Weinstein Trading and Fading

Very interesting day today

I had a couple trades with NKE today. First the GAP up and then a fade of the first move higher. NKE gapped up today after moving into overbought territory. Classic blowout top but it is a big priced stock that could really move so I did not add a lot of size beyond the standard short. I did very well with that part of the trading with NKE today. I also added to the gain but rather small amount with a fade of the second move higher (first after the gap move). + 127

GME was another gap up but was not in very extended overbought territory so I kept the size lighter than normal. The trade worked out well and made the target for the size. + 62

SOMX gave a great performance at the end of the day. I actually wanted to short it and would have done great with it but IB didn’t have any shares to short. It was my only B8 signal today. I would have been put in short just over $7 a share and would have averaged higher from there. Later in the day during the last hour or so I traded it back and forth several times to the long side as it was giving a long signal based on a little used and newer long signal that is not fully done yet but currently does have an edge (I think I can make it better though). I thought this would be a great stock to work with as it was very small and very strong today. I had no idea how strong it was. Near the end of the day it was giving an unqualified (due to time) short signal and was up over 150%. I started long just over 7 and only traded 200 shares at a time and rode the wave back and forth for many entries and exits. I ended up with my last cover at 8.64 which is much lower than the HOD of about 10 but still was a great trade all the way. + 253

+ 443
 
why try to short SOMX?

when I turned on my computer, I saw 7.9+, I want to buy it. but since my account is flagged as PDT, I have a small account just around 4.3k, it is a perfect great breakout trade(thrust then leg down, then go through morning high). I immediately bought 10k at my paper account at 7.9to 8.1, sold it at 9.85 with limit order. it is totally a pain to me! I wish my day trades are available today otherwise I can double my account in last half hour!




Quote from Robert Weinstein:

Very interesting day today

I had a couple trades with NKE today. First the GAP up and then a fade of the first move higher. NKE gapped up today after moving into overbought territory. Classic blowout top but it is a big priced stock that could really move so I did not add a lot of size beyond the standard short. I did very well with that part of the trading with NKE today. I also added to the gain but rather small amount with a fade of the second move higher (first after the gap move). + 127

GME was another gap up but was not in very extended overbought territory so I kept the size lighter than normal. The trade worked out well and made the target for the size. + 62

SOMX gave a great performance at the end of the day. I actually wanted to short it and would have done great with it but IB didn’t have any shares to short. It was my only B8 signal today. I would have been put in short just over $7 a share and would have averaged higher from there. Later in the day during the last hour or so I traded it back and forth several times to the long side as it was giving a long signal based on a little used and newer long signal that is not fully done yet but currently does have an edge (I think I can make it better though). I thought this would be a great stock to work with as it was very small and very strong today. I had no idea how strong it was. Near the end of the day it was giving an unqualified (due to time) short signal and was up over 150%. I started long just over 7 and only traded 200 shares at a time and rode the wave back and forth for many entries and exits. I ended up with my last cover at 8.64 which is much lower than the HOD of about 10 but still was a great trade all the way. + 253

+ 443
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Quote from trader198:

why try to short SOMX?

when I turned on my computer, I saw 7.9+, I want to buy it. but since my account is flagged as PDT, I have a small account just around 4.3k, it is a perfect great breakout trade(thrust then leg down, then go through morning high). I immediately bought 10k at my paper account at 7.9to 8.1, sold it at 9.85 with limit order. it is totally a pain to me! I wish my day trades are available today otherwise I can double my account in last half hour!
More...

Hi trader,

Limited amount of time so please forgive me as I reply quickly. I received a signal to start fading above 7 during its first move higher. simple as that. it was overbought during that time period.

Have a good weekend.

Robert
 
Quote from trader#21:

Hold Brothers :cool: never had trouble shorting
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HOLD Bros. has a GREAT squawk box. On the big govt number releases and earnings release they almost always beat one other service that I have and when I was testing another service HOLD beat them about as often as not. The others do give more information in terms of non major events though. I make it a point to turn on HOLD squawk everyday

I have talked to more than one person at Hold and they seem over the phone to be highly professional as well from my experience
 
Lots of volume today for me

unfortunately IB made more off of my trading today than I did. I did a large volume of Palm today both long and short. I made some on some trades and lost on others. In the end I exited out my long because I did not want to carry overnight. Chance of takeover but also a very real chance of this seeing 3.50 into the opening tomorrow. This stock is basically on death watch and my motivation for my final long into the close was looking for a retrace when shorts covered. I did get some from that but I was looking for a target in the 4.25ish range and it never happened. -22

Bought C looking for a hold and bought more looking to trade around my core. C never again saw my entry of just under 3.99 so I will just hold as I am comfortable with the size as a long term hold.

CI B8 signal that worked out great. Increased size a little bit and hit the top of the move with an average over 37.86
+ 379

All around a great day and I am flat other than C which I will hold for a few weeks most likely. I have an aftermarket bid to buy some more and with any luck that will get hit. Have a great weekend

+356
 
Lots of trades today and even last night

After the house passed the health care bill the spoos and Naz where at the lows of the night and I shorted into it. They both came off their lows and it was getting late so I covered at a loss before I went to bed. They did end up trading lower but I am ok with covering and taking the stop.
ES and NQ – 200
I also shorted the 30 Yr bonds by shorting Jun 119 calls. They didn’t seem to move much today but did go in the right direction. I expect to hold on to the calls for 30 days or more unless stopped out. The Chinese keep giving us more rope to hang ourselves with but with last nights complete vote on the theory we will never run out of money I have to question at what point does the Middle Kingdom decide to “shake us up a bit”. I don’t think its right around the corner but when it is it will be too late to get short so I thought today was fairly good timing.
My last move was to short the dollar against the Canadian dollar via shorting dollar calls jun .97. Where the US goes Canada will be near but they also currently have their finances in relatively better shape and they are a miniral rich exporting country which allows Canada to be in relatively better shape and will be able to really capitalize on any further increases in the RMB. This trade as it turns out was largely in the red all day but no more than simple noise. Time frame is unknown but since I am planning on it lasting more than a day or two I sold the calls to lower my risk.

AGP BW1(unqual) + 39
ALV BW1 + 45 I should have hit this one a lot harder than I did. I did get more than target though.
BKS + MW1 + 59
C + 1 This was simply a cover of my bid that was hit in aftermarket trading Friday. I put in an offer just above my BE and when I was lifted I entered another bid in to trade around the core. C never went back down and I am still holding for a longer term hold.
CNC +2 still short. poorly executed trade and underwater. I should pull back 2-3% during the open tomorrow so I am holding it over.
ES + 27 IB is reporting my ES trade today as a gain but when last night is added in with NQ it is a loss.
PALM + 12 oversold with positive news out gave palm a pop up during the morning. bought very small and ended up getting stopped out.
LVS – 650 Came close to giving a MW1 signal but I allowed close to be good enough. Mistake and I paid the price for it. Not happy with my trading with it and closed out most of it into the close today even though it should retrace in the morning.

I was tired all day and my trading shows it. I will get a good night sleep tonight or I will just close out CNC, LVS and call it a day tomorrow.
- 662
 
you traded too many things.

I think Focus is very important. Everything is moving all attractive, but there are full of TRAPS.

there is no obvious reasons behind most moves. the only thing which drives those moves is trader's emotions. logic means nothing in trading.

you cannot fight with those emotions, when it rallies, everyone who bought feel smart, and those in the sideline eargly want to join; when it drops, everyone wants to run, even those in the sideline.

best luck to you.
 
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