Snake Oil Infomercial

I had a few more trades. I ended up + on them but not really owing to any skill as I mismanged them. OGXN Long 15.56. Out 15.70 +$0.14 (stupid trade, the same as CYBX, the logical part of my brain must have gone hitch hiking with strangers)
HGSI Short $18.17. Covered $18.14. +$0.03
CMVT Long $15.52 and out $15.64 +$0.12
 
[14:46] <ivica> ISPH stop above 12.87 (b/e area), partials +0,33, CB +0,80 partials, rest +1,11, OXGN +0,40 and +1,40 partials, +2,40 rest, GENZ +0,45 partials, rest stopped b/e

Here are the plays our other stock moderator, Ivica, gave today.

Brandon
 
[13:00] <brandon> Trades today. CREE Long 23.58 to 23.80 and B/E. ERICY 11.16 to 11.24. MERQ 42.18 to 42.35 average. Not too much
[13:00] <brandon> probably done for the day
[13:01] <brandon> ES long 982.25 and out 982.25. NQ short 1198 and out 1200.5
 
DBDN long $8.63. Average Exit. $8.81.
TXN Short 18.62. Average Exit 18.40.
ICOS long 42.55. Average Exit 42.73.
JBLU Long 34.03. Average Exit 34.28.
STJ Long 60.80. Still Open

Brandon
 
Todays Trades

DBDN long $8.63. Average Exit. $8.81.
TXN Short 18.62. Average Exit 18.40.
ICOS long 42.55. Average Exit 42.73.
JBLU Long 34.03. Average Exit 34.28.
STJ Long 60.80. Had to leave so close it breakeven.
T Long 20.05. Average Exit 20.34
UTSI Long 31.76. Average Exit 31.96

Brandon
 
I was pretty much of a bum today. I generally do ok trading Friday mornings, but friday afternoon is for the birds, so around 11:00 I took off to run and hit some bags.

NVDA Long 24.42. out 24.78.

Brandon
 
NVDA chart
[14:55] <brandon> NVDA was actually on my list for a short
[14:55] <brandon> I use tradingscans.com each night to search for patterns
[14:55] <brandon> and this one was forming a nice avalanche on the daily chart
[14:55] <brandon> so it was in front of me right away
[14:55] <brandon> this morning when it gapped down I was interested first in a long
[14:56] <brandon> now typically on these big gaps
[14:56] <brandon> they dont fill in
[14:56] <brandon> so im not going to look for a long
[14:56] <brandon> I want them to rest
[14:56] <brandon> then go with the gap
[14:56] <brandon> but here with NVDA we have a few things
[14:56] <brandon> overall we are in a mini bull market
[14:56] <brandon> so the bias will be up
[14:56] <brandon> people will buy weakness
[14:56] <brandon> and we gapped down to a lot of support
[14:56] <brandon> specialists and MMs will let a stock gap down to accumulate it
[14:56] <brandon> then dump it as it comes up
[14:56] <brandon> so we came down to a lot of support on the open
[14:57] <brandon> then i want to see it prove to me its going to bounce
[14:57] <brandon> you dont want to catch a falling knife
[14:57] <brandon> so I marked the one minute high
[14:57] <brandon> and took that as a fast scalp

 

Attachments

KLAC Long $46.08. Out $46.30. +$0.22
XLNX Short $25.96. Out $25.62. + $0.34
CCK Long $7.22. Out $7.10. -$0.12
APOL Long $61.28. Out $61.40. + $0.12
EBAY short $100.08. OUt $99.85 + $0.23
FRNT Long $8.52. Out $8.41. -$0.11
LNCR Long $32.60. Out $32.80. +$0.20
CAT Long $56.97. Out $57.46 +$0.48
TXU Long $22.43. Out $22.68. + $0.25

Daily Total: $1.61

This is a fairly good day, but I have been very active and mismanged my exits badly. I could have easily been up twice this amount just by managing a few of my trades better then I did. I came into the day with the Idea that we had a "Trader Vic 1-2-3 and 2b" setup coming into the market, and allowed myself to listen too everyone tell me how overdone the market is and how high valuations are so this helped to confirm to me I was right. I know that I need to avoid listening to people because I am very easily influanced, so this was a discipline breakdown on my part that needs to be addressed. On many of the exits there was no reason to get out other then I was antsy to take profits given that I was so smart and knew the market had to come down. The most dangerous thing to have in the market is an opinion. Grade for the day C- and only because I managed to pull good profits out. It should be a D or F.
 
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