Monday, 17 November 2008

Trades 17/Nov/2008


GE (gap down) (Weak sector)

Weak price action. Trend down with ema then sideways pullback. Went short as market turned down.

Entry: 15.42 Stop:15.70
Fib Ext:15.10
1R=15.14 2R=14.86 3R=14.58

Didn't work out as planned as market turned round sharp and we were stopped out for a loss.

BIDU (gap down)

Weak price action after gap down. Sideways consolidation to the ema resistance and also failure to hold the $150 level. Short on 11th candle as stock went down with ema and the market turned back down after a recovery bounce.

Entry: 141.30 Stop:144.27
Fib Ext:133.43
1R=138.33 2R=135.36 3R=132.39

We fall some more after entry and trail stop after reach Fib Ext. This is where we are stopped out after a $7 gain. That sounds good, but before people get too excited, the stop was wide on this and consequently a smaller position size was used. Got out at just above 2R.

Just two trades today. It was difficult as market was choppy despite dropping 200 points over the course of the day.

1 comment:

Anonymous said...

Getting a 2R profit in today's market is a great trade.