cacb
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The adventures of a new Trader
- Thread starter cashmoney69
- Start date
issx
all three charts are daily. I dont think that the market will be able to hold up such a great run like we had today. I think that the problems in the Middle east and Oil prices will keep the market in check. Also if earnings are below expectations, that will push the market lower as well.
all three charts are daily. I dont think that the market will be able to hold up such a great run like we had today. I think that the problems in the Middle east and Oil prices will keep the market in check. Also if earnings are below expectations, that will push the market lower as well.
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Looking back on the rules that I posted for myself, I find that I'm not sticking to my own method.
2. I dont think I want to trade stocks with an avg vol of 250,000. In an entire trading day, thats just not enough liquidly. Although some stocks with this range can have some nice moves, i think I'll stick to 420,000 - 20,000,000 avg vol.
3. Stops have been held mentally however on TIE, I forgot to exit my position at its high of 27.00 and ended up selling at 26.88. I was not paying enough attention. I'll work on this.
5. So far, I rarely hold over night. With the M.E conflict, interest rates, earnings, oil.. I dont know if holding over night would be the best thing right now. Or maybe I'm just impatient?...bottom line..I'd rather leave money on the table that lose any from un-necessary risk.
2. I dont think I want to trade stocks with an avg vol of 250,000. In an entire trading day, thats just not enough liquidly. Although some stocks with this range can have some nice moves, i think I'll stick to 420,000 - 20,000,000 avg vol.
3. Stops have been held mentally however on TIE, I forgot to exit my position at its high of 27.00 and ended up selling at 26.88. I was not paying enough attention. I'll work on this.
5. So far, I rarely hold over night. With the M.E conflict, interest rates, earnings, oil.. I dont know if holding over night would be the best thing right now. Or maybe I'm just impatient?...bottom line..I'd rather leave money on the table that lose any from un-necessary risk.
Have you changed your stoplosses to accomodate your changed targets? Do you have any system which you are using to come up with your target profits & losses? (You used to have one, what has it become?)Quote from cashmoney69:
5. So far, I rarely hold over night. With the M.E conflict, interest rates, earnings, oil.. I dont know if holding over night would be the best thing right now. Or maybe I'm just impatient?...bottom line..I'd rather leave money on the table that lose any from un-necessary risk.
Are you sure about shorting those stocks above? Those are some large upcandles with flat tops on unusually large volume. What are you seeing that is telling you these stocks are ready to turn?
Quote from foible:
Have you changed your stoplosses to accomodate your changed targets? Do you have any system which you are using to come up with your target profits & losses? (You used to have one, what has it become?)
Are you sure about shorting those stocks above? Those are some large upcandles with flat tops on unusually large volume. What are you seeing that is telling you these stocks are ready to turn?
1. Have you changed your stoplosses to accomodate your changed targets?
-- you mean my changed method?..No, I set stops and profit targets according for where I think s/r is and where the stock will go in the future. I know I said that I'll be looking for 3.00 in my first post, but thinking about it now, 3.00 on every stock I trade..no matter what the price, volume, daily range etc..thats just un-realistic expectations.
2. Do you have any system which you are using to come up with your target profits & losses?
-- Just s/r really
3. As far as the charts I posted..Yea, those are some rather large candles. But as they say, "The bigger they are, the harder they fall". I'm just going to look. I'll buy only if i see a reason to on a 60 minute chart with rising selling pressure, or a gap down.
If you look at the chart for cacb, its been rising for the past like 5-6 days on what looks like average volume..nothing special, AND its above its 3 month high of 30.43 by over 4.00.
According to this news article, I think you'll find why the stock has risen so much (good earnings)
http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20060713&ID=5864019
This good news might be short lived.
- Nathan
Wow those are very bullish charts. You might get away with shorting those in this down market. But most often than not youll get burned shorting these setups
Quote from options2001:
Wow those are very bullish charts. You might get away with shorting those in this down market. But most often than not youll get burned shorting these setups
Thanks for your concern. Sometimes you have to fight the trend. I always wait for a signal before entering a trade.
---
Bought ISSX @ 22.20
Sold ISSX @ 21.29
gain .90
commission 14
profit 85.00
After thought: I probably should have got in a little bit sooner, but I wanted to wait to see for sure that the stock was falling before getting in. I waited for a .40 loss. After entry, I was waiting for it to fall to 21.00 but after staring at the 10 minute for a long time, it appeared to me that this was its support level, and time to get out before reaching my target.
I did NOT trade CACB or PPDI today
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Week in review:
Amzn
I bought this stock on Monday, and sold Tuesday for a .44 gain. Had I waited untl Wednesday, I would have made my 1.23 a share gain PERFECTLY..well under a few cents, then it continued its decline on Thursday and ended Today (Friday) down .99 to 33.13. In a way, I'm kinda glad I sold when I did, because on Tuesday, the stock almost made new lows.
TIE
This was an impulse trade according to my previous post. When I say "Impulse", at the time I think the trade was taken because I saw a rise in volume, didn't want to miss an opportunity.
ISSX
This was my best trade this week. I entered after watching price movement for a while and took my exit without being greedy.
Amzn
I bought this stock on Monday, and sold Tuesday for a .44 gain. Had I waited untl Wednesday, I would have made my 1.23 a share gain PERFECTLY..well under a few cents, then it continued its decline on Thursday and ended Today (Friday) down .99 to 33.13. In a way, I'm kinda glad I sold when I did, because on Tuesday, the stock almost made new lows.
TIE
This was an impulse trade according to my previous post. When I say "Impulse", at the time I think the trade was taken because I saw a rise in volume, didn't want to miss an opportunity.
ISSX
This was my best trade this week. I entered after watching price movement for a while and took my exit without being greedy.