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Tuesday, May 30, 2006

Welcome to a new week!

posted by Trader-X:

"There are no secrets to success. It is the result of preparation, hard work and learning from failure."
---Colin L. Powell, former U.S. Secretary of State

Start off with some right thinking, and go make some good trades!



NoGreedNoFear said...

I don't understand... My win ratio for today is 0/7 ! I am pretty sure I am following all the right setups so what is wrong ? Did you guys experienced the same kind of results today ?

Anonymous said...

What did you trade? I could not find much. Took a short in WMT but got skittish and sold it for a .20 gain. T.J.

Charles (San Fran) said...

I had a few winners - the best was DRL off the 2nd bar to the Fib ext...4% gainer. Still holding TRB which I had high hopes for (short), but looks like it will be b-e to a small gain.

Dan A. (N.J.) said...

NoGreedNoFear, 0/7? I could not find 7 set-ups today, or most days for that matter. What are you trading? And, have you ever considered that you may be over-trading? Just my 2 cents.

NoGreedNoFear said...

Those were my 7 trades :

- WMB : bought at break of 6th bar high (30-min. chart).

- NAV : shorted at break of 3rd bar low (15-min. chart).

- NXG : bought at break of 4th bar high (15-min. chart).

- TGB : bough at break of 4th bar high (15-min. chart).

- SCI : shorted at break of 5th bar low (15-min. chart).

- TRB : shorted at break of 3rd bar low (30-min. chart).

- SIRI : bought at break of 7th bar high (15-min. chart).

Anonymous said...

Acknowledging that it is easy to second guess others, here are my observations:

WMB - first bar was way too wide...1.05 total range. I find these tend to not follow-through vs. less wide-range bars. It would have been better to see two or three bars moving down rather than that big one...

NAV - see WMB above, but this was not quite as bad %-wise. The trade actually worked, but you were stopped out if you have your stop above the 3rd bar high. Try moving it to the 1/2 point of that first bar...

NXG - if you use the fib ext as your profit target, this only had .09 potential - I would not have traded it.

TGB - again, if you use the fib ext as your profit target, this only had .07 potential - I would not have traded it.

SCI - I just don't like one bar going straight to the retracement zone...I like to see it take a few (like WMB above).

TRB - not a bad trade, though the tail on that first bar was a red-flag.

SIRI - I would have taken a break of the 3rd bar, but don't see the 7th bar entry?


Charles (San Fran) said...

I traded TRB as mentioned earlier, and exited EOD break-even. My stop was above the second bar high, though.

NoGreedNoFear said...

For SIRI, I saw a triangle (bars 4-7) and thought I would buy the up breakout.

Thanks TJ for your comments, they are very appreciated.