Wednesday, 26 November 2008

Trades 26/Nov/2008

Initial Watchlist:
CHL,PBR,INFY,RIMM,BBL,MBT,TIF,DE,CBE,AG,STT,UN,
FWLT,ALL,UNH,PX

Well somehow I contrived to get losing day today despite the market being in an uptrend for most of the day.

MBT

Maybe it was time for MBT revenge after my good gain yesterday :-).

On the IB scan and first candle was bullish compared to market and we hold previous day's low. The next candles break the OR as we trend up with the ema. We get the pullback we are looking for on the narrowing Nr7 candles (4th and 5th).
This price action coupled with market upturn was my long trigger.

Entry: 26.40 Stop: 26.06
1R=26.74 2R=27.08 3R=27.42

It did look good briefly but then fell quickly and so stopped out for a loss.

I probably missed some good entries on other stocks as my other scanner trial expired today..lol
Looking at the charts now in hindsight, pretty much every stock had a nice tidy uptrend. So maybe I should have done a lot better. Other than the MBT trade I did have a look at some other charts, but couldn't convince myself to enter anything.

On a general note, I'm just too mentally tired from last couple of weeks as well. Work is also busy and at the moment it feels like I'm doing two jobs. Tomorrow is a market holiday and Friday is half-day as well, so I won't be trading for next 4 days. That gives me time to relax and also to reflect a bit on my strategy. Maybe to consider how to incorporate other things into it (scanning other than IB for example).

That will take us to end of November and so I have also updated performance table for this month. Which leaves one month to go before end of my first year of serious live day trading. It has been quite a year !!! I'll maybe post a yearly review towards end of Dec on how thing's have gone from my perspective and also what I want to get out of next year.

For US readers...Happy Thanksgiving.

9 comments:

Z said...

Happy thanksgiving! I ve been following up on your trades for several months now, and i thought its about time to say Hello.

You have done pretty well learning Trader X's style and adapting it to your own trading style.

Looking forward to your future posts!

-hope-to-be-day-trader

OONR7 said...

thanks traderam. Hey, I checked out Topgun's website and it seems extremely interesting. Is that what you were trying out the past week. I'd like to get your feedback if so. Enjoy the break... you deserve it.

TraderAm said...

Thanks z.

TraderAm said...

00nr7.

Thanks.

In answer to your question: I have posted scanner details and other info on your blog.

Z said...

TraderAm,

On the performance table, are the R-values on the last column representative of the % returns on initial equity for those months given that your R is 1% of your total equity?

I'm still trying to understand this R value from tradermike's blog.

rudy said...

TR: great month! Congrats!

Curious to know # of winning trades that were 1R or less for November?

Gap fade strategy seem to struck gold! lol

Rudy

TraderAm said...

Z.

R value is my risk/reward measure. So for example if my entry is $10 and my stop is $9.70, then I am risking 30c. This means that 30c is 1R.

If I closed my trade at $10.60 then I have made a profit of 60c. Which means that I have made 60c from risking 30c. In other words I have made 2R profit.

The last column is net gain/loss of R for all my trades. For example say i had made 10 trades with the figures above : then that is +20R for the month. If I had made 9 trades as above and 1 trade was stopped out for loss, then i would have made +17R for the month.

Hope that helps.

TraderAm said...

rudy

Thanks.

Stats where stock reached 1R but never made it beyond:

Number of trades: 12
32% of all my trades.
50% of my profitable trades.

bl said...

Sometimes good to keep it on the radar with a loosing trade after being stopped out as can reverse and do well. Thanks for your blog.
BL