Wednesday, May 21, 2008

More Active, But Same Small Result...

I was very active today compared to my recent activity. I think mostly because there's just not much going on in HCPG-land in NYSE stocks right now, so I had to go "old DT" on the market.

I focused almost entirely on the energy stocks, and I'm going to continue with that for tomorrow. I'll just keep watching for intraday setups and try to stick with those trades.

My best stock of the day was PDO again... however, it wasn't really very interesting. I'm happy it closed near its highs. I'm hoping for one more gap up tomorrow and then for a fail. We'll see.

RIG, PBR, APA and NOV were my next 4 winners. None too big, but I was happy with each trade because I sold when they were breaking down out of bases. I think if I can take that part of the HCPG discipline, that is, waiting for a sound base before making buys or sells, and apply it to sectors with momentum that I could get more action.

The problem, is that too often these trades seem obvious to everyone who is watching and you're bound to have to endure shakeouts. And often, even if you're ultimately right, the trade fails. That happened to me a couple of times today in NUE. For example, my final cover of the day in this, my worst stock, came at 12:42, just before the fuck broke down... it's unbelievable that I keep getting shaken out at the worst levels like this just before the trade moves in my favor...



The one thing I noticed today is that when I trade more actively, more fluidly with the market, that I'm definitely prone to making emotional or revenge trades. I haven't done that in a while since I've been so controlled with my methods. So I need to watch that.

Looking forward to tomorrow. I'll just keep it at that.

Here's the stats:
P&L, $105
Best, PDO, $113
Worst, NUE, -$187

27,600 shares traded.
15 stocks traded, 8 winners, 7 losers.

3 comments:

StockHunter said...

NUE was a good setup imho but it failed - shit happens. On the flip side, it got even better after this nasty rinse that got you out and you shoulda not hesitated and got in it again. Practice and learn how to use multiple time frames (meaning watching simultaneously 1, 5, 15, 60 minutes) to identify better good and valid setups from bad and when a rinse is just a crook's trick and not a real change in trend. Also, always! take trades that work in the same way of the market or their specific index. In NUE's case, a quick look at the S&P at the time you got short would have saved you this trade.

Better luck 2morrow! don't worry, you'll get them dawg...

Dinosaur Trader said...

Yeah, thanks.

I just was afraid of churning the mofo... so after it failed I decided to leave it alone. It was already my worst on the day, and I just let it go. Naturally, that meant it had to go lower.

-DT

StockHunter said...

A must read!!!

http://hsgac.senate.gov/public/_files/052008Masters.pdf

Hedge Fund manager testifying in front of the congress about speculation in the commodities market.

HOT, HOT, HOT!!!