Tuesday, 9 December 2008

Trades 09/Dec/2008

Watchlist:
AMZN,BA,BAC,BBY,BK,BMY,CAL,CELG,DE,FCX,FDX,FLR,
GE,HIG,KR,MMM,MT,NTT,NUE,RIG,UPS,X ,WMT

WMT (from scan)

Short entry based on weak price action and market downturn. Closed 1/2 when stock failed to weaken further after market turned down (- 0.5R). Then rest was left running and closed later on bounce off whole number $36 and a market bounce (+1.75R). Overall +0.5R.

BK (gap down)

Initial price action was weak compared to market as the stock consolidated sideways along the OR. Went short when OR broke and was retested from below. Unfortunately, got stopped out on spike bar a couple of candles later. Shame as it was a weak stock, as shown by the fall later in the session. Overall -1R.

Also tried a quick scalp in ERTS at end of day, but that didn't amount to much, so call it -0.5R.
Found it tough going today as it was choppy early on.

----- Trades --------------------------------

4 comments:

OONR7 said...

did you think about re-entering BK on the candle that stopped you out?

I, too, think the action been off. Kinda gotta find them where you can I suppose.

TraderAm said...

Hello 00nr7.

Did think about it briefly. But for some reason I can never bring myself to make that sort of trade after being stopped out. Some sort of mental block I suppose.

steve said...

Do you keep your stops on your computer trading system which then sends it to the exchange floor immediately, or are your actual stops placed openly with your broker, where the market makers can see?.

Do you find that the market makers often "gun" for your stops?

TraderAm said...

Steve.

I don't watch the market all day. I leave my stops with IB brokers.

"Gun" for my stops ? Yes sometimes it does seem that way. Other times it doesn't > so I don't really know.