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A 70k bet that I can't make a 50% gain in 2009
- Thread starter geez
- Start date
Quote from geez:
5/14/09:
10:26 (rest of fill at 10:30) 1200 MGM BUY 7.69
STOP 7.55
TGT 7.99
Q: Why didn't you use wick of the last low (i.e. red candle at 10:10) for stop?
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2427032" />
Attachments
Quote from NoDoji:
PRU was #2 on my list for Monday (WHR was #1), and waking up just before the open, I too saw the gap down and figured I'd wait for a bounce to short it, never happened, just dropped all day.
Friday it had made an and of day hard run up into the close continuing a five day bull run. When I see those end of day runs I sometimes short at the close for the morning pull back. If I had been in town actively trading last Friday, this would've been my prime candidate for that play.
Do you ever consider that, or do you feel the overnighters are too risky?
Only thing I really like to keep overnight ..is...um....well, I'm sure you can guess Nodoji. I want to keep this journal clean.
Quote from snake:
Geez,
Thanks for the thorough response, that was very helpful.
One other question came to mind when reading that. If you have a long bias on a stock and it opens weak and acts weak all morning, will you change and go short if you see a good setup? Or, do you just keep the long bias and just not trade that stock?
Snake,
Good or Bad, I keep my bias. If it happens like you said, I will let it sell off and try to play the 1st higher low it makes.
Quote from snake:
Interesting trade....doesn't seem to fit your normal criteria as FAS was still declining. I'm assuming you were buying off the 1:48 bar but saw it a bit late? Worked out well for you regardless!
By the way, what account size are you working with? It's about 70-80k right? 70k starting?
Ok snake..
First , you are 100% correct! AT 1:56 I would not enter this trade. The entry was at 1:46, not 1:56.
This is the exact post on my journal....look at the time on the top and it will tell you what time was REALLY entered. I just typed it in wrong. Busy day at work today.
5-14-09 06:49 PM
5/14/09:
1:56 2000 FAS BUY 9.17
STOP 9.07
TGT 9.37
6:49 PM =1:49 New York time
Quote from TraderSU:
Q: Why didn't you use wick of the last low (i.e. red candle at 10:10) for stop?
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2427032" />
SU,
I asked myself that same question as I got stopped out...honest.
The reason I put this one under my entry bar was because of my prior LVS trade that went .30 in my favor only to stop b/e. I didn't want that to happen on this one , so I needed a tighter stop to get a smaller tgt price (2 to1). Emotions took over on this one. Look what happened if I just traded the chart.
Lessons learned everyday.