Contractor

B

Builder17

Keeping a journal to keep track of some trades, get feedback, talk about whatever (market, entertainment, sports, etc), and perhaps even attempt to develop some much needed discipline along the way. If it happens, it happens!

Have a full time job, but will try to keep this up to date as much as possible. Been cutting down on trades recently, so won't be too active. Fewer trades seems to work better for me. Patience is something I'm still striving to develop as well.



Today purchased some APC calls (47.50) at .68

Targets are gap fills above.

Stop Loss is discretionary, but likely in the .40 range, depending on the price action/charts in the equity.
 
just bought a few more. waiting to see what happens end of day... what i'm looking for should either work out today or i will reevaluate
 
CRUSHED!

Analysis:
Overall, this was a pretty poor trade, in terms of management, which is everything at the end of the day. By the end of the day Wednesday, as APC sold off like crazy, and though I was not at my computer due to other work, it was easy to see my reason for being in the trade - the IHS on the 15 min -was invalidated... as well as my belief (*at the start of Wednesday) that APC had bottomed near 40, and would quickly make its way back to 50, at least by opex, hitting the gap near 44.60 by the e.o.d. Wednesday.

I actually liked the entry on this trade and was quickly good for .20, which would have been a very respectable day - had i been around to get out, and provided I would not have been my normal greedy self... but I know I wouldnt have taken any off there, so may as well not even say it.
And with no set stop-loss in option trading, this trade became a huge loser by the end of the day Wed., with a negative 20% dive in the equity. My tech analysis seems to have been a day early on this one.

While that selloff was nasty, it would look to be the bottom in APC and perhaps in related stocks like BP. Have to wait til next week to see what happens. But new IHS seems to be working right now.


Lessons from this trade:
This trade shows how defining time period for each trade is extremely important. Must have a plan to know when your trade is working and when reason for being in the trade is thrown out the window. Also important to have a set stop loss, and what you're willing to risk, although difficult with option trading. (Any brokers offer this??) Especially on monster sell off/huge moves in one direction. Obviously 20% moves arent the norm in most stocks.
 
still trading APC. This looks to be an important zone right here (today) and will determine whether 40 is coming or 47+ by friday
 
after poking head below uptrend channel on 30 minute chart, they got it back above, and now looks pretty bullish with possible close today around 45 or even just above 47... assuming channel holds.
 
long APC 42.49
stop 42
target 44.2


swing
short GLD 121.07
stop 122
target... hmm i know 109 is coming, just not sure how long id have to wait...
 
Quote from Builder17:

long APC 42.49
stop 42
target 44.2
More...

hit 43.5 and decided to reverse while i was out of office toiling in the heat for majority of day. nice.
=stopped for .49 loss

if youre following APC... tomorrow (early) would seem to be a key day in the IHS set up/failure. maybe they want that (small) gap closed around 39 before the 50s.

on another note, im surprised GLD wasnt stopped out. i should have looked at 30 minute chart before entering (only used daily &weekly) since it is swing.
 
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