PropTrader - Daily exploits

Didn't update yesterday, sick of these losses hahaha, I still don't know how I lost $$ yesterday. I didn't take a single long and the market was down 2-3% at one point. My trading must just be bad.

Most of the losses have stemmed from Citi. I shorted C before the market (SPY) made a 200 point move down. The max I could have got was 3c. What a joke. If I bought those levels I would have made 4-5c on the upside. Decided not to trade it today as a result.

So after losing $500 yesterday I decided that I was going to keep a low profile today. Couple winners and a few losers. Very tough to make $$ while so easy to give it back.

I think tomorrow may be an interesting day with quadruple expiration and S&P re-balancing. May be a good chance to take a chunk out of this negative month.

Losing ain't fun but it sure is easy... gotta stay positive mentally!


Date: 16+17/03/2011
Net P&L: ($500)
Month Balance: ($2,960)
 
Well, its nice to finish the week off with my only green day. I decided to take smaller risk today. nothing much happened with quad witching so didn't take any size.

Only trade of note, not in terms of size but in the mechanics of it was CIGX. It gapped up in the morning and started coming down. I didn't buy until the moving averages lined up. I have been testing the 9EMA / 30 WMA strategy for entry points in trade setups I like. This meant I got in 1.5k @ $3.33 and after consolidating it moved up to the high 30s... after letting the moving averages catch up I added another 500 shares @ $3.40 givng me 2k @ $3.35ish. I then patiently waited and got out on a pop above $3.45 with covers of 500 shares @ .46 .47 .48 .49. I was happy with my out as it immediately pulled back to $3.45. It later broke out quite hard, up to the .70-.80s. So I missed a lot on the upside but I really did well with my initial position and added at the right spot. Very happy with the trade itself even if it only made me $250.

So very rough 1 & 1/2 weeks for me. Let's hope I have bottomed out here... now let's squeeze some of those people short on my p&l. To be honest I would probably short a bounce in my p&l but I guess I haven't been trading well of late so thats probably a good sign hahahah... I'm rambling... ready to enjoy the weekend

ciao

Date: 18/03/2011
Net P&L: +$130
Month Balance: ($2,830)
 
I feel your pain brother, +270 on thursday then down 130 on friday. Im having a hard time getting a read on this market. Also, how do you like using the 9EMA and 30WMA to find setups?
 
Didn't update yesterday, these frustrating days are exhausting mentally. I'm basically at the stage where everything I touch turns to red on my P&L. I have had times like this before and they will happen again. I think it's just the market changing a bit and I need to adjust to it.

On Monday I didn't do a whole lot, although I still found myself down $300 spread out over 5-6 setups. I then got into a nice trade on ALU. I was long about 10k at $5.25, it went up to $5.29-30 and was looking strong. Then it pulled back without going back up through any level and swiping the bid every time. I went to take a flat @ $2.25 but only got out 100-500 shares. Then out of nowhere a 500k market order hit the stock. My level 2 got stuck and all I could see was $5.21 on the time and sales. I banged out and snapped my pen. It was then that I swore not to trade ALU again. You can not trade against sh!t like that... 500k market order is the type of stuff I used to see on DELL. No thanks not trading that sort of bs. So that meant I was down $700 with little prospect to make anything back.

I ended up catching a nice long on S from the mid $4.20s and kept it until the imbalances where I got out at $4.37. This made back $200ish. Finished the day down $500 and very frustrated as I know exactly why I lost that amount... freakin market orders!

Came in today and it seemed like more of the same. Volume was horrible today. Seems like anyone flat on the market should be shorting any pop above the 130.00 level on the SPY. Looks like we are holding well for the start of a new short term down trend.

Lost $300 on various stocks... nothing really stands out. It was -$50 here -$70 there. I did get a nice break out on PRAN from the $4 level... only took small size but made like 40c. It's frustrating to think I had the long @ $2.24 yesterday and to see it up over 100% on that today. **sigh**

Played earnings on ADBE by looking at the chart. Going against the day movement seems to work a treat. The only time I went with the day trend was on HPQ and promptly lost $2. So I took a short on ADBE near the close @ $32.79. Earnings came out... they beat the estimates but outlook was concerning. A peg order moved the stock down to $30ish. I covered 100 shares @ $30.08 and the other 100 shares @ $31 on the way back up. Up about +$400 on the trade. It proved to be a good cover as the stock bounced back up to $33.20 really quickly. Finished the day +$100

So things are a little tough at the moment but as usual I'm ever the optimist

Date: 18/03/2011 , 19/03/2011
Net P&L: ($500) , +$100
Month Balance: ($3,300)
 
Quote from JM1987:

I feel your pain brother, +270 on thursday then down 130 on friday. Im having a hard time getting a read on this market. Also, how do you like using the 9EMA and 30WMA to find setups?
More...

