AAUK,ABX,ALTR,BCS,BHP,CA,CBRL,CCL,CELG,CSIQ,CY,DRYS,DSX,
FST,HCN,IBN,JASO,LM,MICC,RIO,SFD,SOL,SOLF,SPWR,TS,UBS,XLNX
Had a problem with my broker today which cost me a couple of potential trades. So just one chart to report on.
IBN (gap down)
Trend up after gap down until we meet with ema resistance. Then we fall thru the OR. A sideways consolidation occurs on the 10th candle. This is off the ema, a NR7 and closes weak. This is our short trigger.
Entry: 26.46 Stop: 26.70
Fib Ext: 26.05
1R=26.22 2R=25.95 3R= 25.74
We fall nicely after entry and take partial at whole number (Fib Ext) for just under 2R. The rest is left to run, but is stopped at breakeven as the stock recovers.
As mentioned above, my broker problem cost me entries in BHP (9th candle) and MICC (9th candle). Both would have given reasonable profits.
6 comments:
Hi, I have a question about the ibn trade. If you use 10th bar as entry, the stop should be set at 10th bar low ( you mentioned this rule before ), so wouldn't you be stopped out at 11th bar high?
Nice blog by the way. very detailed.
today was definitely a special day that presented us with a lot of good opportunities. A lot of the steel stocks were setting more or less n the same time and the one that I took was AKS off the 10th candle (which was a bit too wide to my personal taste - about 0.50 - but i took the trade with a narrower stop based on the 5min base while considering the general market and sector conditions).
I was also planning to trade MICC but it was pretty impossible as the stock is too volatile and just fell thru the trigger point too fast not feeling my limit order.
Another great opportunity that I missed was ISRG off the 9th.
ethan.
Yes you are correct in terms of my stop setting. But you need to consider the timing as well. The 11th bar high was reached before we entered the trade.
Thanks
stock.
Yes MICC was a fast mover, so looks like I would have missed that one anyway even if my IB broker screen was available.
Yes ISRG, nice chart with good entry point. I don't trade such highly priced stocks though.
Thanks
Hi, great blog. Nice trades. With such consistent wins, have you ever though about trading with a prop firm? I understand leverage is about 10 to 1.
Also, at what point would you consider becoming a full time trader?. It seems to me you are as ready as ever. Alex
Alex
Prop Firm > Not really. I think they only take on young people don't they ? :-)
6 months paper trading and 6 months live trading. IMO that's not enough experience to go it alone as a full time trader.
Thanks for your comments.
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