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Thursday, March 01, 2007

Welcome to Thursday!

There have been a lot of good trades and comments posted by readers over the past few days - check them out in "Comments" of the last several posts.

Several readers mentioned shorting PTMK yesterday - here is a chart with a hypothetical entry; it made a nice 3% move to the Fibonacci extension of the previous day's high to the OR low.

Go and focus on making good trades...the money will follow.

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bl said...

As yesterday was a down open and further sell off today seems to be a down open and reversal. Missed CME QLD. Tech difficulties on big vol days at Scottrade, but can call broker to trade.

Gary said...

"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?"

Max loss for day is $250 but per trade it varies between $100-200 depending how much I like set up.
I shouldve clarified Chris--I trade mostly off 15' bars not 30 ( sometimes) My stop was originally 3 cents but I just waited for it to clear the previous few bars low at 11.77, so my stop was .06 (11.82-11.77=entry 11.76) and I am partially increasing my exposure now--better trades $150-200 mediocre are still at $100 or sometimes less than that. But I also have equity risk too--I dont risk more than 1/5 of my entire buying power in one trade. For PTMK it was coming to something like 2500 shares but I got filled only for 2214 shares on PTMK and I generally dont chase.

Traded RATE and LH today. RATE generally doesnt have shares to short but this morning cybertrader showed 1200 shares I took 500 of those covered at $1 and low and behold thats LOD. LH from 72.42 to 70.80 covered.

Not finding many set ups but at least the ones I am finding I am not getting stopped out. LH was a worrisome trade with long tails.

Gary said...

Missed SMSI--BTW X can you show me how to post images on here or anyone else??

gary said...

You can visit here http://calmtrading.blogspot.com/

for my set layout and my watchlists etc.

bl said...

SMSI break of 1st or 4th hammers on 30" chart with good vol 650k 1st bar. Long tails might be a red flag.

Gary said...

Bl I trade mostly 15' bars SMSI I was referring to 11 30 15' bar I beleive its the 9th 15' bar 12 cent risk for a potential 10R or at least a conservative 4R return.