Sorry to hear that, its tough at the moment.

I have felt the 9EMA and 30WMA is reallly good for entering breakouts on a pull back. I never really had a decent system for entering once the trend had started. I would normally just pass on the trades as there was too much risk getting in. I have found the 9/30 really helps and is so simple to implement. It's clean and normally the risk is low if the trade doesn't get the bounce. In this market we are getting punished for shorting new lows and buying new highs, so this offers a decent entry which follows the trend
 
Quote from PropTraderMTL:

I did get a nice break out on PRAN from the $4 level... only took small size but made like 40c. It's frustrating to think I had the long @ $2.24 yesterday and to see it up over 100% on that today. **sigh**
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I botched that PRAN trade today too. I bought at .68s at the breakout and sold .83s for no good reason at all....abandoned all my exit rules on that trade and it would've been a couple G's on that trade. Sucks.
 
Quote from ElecEquity:

I botched that PRAN trade today too. I bought at .68s at the breakout and sold .83s for no good reason at all....abandoned all my exit rules on that trade and it would've been a couple G's on that trade. Sucks.
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Yeah I ignored it for the first bit of the morning as I didn't think there would be that much volume in it. 35m+ traded today... those who had my $2.24s were laughing. Might be interesting to trade over the next few days.

I missed the long later in the day... tried to hit $3.85 for size and missed. Didn't want to chase. Moved up to $4.30 pretty easily
 
you might get another crack at PRAN today..i guess we will see how it acts


Prana Biotechnology Limited Announces Private Placement
Tuesday, 22 Mar 2011 11:11pm EDT
Prana Biotechnology Limited announced a private placement of approximately 27,200,000 ordinary shares (equivalent to 2,720,000 ADRs) at a price of AUD 0.225 per share (AUD 2.25 per ADR) to raise a gross proceeds of approximately AUD 6,120,000. The closing of the offer is on or about March 25, 2011. Rodman & Renshaw, LLC acted as the placement agent for the offering.




Quote from ElecEquity:

I botched that PRAN trade today too. I bought at .68s at the breakout and sold .83s for no good reason at all....abandoned all my exit rules on that trade and it would've been a couple G's on that trade. Sucks.
More...
 
PRAN was trading below 3 this morning....


Quote from gimp570:

you might get another crack at PRAN today..i guess we will see how it acts


Prana Biotechnology Limited Announces Private Placement
Tuesday, 22 Mar 2011 11:11pm EDT
Prana Biotechnology Limited announced a private placement of approximately 27,200,000 ordinary shares (equivalent to 2,720,000 ADRs) at a price of AUD 0.225 per share (AUD 2.25 per ADR) to raise a gross proceeds of approximately AUD 6,120,000. The closing of the offer is on or about March 25, 2011. Rodman & Renshaw, LLC acted as the placement agent for the offering.
More...
 
I'm an awesome trader and this market is great to trade. Both false hahaha

Caught a good short on C in the morning, up $300. That's probably when I should have left.

I gave back a bit on a few stocks. Was up about $150 or so and then took a trade on FCEL. Got a nice pop and then it pulled back. Stayed in and then added a little. It went up again and then came back down. Then went up again to the point where I had 3-5k long around $2.07-8ish and it went to $2.14-2.15. It then pulled back without going back up through a single cent. Pulled back pretty quickly and never popped. Got out for a small loss. Frustrating. It seems if your in the $$ at any point in a trade... GET OUT! Because the HFT will bring it all the way back.

I shorted a little on another break out, key stroked though and took a loss. It was moving pretty quickly. I was like 5c from getting the top. Instead of adding I got out. Can't remember the ticker.

Took a small loss $100 on C shorting the pop. Didn't work out.

I got long AA on the strength. Bought new highs @ $16.90 it went to $16.96 and then pulled back to $16.90. Got out for a tiny gain and watched as it went to $17.02 in no time. Hmmmm. I even knew I was wrong in getting out but I did.

Down $160 at the close. Took RHT short into earnings. I wasn't very comfortable with the position though and only took 100 shares. I guess I should have not taken it if I wasn't comfortable. It bounced $4 in after hours. I managed to get out early at around $42.80 after being short @ $40.20. ($260) on the trade.

Loss of $420 for the day. Little frustrating as this could have been a +$1,000 day pretty easily if I covered my positions when in the $$$. Instead I tried to push it a little and ended up with nothing. The earnings play I'm not annoyed with at all. I have made a decent chunk for earnings since Jan.

I'm going to stick to 2-5 good setups tomorrow and ignore everything else. I'm also going to be taking half out when in the $$ instead of trying for a bigger trade. Trading sucks when your losing!

Date: 23/03/2011
Net P&L: ($420)
Month Balance: ($3,720)
 
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