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Wednesday, February 28, 2007

Hump day!

I missed a big day yesterday, but reading the "Comments" see many of you had some great trades (looks like Gary pulled a few $100K out of the market!).

I am a bit "under the weather" - I think I caught something on the plane last weekend. I made a few dollars this morning, but nothing to write home about. Feel free to post your trades in "Comments", and I hope to be 100% tomorrow.

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17 comments:

Prospectus said...

I traded JOYG 15-min and broke even. I didn't see any better setups on my watchlist, but were there any red flags I overlooked?

greytrader said...

Prospectus,

I took $1 off JOYG break of 10th bar low. The first bar was a very wide range so there was a good chance it would not make it to the fib. I would have been stopped out if I had moved my original stop to break even but I was abiding by Trader Mike's rule of not touching the original stop for an hour after entry. I exited my position after a $1 profit, this time borrowing from Trader X's rule of exiting half his position after a $1 gain. Other than the wide range first bar I think this was a decent setup and you were only a few cents away from not getting stopped out and getting a decent profit.

Steve said...

Hello all,
I need an opinion on a trade I took. took BITS on the 7th bar off 30mins(when it traded over the 6th bar) The 6th bar on 30mins also successfully tested the OR high and finished up as a nice hammer. After the top tail bar showed on 9th bar on 30mins. I moved stop up(the low of 8th bar on 30mins. Small loss of 4 cents.

Anything I overlook ? or it is one of those good setup that just did not work out. Thanks in advance

Sam said...

You took a long with resistance from the 5MA right above it.

steve said...

Hi Sam, thanks for input, That I saw but at that time, I glanced at the 15mins chart, and prices were trading above and closing above the 5ma, so I felt the 5ma on 30mins would get penetrate.
anything else ?

T.C. in Orange County said...

Steve, I don't think there needs to be anything else...that is huge. If you are trading off the 30-minute chart, you should watch the MA's on that chart not the 15-minute chart. They tend to be solid resistance/support.

Prospectus said...

My link broke earlier. Here's my chart and play by play...

Daniel S. said...

Steve, aside from buying below the 5MA, there are easier ways to make money than buying a gap down or selling a gap up. Try trading in the direction of the gap for better odds imo.

bl said...

Shorted JOYG a little lower than the 5-30 min hammer bar break(by .25) and covered 6 bar for coffee money. I find it uneasy to short esp in the recent months so it's more an exercise, but it did make it another point down. Good set up!Looking at +5% up trades at/near the open with 100k the first 15 min = jade leap adbl deck rvsn//later= drte gsol cbli amsf.

TradingGoddess said...

My dear Mr. X,

Sorry to hear you aren't feeling well. Take your vitamins, drink lots of liquids, and rest up! There is nothing more important than your health, imo.

xoxo

Gary said...

Steve,
red flags--you went long a stock that gapped lower 30% ?? When I was looking at daily I didnt even see todays candle cause it was sooo far down. If you do want to trade and go long why not give it say another 15-20 cents leeway after all I guess you were playing the gapfill right??

Just my humble opinion gaps of over 10% rarely if ever fill intraday, over 20% rarely, 30% I've yet to see one. BTW i dont trade staock below 10$ most of time

I traded PTMK today and I had a freaky 2200 shares of it and to me thats just insane. Mostly I trade only 200-14-1500 shares at most in one trade.

BTW X i didnt take off 100k yesterday, I am still excited about $4800. I regularly follow elitetrader P$L and guys there make 40-50K regularly. Thats my goal.

Joe said...

Gary, I hate to tell you this but 99.9% of those people are full of shit. No one making 40-50K a day is going to ET to post it on the P&L thread.

You made almost $5000 Tuesday. That is great. If you only make a FRACTION of that on a consistent basis you will make great money.

Chris said...

Gary, on another comment you said your maximum limit loss a day is $250, but here you say you are trading 2,200 shares of PTMK. That means you have a .12-.13 stop?

Trader-X said...

steve, I think there is some good feedback here. My main takeaway is:

1.) Don't go long under major resistance (or short above major support) - it is a high-risk, uphill battle.

Thanks for reading and posting!

Trader-X said...

gary, I exaggerated a bit. You had a great day, and I wanted to make sure that people read your post.

But I agree with what the previous poster said too...shoot for your own goals, not others. If you make just a percentage of whet you did Tuesday consistently, you will have a great career!

Harold said...

$40-$50K a day? I have a bridge I would like to sell you...

R.J. said...

I make that much every day. I just hang out on message boards to stay close to the "common" people.