Wednesday, May 14, 2008

I'm Rich!

I had a couple of decent trades today and one heart breaker. Which would you like to hear about first?

The heart breaker?

Seriously... you people suck. You just come here to make yourselves feel better about your own shitty trading. Here's the heart breaker.

First of all, I have a very closely-held watchlist. True, HCPG and some other "election rigging" bloggers make a big deal about their watchlists... but I guard mine with my life. I certainly wouldn't share it with you since you're so intent on watching me fail.

HRS was on my watchlist this morning. I was watching for a "base and break" to $60 trade.

Worked beautifully if you were patient enough to buy at .77, instead of at .65. Ironic, I know, but there was no pullback after .77... the thing just soared.

I loved this stock at $59.65... I really thought this was going to be "the one" to help boost my confidence. If any of you HCPGers are lurking, here's why I liked it so much. Same thing as YGE yesterday... It started a little wild and volatile, and slowly edged up to the high of the morning in an ever-tightening range. The volume was okay... but ultimately, I was early.

Anyway, speaking of HCPG, here's one I caught today that I think they mentioned back in mid April, CY.

Here, the target was $30. CY is kind of a stealth solar play... not sure why. Trust me. Anyway, with the solar stocks strong again, led by Ragin's FSLR, I was keeping a close eye on CY from the open. You'll notice that the chart below is a 1-minute graph. I now find it useful in the first 20 or 30 minutes of trade to watch 1-minute graphs... there's just so much action/information in the first few minutes of trade that a lot of it gets lost on a 5 minute graph... even on a 3 minute graph.

As you can see, this wasn't exactly a "pretty" trade for me... but fortunately, it was profitable. I'll work on "pretty" later.

Okay, and my other good trade today is another from my watchlist... CFX. This one I was watching for a run to $24.

Anyway, I hope I can build on today's gains tomorrow. I feel good again. I need to re-read my posts from last week... to remember exactly how I fucked it up so badly.

Here's the stats:
P&L, $345
Best, CY,
Worst, HRS,
9400 shares traded.

8 stocks traded, 5 winners, 3 losers.

NOTE: Check this post for a discussion on stops... it "riffed" off of my "respecting stops" post from yesterday...


rivers said...

Hey Dino, I've been following your blog for a while and last year never understood why you were taking the trades you were, until now. You looked like you were just going with the wind before with no real pattern. I look at your trades now and understand why you are doing what you're doing, and that's a good thing. Now all you need to do is make money and get off the poverty line. You said you switched execution platforms back in Jan, is this one as good as the other one? You're using Laser? Anvil?

wincity said...

CY owns a big chunk of SPWR, probably more than 50%. I read it somewhere that CY has a negative value minus the SPWR stake. HA!

Good job, DT. Again, your stop is a little tight. If you look at Yahoo's intraday chart on HRS, the toad was almost flattish during the time you entered and got stopped out.

swift_trader said...

Hey DT,

I just read your post about the stops. I moved from one problem to another. I went to the lesser evil. From cancelling stops and not being able to accept losers to cancelling the stop and taking the profit quickly. Believe me it's due to lack of fuckin confidence and every time I tell myself that it's better the stock to hit my stop but finish the trade than to take quick profit and later see it going to my price.

However it is almost impossible. Every time i hold they come back and hit my stop. And when i am very impatient and cut the profit they fly in my direction. And has to be the opposite. But i think it is due to the fact that when is a good trade it almost immediately goes in ur direction and u cant believe it that is so easy and u hurry up to take the profit thinking that something is wrong :))

I hope with time and little by little when our confidence is up again we would be able to hold for the whole move even with bigger size.

good luck man :)

swift_trader said...

and one comment ot aside...i've seen that i trade better this crazy market with my gut and level 2/TAS than with the charts. I think is easier catching the moves and putting stops based on what u see in the LEVEL 2 and TAS than the chart.