NoDoji's Day Trading Log

[NoDoji]

- $141

Good ideas today, poor timing.

Didn’t grab HOTT at the opening run up, sadly. Scaled into a short position later @ 8.92.

Shorted ILMN too early @ 33.78. My logic for the trade was that it was approaching overbought, yesterday it fell hard from above 34.00, so I would either take profits on a drop or add to the position on a run up above 34.00. The plan itself was not a bad one. I was was about to add to the position on the run up and I hesitated. I took time to think thoughts, which is a day trader's nemesis. Down it went while I was thinking, and I would've had a nicely profitable trade there. Hesitated on the 2nd run up, left profits again. So on the third run up I added to the position and of course it then tested highs. Third tests of resistance often break out; I know that. When it pulled back to oversold I covered @ 34.28 for a $257 loss. I didn’t want to take the chance of getting “stuck in”. My cover was just .03 cents from the bottom of the move and it never dropped to that point again the rest of the day.

Technicals helped me choose this timely exit: Stochastics oversold while the price held strong right on the periodic SMA’s. This spelled “exit”. I am extremely proud of my risk management on this trade, though disappointed with my hesitation in taking advantage of morning volatility.

Short ILMN again @ 34.56, pulled back from overbought off run up to new high. It pivoted and hit yet a higher high, then pulled back, showing strength along the way, so I covered at the 20-period SMA for a mere $63 gain.

Short IDCC 33.25 overbought, covered @ 33.14 oversold for a $107 gain, just .03 cents from bottom of the move. Set limit on second short entry and missed by .01 cent, by far the better short entry, too.

 

[NoDoji]

+ $108

Well, the CECO saga finally ends. I had shorted inadvertently, added to the position on a strong run, then failed to take profits twice, because I thought it would die further, only to have it run against me twice to hit major highs. I was close to “risk management” on this one, but Wednesday’s move left the daily chart looking positively ugly and, combined with Reuters’ and S&P’s very bad reports on them, figured the price would approach b/e, so I remained seated with my tray table up and my seatback in the full upright position. It dipped down nicely at the open this morning and I covered not far from the LOD for a $120 gain before it bounced.

Bob called SGR and I brought up the chart, liked it a LOT, ready to short @ 31.04 and before I could hit a key it dropped almost .30 cents. Would’ve been a great short even at that level as it drifted down all morning.

Started a small short position on IDCC @ 33.85, overbought, down in an up market. Later it has a nice run up, but I patiently waited for a test of HOD. not impatient this time. It never made a run up high enough for me to consider adding to the position and taking profits. I believe this one will retest recent lows, and will add to it Monday morning on any run above today’s high, or simply take profits on any test of today’s low.

Spent most of the day studying FAS/FAZ and SPY in consideration of possibly trading them.

On my short radar for next week: BBBY, FFIV, IDCC, ILMN, MYGN, SGR

On my long radar for next week: DVA, FAZ (sell the news play), GE

 

[WinstonTJ]

Quote from NoDoji:

+ $108

Spent most of the day studying FAS/FAZ and SPY in consideration of possibly trading them.

On my short radar for next week: BBBY, FFIV, IDCC, ILMN, MYGN, SGR

On my long radar for next week: DVA, FAZ (sell the news play), GE

I like seeing this...

But I only want to see you make $$$ or I'll feel bad

Thanks for showing me the stochastics!!! Your playbook worked flawlessly this week!

 

[NoDoji]

Quote from winstontj:

Thanks for showing me the stochastics!!! Your playbook worked flawlessly this week!

Win, you were rockin' this week! Let's make a deal: If I trade those ETFs and lose money, just reimburse me as a "thank you" for my playbook

 

[NoDoji]

+ $81

It was a serious ADD day for me today.

GE on my long list and CELG hit my radar on open for a short, two superb trades from the open. Also DVA on my long list and it had a nice failure to make a new low around $45. Did I trade any of these? No, I was messing with…

…my overnight IDCC short, which drifted down all morning, then appeared to stage a rally, then drifted back to support and hung there, so I covered around b/e, looking to short on next rally. It dropped hard as soon as I covered.

…shorting FNF @ 20.05, stop @ 20.30, hit for a $125 loss. Instead of sticking with FNF for the better entry I…

…shorted IPI @ 24.87, covered @ 25.00 when stochastics crossed up @ 24.98, figuring it signaled a breakthrough, which it did.

And while I was messing with IPI, FNF set up an excellent short that I missed.

