Sam's Day Trading Log (With Charts)

Quote from Sam Morgan:

Trade 1: SLV SHORT:

The first trade was taken when the trend reversed and failed to break past the days open. I took this as weakness at the open and was taken out within the next 1-2 minutes.

Trade 2: SLV LONG:

This was a trade that I was not happy with as I had initially wanted to get in at the bounce of the 20MA @ $28.68 (just before 10am). I was trying to analyze my previous trade, and so missed the entry. With the stock forming a nice little uptrend, I decided to get in at $28.87. I didn't like my entry as I felt I had chased this stock and bought it at the top. However, I felt comfortable, in that at worst, I would be out at B/E. It took a nice pop ($28.90-28.98) with huge volume a couple of minutes later which I thought would cause an increase in demand moving the price a little higher. I had re-adjusted my stop to $28.89 (with a $0.02 profit :eek: ). I feel the when the candlestick failed after the pop, I should have tightened my stops and come out with a $0.07-8 profit)
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I commend you for moving forward and not just talking about it. Try to use the "RSI" indicator. It will help you a lot. When you get comfortable with that one I will tell you about one or two more which will assist you to better entry points.:cool:
 
If you will pull up a daily chart and put a RSI 2 period and 5 period.

Then look at AIG and CENX. They are both really oversold. Both of these are above the 200 day SMA in which case I am only looking to go long. I never go against the long term trend.

I have placed a limit buy order for AIG at 41.45 and CENX at 14.00

I like to spot them when they are oversold and place my buy order 5-10% lower than the close.

If it pops up in the morning I might not get in. I don't chase it I move on to the next set up.

This is basically a Larry Connors type of set up. If you read his strategies they are very easy to learn and have a high winning percentage.
 
missed my entry on CENX by 1 penny. I use day orders for my trades but I am going to re-enter the same two orders for Monday.

Still in SLV
 
Seems like I had a good break from trading and discovered some strange things. One thing was that, if day trading is the daily norm for you, than everyday life seems like a constant state of meditation. :) . However, I actually missed trading and so I armed myself with a little more knowledge and tried brushing up on my older skills and came back in today.

My balance as of yesterday was:

$ 2280.22
$ -376.85 (from the last day trading session)
$ +115.50 (from my first swing[ [SLV], thanks 4re)
--------------
$ +2018.87
 
No need to thank me, you pulled the trigger. I got stopped out on my SLV trade.

Time to move on to the next one.
 
Pic. 2:

Trade 2:
LONG:
Entry: $47.94
Exit: $48.75
-$0.81


A really good trade that I got shaken out of. This is a constant problem I am having (long tails) and need help/solution with this issue. I tend to get frozen out of the remainder of the trade and due to lose stops have some profits lost :mad:

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071081.png">
 

Attachments

Pic. 3:

Trade 3:
LONG:
Entry: $14.20
Exit: $14.37
+$0.17

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3071086.png">

Total (+/-): +$644.00; [+$665.00-$21.00(commission)]
2011 Net (+/-):+$2662.87
 

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