A 70k bet that I can't make a 50% gain in 2009

Quote from Big Money:

Geez,

As I said, I was not trying to be critical without knowing all the facts nor trying to tarnish your excellent journal. My apologies if I came across that way. That was far more detail than necessary or expected (but appreciated). Glad to see you are working hard and taking advantage of your schedule flexibility to better yourself and explore the wonderful world of trading. I would do the same thing in your situation. I wish you continued success with your trading and your bet.

Good luck

BM
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Big Money,
No offense taken at all....If you could tell by my reply to you, I'm not that thrilled with the way MY tax dollars are being spent from what I have seen so far.
Thank you for your encouragement in my "second" income.
-G
 
Quote from elit5314:

this is a good thread to read. still expecting some description of your 4 set ups. seems u dont have time to post all 4 at once; may be just post one or two.
dont understand your trades that u take in the first few minutes of trading. other than that it seems u trade mostly off the wave 2.
ie HL for longs and LH for shorts am i right.
good luck trading on monday.
:)
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Sorry for the delay elit53,
I am a visual person myself, and would like to post actual charts to go along with each description. My computer will not allow me to take snapshots or post pictures onto another site (like ET), so that is the major hang up. I will try to get a laptop this week and post them from there.
As for the trades I take in the first few minutes of the day, I look for stocks that are getting extended in either direction and use either a 1,2 min high (if going long) or low (if going short) as an entry. This a.m. I will be watching LVS very closely. The daily chart had 4 days of strong buying with the last day being the biggeest. This all coming AFTER it made a run from 1.28 all the way back to 7.00. Here are the scenerios for LVS this a.m.:
1. If it gaps up I will short the 1 min low
2. If it gaps up and continues to move up, I will short the first reversal it makes on a 5 min chart (The first green bar that had it's low taken out)
3. If it gaps down I will look to short the first rally, as long as it stays under yesterday's high.
4. If it doesn't gap up and the futures do, I will also look to short on a 2, 5 min low OR when the futured have a reversal.

These are scenerios that I do each day with stocks that get extended in either direction. My reasoning is, if I was an owner of LVS for the past month and I saw my stock go from $2 to $7.50, I'd be looking to get some money out pretty soon, especially after the move on friday. So all the sell orders start lining up, and when they start to come in, you can a very nice move on them. So I try to get in early.
 
4/27/09:

Going to watch LVS WYNN and the bank sector short today.
Last week was the first week down after 6 weeks up on the indexes, I'll look for some follow through this week to the down side.
Good trading all! -G
 
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