Trading Journal - May

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Seanote - could you please tell me why you went long QlGC at 2:42. It would be very helpful since I was short and had to cover for a loss. Also I want to thank you for being such a help and inspiration to me as a new trader.

René
 
Originally posted by renebush
Seanote - could you please tell me why you went long QlGC at 2:42. It would be very helpful since I was short and had to cover for a loss. Also I want to thank you for being such a help and inspiration to me as a new trader.

René
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The stock had just gapped down about .50 on no negative news, the Naz hadn't gapped down so that's a huge signal that the MMs are running it down to squeeze the shorts out and then run it back up which is why I took the long. I'm assuming you when short after or maybe during the gap down trying to chase the stock. That will usually end up as a loosing trade. Chasing stocks rarely pays off and that is when you have to control your emotion. If this stock has gapped more than .10 or so, don't chase it. Think of this stock like a rubber band, the further out it is stretched the quicker it will snap back. As long as futures don't gap, the rubber band usually doesn't break. When you see a stock gap like this one did, especially .50 so quickly, THIS IS THE EDGE you need over the market and must take advantage of these situations. Another one (for scalpers), when you see all ECNs line up on the bid with all MMs on the ask, GO LONG because the is only Buying pressure and the MMs usually will disappear at the same time and the stock will gap up quickly. Same goes for the short side, ECNs lined up on ask and MMs on bid. * This rule generally applies to heavily traded stocks.
 
TODAYS EXECUTIONS:

15:47:17 KLAC BOT 2000 52.59
15:38:12 KLAC SHRT 2000 52.97
14:57:50 QLGC BOT 2000 46.15
14:55:19 QLGC SHRT 2000 46.28
14:53:13 QLGC SLD 2000 46.14
14:39:41 QLGC BOT 2000 45.61
14:32:14 COST SHRT 2000 39.30
14:25:28 KLAC BOT 2000 52.14
14:11:30 KLAC SHRT 2000 51.99
12:30:33 KLAC SLD 2000 51.57
12:10:50 KLAC BOT 2000 51.35
11:56:53 KLAC SLD 2000 51.73
11:48:52 KLAC BOT 2000 51.58
11:30:36 CSCO BOT 3000 15.97
11:24:26 CSCO SHRT 3000 16.09
10:45:35 KLAC BOT 2000 52.15
10:38:37 KLAC SHRT 2000 52.08
10:29:23 QLGC SLD 2000 45.85
10:26:40 QLGC BOT 2000 45.64
10:21:45 KLAC BOT 2000 52.12
10:14:51 KLAC SHRT 2000 52.03
10:12:40 QLGC SLD 2000 45.36
09:57:28 QLGC BOT 2000 45.19
09:56:31 KLAC BOT 2000 51.98
09:49:33 KLAC SHRT 2000 51.88
09:44:30 KLAC BOT 2000 51.68
09:36:36 KLAC SHRT 2000 52.10

OPEN POSITIONS:

14:32:14 COST 2000 39.30 -0.01

CLOSED P&L: $3,960 OPEN P&L: ($20)
MTD: $43,462 MTD: $202,794
 
Could you clearify you post to Rene?

You said QLGC had just gapped down about .50

Looking back on a tick chart, I don't see that.

Also, you mention squeezing the shorts out by running the stock

DOWN. Can you explain?

Again, thanks for your help and time.
 
Seanote, great trading. I started a thread yesterday about leaving my job for trading full time. You had a questioni about my time zone - it's the East Coast.

For the last few years, at work, I've had the opportunity to watch the markets in real time and occasionally trade (not direct). The style I've focused on most is very similar to your own and I often get a very good feel before things happen.

I'd be interested to hear your comments about the questions I posed yesterday.
 
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