Later, shorted FNF @ 20.20 on pull back from failure to make a new high. It ranged at that level forever, finally breaking down to oversold at just 20.08, where I covered for a $58 gain. Tried to short again @ 20.20 on the bounce and it dropped sharply before I could place the order.

Short FNF @ 20.01, overbought, failure to test highs, bumping its head against the SMAs (basically a “Jupiter aligned with Mars” trade). Covered @ 19.86, oversold, 55% retracement of current 3-min bar for a $73 gain. Patience would’ve paid off as long as it stayed beneath the SMAs; I covered too soon, not paying attention to that aspect of the chart.

Short IDCC @ 32.78, holding.

Was unable to short additional HOTT today, so had the better half play it for me, short @ 9.81, covered @ 9.72 for $180 gain.

 

[BostonKiller]

Quote from NoDoji:



It was a serious ADD day for me today.

Why do you think that is? It's normally the case for me, a very inexperienced trader. I wonder what might be causing it?

I know, I am personally easily rattled - like today, when I failed to set the Stops properly and lost and then just went for a random trade at the end of the day and lost again. Could have your earlier losing day (a first after so many winners) beenthe trigger?

Anyway, you stayed positive, so thumbs up

 

[NoDoji]

Quote from BostonKiller:

Why do you think that is? It's normally the case for me, a very inexperienced trader. I wonder what might be causing it?

I know, I am personally easily rattled - like today, when I failed to set the Stops properly and lost and then just went for a random trade at the end of the day and lost again. Could have your earlier losing day (a first after so many winners) beenthe trigger?

Anyway, you stayed positive, so thumbs up

Bos, you said it. I too am a very inexperienced trader, and often analyze too much, missing entries that way. First thing in the morning I have trouble putting on more than one trade because it's rather volatile, so I miss a lot of opportunities that way too.

(But we all know the real reason is because no one has said anything mean lately. Where's Boosh when I need him???)

 

[BlindLemonBoosh]

Quote from NoDoji:

(But we all know the real reason is because no one has said anything mean lately. Where's Boosh when I need him???)

I'm staying away from you, because you went over to my thread and said something nice - then I had a losing week. You're bad news sister.

 

[NoDoji]

Quote from BlindLemonBoosh:

I'm staying away from you, because you went over to my thread and said something nice - then I had a losing week. You're bad news sister.

Yeah? Well, maybe I'll just unsubscribe to your worthless POS thread! (OK, we should both be on the winning track again.)

 

[NoDoji]

+ $364.50

My overnight IDCC short, drifted down this morning, then appeared to find support with large buying volume just under 32.70, where I covered around b/e, looking to short on next rally. Wait, that sounds exactly like yesterday's post. Will this be a déjà vu of yesterday? Yes it will, as IDCC hit big new lows shortly after I covered. Aaarrgh. I keep missing the big picture on my profitable trades, yet have been willing to hold for the big picture when a trade I believe in runs against me.

Took a long break after that to set up and study a new trade alert system, which I didn’t care for at all and missed all the best trading of the day while diddling with it.

Short HOTT thru IB @ average price of 9.66 (limit order filled partially, then the rest at a lower price, very odd; Etrade never does that). Covered in 4 tiers at prices just above the LOD (that’s what I like about IB, you can trade like a pro without paying out the nose in commissions) for a $220 gain. I plan to make the switch someday, honestly. Meantime, I’ll continue to use my husband’s for scaled trades and things I can’t short thru Etrade. HOTT is always on and off in Etrade's shortable shares department.

Short HOTT @ 9.61 on pullback from overbought. The trade was on husband’s IB, so he’s watching it on his 1-min chart and wanting to scalp profits at 9.56 and I’m watching my Level II action from my platform and yelling, “Be patient, be patient! The scalpers are moving the stock up, but the real pressure is down.” It was interesting for him to watch me manage this trade in a very different way than he would. Covered in the 9.53 range for a $120 gain.

Set a buy limit order on KO @ 40.25 as it hit lows end of day and missed by .03 cents. What a bounce, too. There was a 5,112,100 share buy printed in after hours. I never saw a print that large.

I spent a lot time observing chart action in the afternoon and it struck me how important it is to trade with the market. Today, no matter how low the stocks on my watch list went, they were still shortable at the next overbought “rally”. On up days, no matter how high they go, they are still good for a long on any oversold dips, as long as the trend line remains intact. Today I hesitated to short many times because it was later in the day and the price had already dropped a lot, yet every single setup would’ve been very profitable. I’ve posted a chart of IDCC to show this.