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!
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Trader-X
Tuesday, May 30, 2006
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5 comments:
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.
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.
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.
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?
TJ
I traded TRB as mentioned earlier, and exited EOD break-even. My stop was above the second bar high, though.
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