Why? Well, because I'm starting to see trades correctly. My first trade of the day, in ARD, was well thought out and I even showed some patience. I was watching the $48 level on the daily graph. The stock opened and ripped right above the level. Instead of chasing, and getting caught in a nasty pullback, I waited and bid for the stock back down near the $48 level. I figured, if I got the shares, it was a low risk play, since I was going to stop just below $48. And if I didn't get the shares, I'd move on.
As you can see, I got the shares, and screwed up my exits. But I still like the trade because it shows I'm thinking right, even though I need to let my winners run.
My next trade was also okay, even though, once again, I didn't hold for the full move. I was watching NUE $76.50 on the daily, and liked it even more, since NUE was showing a little relative strength compared to the rest of the metals early today.
Then I dabbled in PCU for awhile, took some small losses and then made them back by finally catching the short I was looking for, down to the $116 level. This stock was showing good relative weakness for a short. He's just a dick...
Anyway, I haven't even gone over my best trades today... short BGC, long TEX and short AGU, but I'm doing a sunrise surf session (which now means 5:30am so I can get back to the desk by 8:45) and I need to get to bed.
I expect the market to be dead until after the FED decision on Wednesday, and will continue to trade tight and light until then. Also, looks like I'll be trading a half day tomorrow.
Here's the stats:
P&L, $245
Best, BGC, $161
Worst, RSG, -$37
9 stocks traded, 5 winners for $328, 4 losers for -$83.
6400 shares traded.
You are trading my core IRA holdings! PCU and ARD have been huge over the past few years for my Roth, but I have a feeling they are going to get crushed soon. Good thing I've been selling on the way up.
ReplyDeleteKeep up the good work.
Masterjaz