Sam's Day Trading Log (With Charts)

Pic. 2:

Trade 3:
SHORT:
Entry: $59.81
Exit: $60.04
-$0.23

Trade 4:
SHORT:
Entry: $59.21
Exit: $59.21
$0.00

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3046911/spy.png">


Total (+/-): -$146.50; [-$115.00-$31.50(commission)]
All Time Net (+/-):+$488.22
 

Attachments

Futures not showing much strength or direction; vol. low. I think I'll sit it out today and get some reading done. Sometimes, no trading, is good trading and I'm feeling that today.

Good luck to the rest of you.:)
 
Looking at the AIG posts, do you think that my stops were placed well. With stock that are $50-150, how do you place stops, since the fluctuation can be quite wide? I am comfortable taking a maximum loss of $250 ($1.00 @ 250 shares).
 
Quote from Sam Morgan:

Looking at the AIG posts, do you think that my stops were placed well. With stock that are $50-150, how do you place stops, since the fluctuation can be quite wide? I am comfortable taking a maximum loss of $250 ($1.00 @ 250 shares).
More...

That actually looks like a good swing trade opportunity. I would wait for it start coming back up (maybe enter at about 59.00) and you should be able to ride it up to support at 61.59. At that point you could scale out some profits and move your stop up to break even or let it ride, either would be ok.

Larry Connors would enter with a limit order around $52.50. He is looking for it to drop about 10% after it becomes oversold on the RSI 2 period with the daily chart. But I expect that it will pop up tomorrow morning and that entry would not get hit.

That is how I would be looking at it anyway.
 
Quote from Sam Morgan:

Looking at the AIG posts, do you think that my stops were placed well. With stock that are $50-150, how do you place stops, since the fluctuation can be quite wide? I am comfortable taking a maximum loss of $250 ($1.00 @ 250 shares).
More...

Anyone who trades AIG off a 1-min chart deserves to receive hazardous duty pay :p
 
Quote from NoDoji:

Anyone who trades AIG off a 1-min chart deserves to receive hazardous duty pay :p
More...

Lol! NoD. I know you're really on my back with the 1-min chart. I promise you 125 heads of goat that I only use the 1-min chart to get the best possible entry and for illustrative purposes to show the entry and exit on the charts in the journal. Otherwise, I use the 5-min chart.

However, this is where my problem lies. When I use a 5-min chart for these high priced equities, the fluctuation is wide and this forces me to have tighter stops and resultant stop outs. However, at certain times the candlesticks seem tamer and controlable.

Any suggestions?

(5-min charts only, I promise :p )
 
Quote from 4re:

That actually looks like a good swing trade opportunity.
More...

Nice to see you back 4re. I will have a look at the charts again to see how you would do it. Thanks.
 
Quote from Sam Morgan:

Lol! NoD. I know you're really on my back with the 1-min chart. I promise you 125 heads of goat that I only use the 1-min chart to get the best possible entry and for illustrative purposes to show the entry and exit on the charts in the journal. Otherwise, I use the 5-min chart.

However, this is where my problem lies. When I use a 5-min chart for these high priced equities, the fluctuation is wide and this forces me to have tighter stops and resultant stop outs. However, at certain times the candlesticks seem tamer and controlable.

Any suggestions?

(5-min charts only, I promise :p )
More...

25 heads of lettuce would be more my style :p

I trade AAPL at least a couple times a week. Talk about wide fluctuation! I use a 3-min chart and cross reference a 1-min chart only very rarely. I have no particular reason for using a 3-min chart with stocks other than the fact that I've always used a 3-min chart with stocks.

Sam, you know how to trade, that's what counts. The devil's in the details, in keeping calm when the bullets are flying because you know from the 1001 drills you did in sim to learn to follow your rules without fail, that if you follow your rules without fail, you will come out alive and kicking.

I traded oil and euro in pre-market (alone in the foxhole) and found myself 0:3 at the open, and although not necessarily warm and comfortable, I was calm because I knew the rules drilled into me by my CO, and by the end of the mission, all was well.

The greatest perfection in trading is following your rules - all of them - diligently, knowing they're designed to keep you alive to trade another day when all the best-laid plans run amok.

There's nothing tame and controllable about successful trading because the market rewards what is difficult. Was it comfortable for me to buy the high in euro today AFTER it had already made a monster breakout? No. Was it my best trade of the day? Yes.
 
Quote from Sam Morgan:

Nice to see you back 4re. I will have a look at the charts again to see how you would do it. Thanks.
More...

I haven't gone anywhere, just lurking mainly. I know from experience that you will get so much advice that you surely don't need me chiming in very often.

I will be looking at your journal though so if you have any questions don't hesitate to ask.
 
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