Friday, 29 January 2010

Trades 29/Jan/2010

CHKP (gap down)

Bearish first then trend down past OR. The pullback occurs on 4th and 5th. The latter is weak off ema and closes weak. This is our short trigger. Closed partial at 1R as we approached the Fib Ext. Then closed rest at end of day at around 2R

ESI (fall thru prev day low)

Bearish first then sideways consolidation at OR lows. The 5th is an IB NR bar pullback below the OR and is our short trigger. Closed partial at 1R then rest at whole number at around 4R.
So a pretty decent profit on this overall.

A quick note on ESI. It is worth saying that I did not manage this very well. I was too concerned with the $100 level, but the price didn't really respect that. If I had followed my normal rules (exit near Fib Ext and then rest at end of day e.g. same as CHKP) I would have had close to 8R gain on this short. I'm not saying that this exit approach is the best way forward, rather I am saying, have your plan and stick to it in all cases. Let that be a lesson to you all....lol.

No other trades. Hope you had a good one.

--------Daily Stats -------------------------

3 comments:

Swing2Freedom said...

wow ....
that's a nice profit today. 4R :)

I read your entries everyday, and i really love it, though I'm not a day trader, but rather a swing trader on daily charts :)

keep it up. :)

TraderAm said...

Thanks Mr Swing.

Jeff said...

Great that you had a good trade with CHKP! I would have shorted it too, but had to work yesterday. I found it after reading an e-mailed article from Dr Elder, (Author of Trading For A Living), about shorting failed breakouts with bearish divergences in MACD. That was the best candidate. I'll be using that search more now!