I’ve run out of titles. I didn’t even want to post since I’m watching the Mets game but I figured I should break the habit of delaying my posts on my losing days. I went short on WCI and CTV. I went long on IMCL. WCI got me stopped out for a .27 cent loss.
Here is CTV
CTV
I went short on the break of the 12:00 bar. I figured the stock had gone as low as it can go, but then again I’ve never been a good bottom picker (unless it’s a losing trade).
Here’s my winner for lack of a better word.
IMCL
I went long on the break of the 12:15 bar. It made a fake attempt to go up at around three but then it fizzled. Good enough to cover the loss on WCI.
With 300 shares, my loss for the day was $112.2 /1.78 Zs. That’s how it is sometimes.
October 5, 2006 at 8:18 am
Regarding your CTV trade, perhaps that was intuition speaking when you recognized that perhaps it went as low as it could (and the lows did test some significant daily support–price level and lower Bollinger bands).
As long as you are disciplined via risk/money management, and it seems that you are, no matter how boringly difficult it may be (esp gradually increasing your position size), than you have a chance to use your losing trades as tuition to gain intuition.
Stocks that gap down or up, and trend in that direction do reverse. It is a kind of trade that I do, but it requires more skill, than just following the trend.
I caught that kind of trade yesterday in VTIV. It tested significant daily support, and mushed around. I was anticipating a late hour reversal ramp. Daily chart in general is bullish, the reason for the decline was an downgrade, and not a particularily severe one. And the general market was trending up and breaking out. So with all that in context, I stalked VTIV, and when the 30 minute narrow range bar 11 broke out, I was in, and got a .70 move for .25 risk, and out in about 15 minutes. (Both stockcharts and bigcharts have a badprint in VTIV daily chart btw).
The 30 min NR 11 was so tight, a range of .10, I use a mental stop (because I know from experience that VTIV is a brittle trader) just under the NR10 .25 range bar. The one minute chart showed a long tailed bullish candle, the lows which was just above my mental stop, and then it took off. I was watching for a bullish one minute candle to confirm the move.
Some posters that comment in many of the excellent trading blogs, complain that experienced traders make it look easy, and that it is not easy. Getting the skill to trade with ease is not easy (most traders are made redundant via time/money restraints), but once that skill is acquired, trading is done with ease.
You got your work cut out for you.
October 20, 2006 at 2:06 pm
Hi,
I am curious how you got those dots on your esignal chart.