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A 70k bet that I can't make a 50% gain in 2009
- Thread starter geez
- Start date
G,
My observation is that when the market has a big day (like yesterday) it is followed by a quieter, narrow range day (like today so far), which is harder to get things going. In this half day you already had the amount of trades you usually have in a whole day, so watch out for overtrading -- just my two cents here.
Did not understand your opening RIMM trade. It didn't seem like your usual entry for shorts. But I only am aware of two of your patterns so I look forward to your weekend piece for your explanation for the 4 patterns mentioned in earlier posts. Thanks in advance.
Good luck in the afternoon.
OC
My observation is that when the market has a big day (like yesterday) it is followed by a quieter, narrow range day (like today so far), which is harder to get things going. In this half day you already had the amount of trades you usually have in a whole day, so watch out for overtrading -- just my two cents here.
Did not understand your opening RIMM trade. It didn't seem like your usual entry for shorts. But I only am aware of two of your patterns so I look forward to your weekend piece for your explanation for the 4 patterns mentioned in earlier posts. Thanks in advance.
Good luck in the afternoon.
OC
Quote from OptionsCharm:
G,
My observation is that when the market has a big day (like yesterday) it is followed by a quieter, narrow range day (like today so far), which is harder to get things going. In this half day you already had the amount of trades you usually have in a whole day, so watch out for overtrading -- just my two cents here.
Did not understand your opening RIMM trade. It didn't seem like your usual entry for shorts. But I only am aware of two of your patterns so I look forward to your weekend piece for your explanation for the 4 patterns mentioned in earlier posts. Thanks in advance.
Good luck in the afternoon.
OC
Sorry for such a late reply OC,
I agree 100% when looking for a narrow range day on friday(like you said). My game plan going into friday was to get some shorts early on stocks that were extended to the upside this week, looking for alittle retracement in them, also the FAZ (bank shorts), due to the run up in them.
As for the RIMM trade:
One of my favorte patterns is to find a stock either extremely extended on the daily chart, or a stock that is up 2-3 days with very large candles on the daily chart, then has a large gap up the next morning (like RIMM). My plan says to short one of the following: The 1 min, 2 min or 5 min Low, with a stop over the top bar. This is an agressive move, but one that I find works more often than not. The reason I do this type of entry is, alot of times you will see the stock start selling very fast, and cannot find an entry. Also, alot of times you can get in a decent amount of shares and this is one of the VERY few times I look to split my trade: Let's say I go in 1000 shares, I may cover 700 at tgt and let the other 300 go for a bigger tgt. I also try to re-enter on a lower high if one sets up, adding back in a full position. Like I said, I am going to post my 4 patterns in much greater detail (this being one of them), but I'm trying to get the charts posted too, to give a good visual of each pattern. Hope the explaination helps, good trading to you next week. -G