Friday, 29 February 2008

Trades 29th/Feb/2008

Watchlist :
AIG,BCS,CMED,CS,DECK,DF,DHI,GM,GPS,GSK,GTI,HANS,HBC,HLX,
JRJC,KBH,MF,NCC,NFP, OVTI,PTV,SEPR,SGMS,SI,STP,TIE,UBS,UNS

Finally, today was one of those days where numerous opportunities presented themselves. The market was very weak at the open, but even so it is worth taking your time and not jumping in too soon. We'll start with a trade which we took late in the day.

HBC (gap down)


After initial gap down, the price was choppy for the morning . Then later we have bars 13, 14 and 15 which are narrowing and trending down with the ema. The 15th is NR7 and crosses the OR low, so this is a trigger in its own right. Subsequently the 16th bar is a NR7 doji type candle which tests the OR from below. This is the trigger that I went for.

Entry: 75.51 Stop: 75.72
Fib Ext: 74.54
1R=75.30 2R=75.09 3R=74.88

Took half profits at Fib Ext. Then closed the rest on next candle which closed above the ema.

CMED ( gap down)


After gapping down, we have a very weak open in the first three bars. Then a sideways consolidation occurs with narrowing bars. The 8th bar is weak red with longish wick and the ema just above providing cover. This was my trigger candle.

Entry: 47.62 Stop: 48.12
Fib Ext: 45.42
1R=47.12 2R=46.62 3R=46.12

Took partial profits at the Fib Ext. Left rest to run with trailing stop at 2R. This was then closed near the Fib Ext level after the candle which closed above the ema.

GSK (gap down)


First candle bearish. The 2nd is green and holds the OR. The 3rd is weak and breaks the OR and also closes weak. This is our trigger candle.

Entry: 43.86 Stop:44.15

It looked promising initially, but I closed the position for a loss after the 5th candle as the price closed above the OR low.

GTI (gap down)

Similiar pattern to GSK above. Entered short on break of the 3rd bar low.

Entry: 16.72 Stop: 17.14
Fib Ext: 16.30
1R=16.30 2R=15.88 3R=15.46

Price moved down slowly and we took half profits at the Fib Ext. Then closed rest at end of day.

KBH (gap down)

First bar bearish with long wick. The second bar is green but remains in lower 1/3rd of the first bar. Went short on a 2 bar break.

Entry: 24.76 Stop:25.10
Fib Ext: 23.85
1R=24.42 2R=24.08 3R=23.74

Didn't follow thru and bounced up before we reached the Fib Ext. So we were stopped out for breakeven.

Overall a good day and a good end to the month. Taking my watchlist above, there were other opportunities which I missed : namely: TIE, GM, BCS, JRJC.

8 comments:

QQQBall said...

that was a good solid day with good dicipline.

TraderAm said...

Thanks qqqball

OONR7 said...

excellent trading. I agree that yesterday presented some nice opportunities. Did you say you trade from work?

TraderAm said...

Yes I have a normal day job, so I try to fit in the trading around that.
Yesterday though I wasn't in the office and so was trading full time from home.

jim said...

What is the impact of your Feb results on the possibility of full-time trading?

Anonymous said...

I am so glad I found this blog!!
I really like it when you put exact entry/exit/target prices. I like your detailed comments too. I have read Trader-X's charts long time ago and tried to follow it but he didn't put exact prices. Keep up the good work and thank you very much for your valuable blog!

TraderAm said...

Jim.

No impact really.
I have paper traded for 6 months and traded real money for 2 months. That's not enough experience (IMO) to go to full time trading.
Aside from that, my returns for Feb were lower than I get paid for my job :-)
(Although Jan was about level).

TraderAm said...

anon..

Thanks for your kind words. Glad to hear that the blog is helping others.