Monday, 1 December 2008

Trades 01/Dec/2008

Watchlist:
BIDU,PBR,ANR,BBL,FWLT,MT,GG,FRO,BHI,OXY,BTU,TOT,
CNX,NEM,ABX,SLB,APL,FCX,TS,NOV,BP,X,CCL,CAT

TGT (gap down)

Weak price relative to market in first few candles as we break thru the OR. Candles 5 and 6 provide the sideways pullback we want. Short on market downturn.

Entry: 31.60 Stop:31.90
Fib Ext: 31.16
1R=31.30 2R=31.00 3R=30.70

We take partial at 1R then leave rest to run. This is closed towards end at around 5R gain. Missed the big fall at the end, but you can't get them all.

Also tried a FDX short for short term scalp near end of the day. But closed this at breakeven.

7 comments:

Thomas said...

Traderam,

Once you took profit at 1R, when do you change your stop?

Appreciate your response.

Thomas

Anonymous said...

nice trade.. easy to see why you chose to exit there. nice work

best thing i did all day was close some longs early... really ugly day, but could have been much, much worse. why my LT port is getting whacked, i tend not to trade much. psychological shortcoming

QQQBall

TraderAm said...

Thomas.
Once I reach 1R I move stop to breakeven.

Thanks QQQball.

Thomas said...

You move the stop to breakeven and let the remaining run, right?

In cases where you use trailing stops - esp. in choppy market, how do you use your trailing stop?

Appreciate your response.

Thomas

rudy said...

TR: Why did you change your original strategy to exit 50% position after 2R is reached?

Has your backtesting shown that it is more profitable to exit 50% at 1R? Thanks, Rudy

TraderAm said...

Thomas.

Yes , I leave the rest to run.
I don't use trailing stop that oftern, but when I do I normally trail it at 1R , 2R or any obvious S/R level.

TraderAm said...

Rudy.

Some of my trading is more short term these days, with view at taking some off the table at 1R.

It also depends on the type of trade as well, so for example if Fib Ext is near 1R or an obvious S/R level then I will partial out at 1R.

Thanks