NoDoji's Day Trading Log

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Shorted CECO again @ 19.55 overbought off rally. This wasn’t a true test of the HOD, so it rose a bit more before falling back. Set a 19.45 cover target based on 50% retracement of the HOD/LOD range, filled for a $100 gain. (Bos, as you know we left money on this one.)
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We did, didn't we? :)
In fact, I have left money on all my trades today. Gotta work on those exits.
But - great job, NoDoji and it's a tremendous pleasure to be trading with you. I was super-busy at work so I couldn't join for more trading during the day. I'll try tomorrow.
 
Bos, thank you!

Question: what was your rationale for the MOS short? I was really intrigued, because it turned out to be a good short entry, but you shorted not far from the initial LOD and I thought it should retest that level first, which it did and it broke down nicely. But I would not have shorted before that test because of the strong chance it could've made a higher low and rallied hard (look at the strong rally triggered by the higher low around 11:15).
 

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Bos, thank you!

Question: what was your rationale for the MOS short? I was really intrigued, because it turned out to be a good short entry, but you shorted not far from the initial LOD and I thought it should retest that level first, which it did and it broke down nicely. But I would not have shorted before that test because of the strong chance it could've made a higher low and rallied hard (look at the strong rally triggered by the higher low around 11:15).
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NoDoji: See a red candle at around 10:03AM? To me it seemed like a good indicator of a possible end of Reversal and potential buildup for a downward move (the top wick of the candle is below previous highs - you can draw a line and see).

That's pretty much it. It did not turn out a particularly profitable trade, but the entry was decent (should have been in the 32.50-32.45 range, not 32.35, but I keep missing setups as it is). I also should have stayed in it much longer, but I anticipated a rally off the bottom.

Hope I made sense there...
 
One quick note: another good short entry would be around 10:27AM - the stock formed what seems like a Descending Triangle and then broke lower.

Of course I only noticed it now :D
 
Bos, yes that makes perfect sense now that you explained your entry was late. The red candle with the lower high was green at first and retraced all of its gains, so that was a great short signal.

As for triangles, I need to learn some geometry now, ha!
 
+ $462

Shorted WYE @ 37.61 targeting retest of yesterday’s low. Tripled the position @ 37.95 for avg price 37.84, target 50% retracement of range. It showed strength and stagnated close to my target, so I finally covered @ 37.78, tired of watching it stagnate. It immediately tanked hard the moment I covered. Total gain +$75.

Shorted VFC @ 53.89 overbought near HOD, stop above HOD @ 54.30. Quickly moved stop to b/e when it dropped and somehow the default of the previous order type “stop” changed to “limit” and took me out for a measly $60 gain, as VFC dropped hugely. I was soooo pissed. I assume it was my fat fingering of the order entry, but I don’t remember changing the order type at all.

Shorted VFC again @ 53.67 overbought. It moved up to test previous resistance, so my early short cost me some profits. Covered with some slippage @ 53.50 for an $87 gain, near the bottom of a hard bounce up.

HOTT bounced off previous major support of 8.13 and I took profits of $100 at my original target because it was extremely oversold on the daily chart. My original plan was to add to this short if it rose above 9 and cover below 8, but there were no shares available, so I held for the long haul. The price rose all day after I covered, so pleased to have taken profits.

Shorted WYE again @ 37.86 overbought not far from HOD. Covered @ 37.70 for a $153 gain when the level II gained strength, and I thought for sure it was going to make a higher low with the stochastics only halfway to oversold. Stochastics told the real tale when all was said and done, as it retested the LOD and got stuck there.

Shorted CECO at 19.58 overbought on a nice run up. Added to short @ 19.95 for average price of 19.77. Then it had a massive rally to major resistance and I expected a serious short squeeze there, and whoa it pushed all the way to 21.10! I thought about doubling my position there and could’ve taken a profit on it had I done so, but I didn’t want to risk being over-leveraged.

Shorted APOL @ 86.04 overbought, trend line target @ 85.74. It rallied so added to the position for average price of 86.52. It rallied the rest of the day, and never pulled back enough end of day, so holding this one as well as CECO with unrealized losses, looking for retracement of the runs.

Although I have unrealized losses on these overnights, I put on the trades willing to hold longer term for the retracements. When they move against me I ask myself, “Would I buy the stock at this price?” and if the answer is “Heck no!” then I won’t cover at that point.

Scalped $73 shorting WYE near end of day figuring it would range. I really left profits on that one, because I was paying attention to Level II instead of the double top with lower high (kiss of death chart pattern), and down it went without me.
 

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-$907 day
+$2066 week
+$3231 month

Opened up with no trading capital. I guess my overnights tied up all my capital, which was surprising because my large FFIV position didn't tie up all my intraday capital. My first inclination was to cover both my shorts on the morning dip and take the losses to free up capital. Always trust your first inclination. They both appeared weak and I expected more pull back, but no, they bounced. So I covered half my APOL at a $650 loss to free up some capital.

Shorted WYE @ 38.59 on a break down thru the LOD. It was oversold, so normally I would not have shorted here, but wanted to try the classic play of shorting a break down through the LOD. Covered @ 38.69 for a $50 loss when the stock gained strength. Used the Level II successfully to detect a very typical pattern I see where the bid is several cents lower than the ask and the rest of the orders lined up look weak, but there are continued prints at the ask. Every time I see this, the stock rises. I will not likely trade this strategy again.

Shorted WYE again @ 38.96, stop above HOD, moved stop to b/e when it dropped, but it pivoted and hit stop for cost of commission. This was a case where leaving original stop in place would’ve paid off.

Shorted VFC @ 55.36, stop at HOD. Considered taking small profit, but it looked weak. Ended up spiking up, stopped out for $163 loss.

Here’s why you place your limit order BEFORE going to the bathroom: VFC stops me out and soars. Just above 56 it stalls and I have to go! I figure it will stall for a while as everyone contemplates whether that’s just too much resistance to keep buying into. I return to find it at 55.66 and approaching oversold (and it continues down further from there). Oh well.

Watched VFC as it returned to the HOD. My initial inclination was to short on overbought close to that level, but the level II was talking to me and I held off. There was a brief dip off the HOD (short sellers coming in) and an immediate bounce to a few pennies above the HOD. Then another smaller dip and a bounce to a slightly higher high. It now had a breakout feel to it; I've seen this again and again. So I waited, and it did break out, all the way to 56.47 and why I didn’t short it there I don’t know.

Shorted WYE @ 38.86, stop @ 39.16 just above the HOD. It tested 39 and dropped, I covered @ 38.80 for a $33 gain when it seemed to pivot, as I did not want to end up holding another position overnight. My original target of 38.66 based on trend line was actually valid after all as the price eventually dropped and bounced off 38.60.

Scaled into a swing short on HOTT @ average price of 9.17.

Holding part of APOL position & CECO with unrealized losses, but I still believe they will retrace significantly. If they make significant new highs next week, I will likely cover at a loss on the next pull back from those highs.
 

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