Trading Journal - June

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Covered 2K EBAY @ 63.45

- .24 points


If a stock is setting day highs going into the last 15-20 minutes of the close, don't fight it.
 
TODAYS EXECUTIONS:

15:47:59 EBAY BOT 2000 63.45
14:53:32 EBAY SHRT 2000 63.21
13:18:02 JPM SHRT 3000 35.05
10:26:29 CYMI BOT 2000 38.70
09:36:18 CYMI SHRT 2000 37.41

OPEN POSITIONS:

SHORT JPM 3000 35.05 -0.45

CLOSED P&L: ($3,060) OPEN P&L: ($1,350)
MTD: $31,336 YTD: $234,610
 
Man you got balls shorting this market today , but then if I had a month and year like you my balls would be huge also !! :-}

I asked this before:

Who do you use for a broker and what software.

Thanks
 
Originally posted by Seanote


I felt and feel very confident about that play.
More...

Was it the fill vs. the 1/15-16 gap that made you feel especially confident about the EBAY short? Looks like the NDX had also just gone through the prior HOD after making a what turned out to be the final HOD, on a relatively low tick.

Or was it the L2 stuff you seem to focus on? Always seemed to me that L2-reading works best when it confirms other features of the landscape.

I'm wondering if there's a particular post or set of posts where you outline your approach.

BTW - it's not my kind of trade, but, contrary to the other post, if I were a swinger or even an overnight kind of guy, I'd be interested in an EBAY short, or at least I'd be thinking about taking any long profits: Looks like it could easily come down a good piece - very overbought, at resistance as noted, likewise the indices. Plus EBAY also has to work off the magazine cover soon...

Thanks for the journal...
 
Seanote,

Upon looking at ebays short interest I see its at a 12 month low ( May 02 report).

Just wondering if that plays a part in this short or for a simple day trade short interest does not matter.

Do you think you will be looking to short this again?

Thanks for your posts!!! I look forward to reading them everyday.
 
Originally posted by 1Reason
Seanote,

Upon looking at ebays short interest I see its at a 12 month low ( May 02 report).

Just wondering if that plays a part in this short or for a simple day trade short interest does not matter.

Do you think you will be looking to short this again?

Thanks for your posts!!! I look forward to reading them everyday.
More...

This was purely an intraday short. This stock more than likely will give SOME back tomorrow, but when and how much is a crapshoot just like anything else. One thing about EBAY specifically is how closely it follows historically, (the times I've traded the stock) support/resistance vs. breakouts. This stock has always been solid during the worse market conditions which is an indication how much long interest is still out. I think this stock is risky as a short swing trade if you hold longer than Tuesday. There's too much institutional interest plus window dressing is around the corner and portfolio managers who are long this stock will do everything they can to hold current levels to boost their quarterly report. IMO
 
Originally posted by musicman
Man you got balls shorting this market today , but then if I had a month and year like you my balls would be huge also !! :-}

I asked this before:

Who do you use for a broker and what software.

Thanks
More...

I have been with E-Signal for about 2 years. As I referred in my May Trading thread, I do not want to disclose my broker(s) for certain reasons. I went into some detail why in that post. Thanks.
 
LongShot
Do you know about more sophisticated methods??
The only thing I do not understand about Seanote's methods is to try consistently fade obviously strong markets.
 
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