day. But the cash doesn't settle for 3 days, so you probably won't be able to buy and sell multiple times a day unless you have a very large account. I totally disagree with tradersboredom. In these volatile markets I've found...

- $230 Today was frustrating, but worth journaling all the gory details because it was a strong learning experience. First thing in the morning, I placed a bracketed order with a cover target at 8.30 for my overnight short on HOTT, because I didn’t want to watch it languish all day...

- $230 Picked fine entries on all my trades, but impatience cost me today (half the loss was commissions). Hermit, check out my journal if you need to commiserate :eek:

FSLR raised guidance significantly for 2009 at their earnings call end of October. They basically made a run up from 95 to almost 180 in 6 days, setting up the short opportunity of the year. My broker never has shares to short and I'm kicking myself for not buying puts. I'm not sure they can...

Looking at the HOTT chart for today, I realized it displays some excellent trend line analysis for intraday trading, and I've attached an annotated version of my original chart post. I've drawn a straight trend line at the original HOD. The first time it tests the HOD and stalls, it's a...

+ $164 Shorted HOTT @ 8.68 on overbought stochastics very close to HOD and 52-week high. Actually put on the trade with the intention of holding it a while, but it dropped nicely and I took profits @ 8.45 on oversold stochastics for a $117 gain. I later shorted again and holding as it never...

+ $164 Traded conservative positions, missed some good entries, but overall not bad for small size.

Josh Lukeman's book is superb. I originally got it from the library, then bought it and read it two more times. I've recommended to several new traders who post here asking for advice. The important thing is to actually follow the advice in the book. (I'm slow, but getting there...) :eek:

Great post, Travis. Nothing's worse than when a string of successes with a strategy leads you along the path to destruction. I was shorting a specific stock near its 52-week highs, and had one successful trade after another. If the trade moved against me early in the day, I doubled the position...

That is the absolute truth and the market pounded that lesson into my head the hard way. I am far more careful now and adhere to my mental stops diligently. I realized that most of my profitable trades go in my favor immediately and I can set a stop to b/e or better right away. I had many trades...

Just a few trades, ended about break even, too lazy to bother with charts/blotter :D Shorted SAFM early in the day and it languished. I had to go to a practicum so I covered for a $25 gain. Returned later to see it had dropped nicely while I was away. Shorted SAFM again and got a partial...

Just a couple trades ended up b/e. Too lazy to post a blotter.

Hi Sparkwise, POT actually worked well twice today, around the first major bottom. Had I held on to my trade instead of exiting so quickly it would've been a very nice $1000+ gain. Later, trading POT to the long side required accurate bottom picking because it was making one new low after...

- $663 Two steps forward three steps back. I traded a lot today, but a) exercised poor timing and followup, and b) let a couple losers outpace my winners. Shorted FAF @ 14.23 and covered @ 14.11 for a $120 gain. Shorted ONXX @ 30, it pulled back a bit, put in a stop @ 30.04, which got...

- $663 Lots of trades, but let losers outpace winners, and poor timing :mad:

1R, I see why your ATM was giving out more money than mine today - you're trading 5+ times my size. I want to be like you when I grow up :p :p

The fact that MOS actually rallied yesterday on lowered guidance and soft sales projections and stayed stable today makes me think the ferts are ranging near their bottom. They should be solid for a nice comeback early next year.