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Friday, August 18, 2006

Friday's action

Check back over the weekend for charts - there have been some good trades over the past two days. MLS was great this morning. Also, make sure you check out the "Comments" for some good trades and discussions.

Finally, if "Snakes on a Plane" were a stock, I would have bought it at the open this morning. This thing is going to be huge. If you go see it, post your review in "Comments" - but keep in mind it is a "B" movie, not a high-budget Hollywood blockbuster. If you see it with that mindset, I think you will have a lot of fun.

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dan said...

I caught MLS, too. Nice setup in my opinion. Too bad once again I took my profits all ready and am missing a very good move. Sigh, once more.

T. Webb said...

Where did you exit? If you sold at the Fib ext, you did great. Sometimes they keep going, but most often they reverse in that area. You can't second guess yourself!

dan said...

I exited for a mere +.5R gain. Sold around 11:45. Trade could've been +10R and more. Sadly, I don't have the Fib. extensions on my charts, so I have to go by my gut & other indicators. I'm working on Fibs, though. MLS is flyin' still. Big sigh. I should have just set my stop and left my desk, since I was scared out of my position, again. :)

Anonymous said...

Can someone please explain what is .5R, 10R... what does the R stand for? Tradermike uses it, but I cannot figure it out... duh on me. Just curious.

Rickey said...

"I've had it with these mother fucking snakes on this mother fucking plane!"

Trader-X said...


Bill K. said...

No reason to even sell MLS at the Fib extension - it set up nicely above it for a continuation move. Hold it until you see signs of a reversal on the 15-minute...13% so far.


Anonymous said...

this stock is coming off a bottom, how did some of you id this opportunity ? I wouldn't have been able to catch this one, low volume, but I guess a large % increase filter ?

Frank said...

Anonymous - post your name!

How did we ID MLS? It was a gap...that is what Trader-X's blog is about, trading gaps.

And volume was actually pretty high - over 7M.

Otto said...

I traded GSX for a nice percentage gain on a low price stock...off the 3rd bar hammer.

dan said...

Otto, I caught GSX in the afternoon, quick 2R gain.

Caught MLS because it was a great looking setup from the starting gap.

1st Anonymous - R:R is risk to reward. I won't go into massive detail but basically an R is 1% of your overall account. I don't risk that much though in a single trade.

Say an NR bar forms at 11:00 for a $15.00 stock

The bar had a high of $15.10 and a low of $14.90.

Once price broke $15.10, you enter, your risk is $.20 cents (15.10 - 14.90). So, if price breaks $14.90, you sell, taking the "1R Loss". But, if price ran up $.60 cents, to $15.70 and you sold, that's a "3R gain".

I take profits too soon, so say the stock runs to $15.50, I may take profits for a +2R gain, since the stock gained .40 cents, while risking the .20.

It's pretty simple and hopefully I got it right. Anyone feel free to critique. Thanks.

Anonymous said...

MLS as well, and HIBB was nice.


EM (formerly known as anonymous1) said...

bourgeois... thanks for the explanation. Makes perfect sense.

John Wheatcroft said...

I don't use "R" it doesn't make any sense to anyone except the author - if you make a buck say I made a buck else wise I lost a dime - simple that way. No R, S, or T's about it.

Missed MLS but caught MRK. MRK? - yeah a good setup but took forever to develop. In the end I made a buck.

Have a good weekend everyone.

dan said...

R to me is just an easier way to keep track of money management and it makes me honest with myself in taking good setups and profits. I find it useful in trying to become consistent in my trading and I think it's easier to analyze your trades because you aren't thinking in dollar terms or percentages really.

Just my .02 :)

Barry A. said...

bourgeois, do you have X's Fib spreadsheet to calculate the extensions?


dan said...
This comment has been removed by a blog administrator.
Anonymous said...

Saw SOAP, and it was great. As X said, make sure you go in with the mindset it is a B-movie and you will have fun.

It actually got great reviews. AP gave it 3.5 out of 4 stars.


Brian A. said...

I saw it also, and it was entertaining. Thanks!

QQQBall said...

now i may have to see SOAP, but it will have to be on video. sam l jackson has been in too many bad flicks. "long kiss goodnight (goodbye) was the exception.

the fact that iy gusy liek superman much better than i worries me.