Wednesday, 30 September 2009

Trades 30/Sept/2009

TGT (gap down)

Fall on first two candles then pullback to ema. The 8th is NR7 off OR low and ema and following some weak-looking candles. This was our short trigger. Got caught in market reversal and stopped out for a loss.

No other trades for me. As seems to be the case recently a lot of big moves had already happened inside first 30mins. I have updated my performance table for Sept month. Another scrambling one with not much in way of profits. Pretty much same as a lot of months this year.

We are now heading into October, and have 3 months until year end. I'll see how my trading goes and also during this time have a rethink with regards to strategy, timeframes, instruments I want to focus on, as we head into the new year. By the year end, I hope to have a clear picture of how and what I am going to trade during next year. 2010, I feel is going to be the decision maker as to whether I am going to be / want to be / can be a fulltime trader.

Hope you had a good day today.


Anonymous said...

TR, its very difficult making money daytrading stocks. The NASDAQ has been on a steady uptrend the last 6 months. Yet it is not easy to follow this trend. Not sure Why. Do you?

I trust you will continue to post your daily adventure, and continue to keep us informed of your trading education. If anyone can figure this puzzle, I know you certainly can!.

And congrats on ending the month on a positive note.


TraderAm said...

Yes markets generally has been trending up for around 6 months.
These are two main problems I have (IMO of course):

1. A lot more of gapping stocks have moved most of their ADR / Fib Ext in first three candles. So trading these on 15mins charts is not really viable.

2. The frequency of occurrences where a stock gaps up and carries on trending for most of the day is a lot lower. This is where I was making most of my gains last year.

So in the overall uptrend the stocks are moving higher but in more of a choppy action, if that makes sense. Swing trading with the trend has worked well the last few months.

I'm sure people are making money daytrading, we just have to work our way thru it and think about some tweaks to cope with the change in market character.

Having said all that, it doesn't mean of course that things won't change back to how they were last year.

art said...

Lots of the big gappers have meaningful 15 min pullbacks later on the day. But I only enter after I say a 1 min basing pattern trigger.

A good source for tradable stocks is also the top gainers/losers making a new 2,5,20 or yearly high/low. I sometimes thinks there might be too many people watching gaps for daytrading :) A cheap source for scanning these realtime is

During choppy days it also helps to sync with the general market, meaning trade only long when market is still looking long but pulling back.

Yesterday was particularly nasty, with the strong selling right out of the gate and the reversal that was revealing itself early in the development of the 1 min pace near the low. It pays to keep a close eye on the general market, especially on choppy days.

TraderAm said...

Thanks Art.