Net loss of $154. No winners, just 4 quick losses. Stopped out for the day.
Traded LH, V, VFC, WHR
Thought the big tailed bullish bar a few minutes earlier would provide some trapped traders to push things back downward. Ended up being trapped myself. Tried to give the trade some room, and took a full stop loss.
Thought that once the gap down had retraced back to the yesterday's close and then started retreating, I would see a rejection of that level. No go. Stop hit.
Thought that the gradual uptrend off the gap down would eventually fill like many of the other stocks I was watching. Never panned out.
Thought that I would see a rejection of support level at $76. WHR was down strong, while most of the other stocks I was watching had recovered from opening lower on the day. This was probably the closest set up to one that I should have taken, of the four today, but the signal bar was weak.
Net loss of -$236. 2 scratch trades and three losses.
But one big loss really did me in today. I was down $100 for the day. So I put trading off for a bit. When I cam back towards the end of the day, I discovered I was still short 100 shares of CMI. Of course this happens on a bull trend deay. Lost $135. Think that is my biggest loss this month on a single trade.
Trade 2 I thought resistance had been rejected, so I shorted. Bull rally was just getting started. Stopped out.
Two scratch trades.
Did see rejection of resistance. Saw a decent short. But as I was about to close it out, I shorted more shares rather than buying to close out. This fat-finger mistake slowed my execution, so i didn't keep as much of my profits. I saw resistance rejected once more and shorted. No turning point, just a pause in a rally. Stopped out.
Net -$83.87 from 144 gain less 237 loss
3 winners, 5 losers 37.5% win
Average win $48, average loss $45
Traded CMI, LH, V, WHR
Trade 1 | Continuation of trend, entered on pullback. Probably should have been more aggressive on exit near support.
Trade 2 | Tried trading countertrend. Thought I saw CMI put in a double bottom higher than a recent low. Got trapped, big time. Was only in the trade for a minute or so. Full stop loss.
Trade 3 | Tried trading with trend after the previous countertrend failure. Was trapped going the other way.
Trade 1 | Another trade where I grabbed the top tick and traded immediately to full stop. Double bottom was no help.
This first trade was poorly place - right near the top of the trading range of the day so far. The second trade was a flip to short from long. Lost on that one two. Rarely seems like a good idea in retrospect.
Trade 1 | Kind of counter trend trade. I gave up way too much waiting for the stock to retrace to the EMA only to discover there was no bounce. Tough to call when to let it swing and when to cut the trade.
Trade 2 | Not the runner I hoped, but a small win.
Last edited by bijeremiad; March 29th, 2012 at 01:48 AM.
Reason: Add screenshots
The following user says Thank You to bijeremiad for this post:
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Trade 01 | Trying to find a short. Took one during a triangle - maybe not the best time, but rest of market was going down, and I thought WHR would eventually follow suit. Got trapped out on the other attempt short.
Trade 2 | Lots of stocks were putting in higher lows. WHR was doing the same. I bought a pullback but before the resistance line had been broken. Always so tough to wait for the pullback after breakout.
So gave up right as the rally up began for the day.