Tuesday, June 10, 2008
Bullish Reversal
If I was a Japanese Candle Stick, and really, there's no way for you to know if I am or not, today I would have looked like a pretty solid hammer formation.
My first trade of the day was also my worst, short DSX through $32. As you can see, it didn't break, and then traded with absolutely no volume up to $32.50. I could have covered immediately for a 15 cent loss or so, but instead, I let the stock trade up to my stop, which was around $32.25 and due to the thin trade, I got out 12 cents higher, at $32.37. So I ate nearly $200 in the first few minutes.
Later, I made all my money back in him when I caught the actual break of $32.
My best stock of the day was WFR, which I was watching for a break of $62. I don't think this was an easy trade or anything, so I'm happy I took my money and left him alone.
Shortly after my DSX mess, I had another mess in SID. And really, I made the same mistake as I did in DSX. I sold expecting the stock to break the fig, but then didn't cover fast enough when it bounced. But, like DSX, I kept watching the stock and made back my losses later, and then some.
So I'm happy with the way the day turned out for me. I even mowed my lawn in the middle of the day while SID died for me. In fact, I find I'm a better trader when I put trades on and then walk away. If I stayed, I'm pretty sure I would have covered the SID early... to "lock in profit."
Perhaps letting my winners run is as easy as doing more yardwork. Who knows?
Anyway, I'm happy with the way I kept my cool after I got clipped early. Despite the nice performance put in by my real office, I don't think I missed too much today from the HCPG system. Like I said yesterday, I feel I'm improving. I'm not going to look too far ahead just yet... just try to get green tomorrow as well.
Here's the stats:
P&L, $210
Best, WFR, $147
Worst, FCX, -$34
8200 shares traded.
7 stocks traded, 3 winners, 4 losers.
Virtual Office, $242. Dow, +9.44, 12,289.76.
Me, $210 on 8200 shares traded.
Tokyo, $193 on 2308 shares traded.
OBAT, -$10 on 7000 shares traded.
Denarii, -$151 on 4600 shares traded.
Another decent volume day as we nearly reached the 1.4 billion share mark. And another day where select financials got taken to the woodshed. Take a look at LEH, FED, and ABK.
Smells like bankruptcy, no?
All of the recent winning sectors, ags, coals and oils took a breather today, which was necessary. Indeed, even oil took a breather, closing way down at $131.70.
It was a pretty quiet day in the VO. However, I want to note that yesterday, Denarii had one of his best days ever, netting $472 on 7000 shares traded. Unfortunately, he sent his numbers to Tokyo, and by the time I received them, it was too late. He gave back some today, but has a decent two-day total nonetheless.
In my real office, I was #15 of 22 overall traders. So it seemed to be a good day in general for traders. Whenever I get this data, I'll share it.
Anyway, I'm looking forward to the thunderstorms that are forecast for the area this evening. May they take this heat and humidity with them.
Janes Addiction, "Summertime Rolls"
It's seriously hot out there... this song always cools me down. Makes me feel like I'm on a wave. Go sit in a dark, air conditioned room, close your eyes, listen to it, and think of the beach. Lyrics below.
Fell into
A sea of grass
And disappeared among
The shady blades...
The children all
Ran over me
Screaming tag!
You are the one!
He trips her as
Her sandals fail
She says stop!
I'm a girl...
Whose fingernails are made
Of a mother's pearl...
Yellow buttercup
Helicopters
Orange buttercat
Chasing after
The crazy bee
Mad about somebody
Oh no...
Me and my girlfriend
Don't wear no shoes
Her nose is painted pepper
Sunlight...
She loves me
I mean it's serious
As serious can be...
Well, she sings a song and
I listen to what it says:
If you want a friend
Feed any animal...
There was so much space
I cut me a piece
With some fine wine
It brought peace to my mind
In the summertime...
And it rolled
Summer.... ohhhh...
Oh, oh, oh... the summertime rolls
Summer.... ohhhh...
Oh, oh, oh... the summertime rolls
Oh Summer.... Yeah, yeah yeah...
Oh, oh, oh... summertime rolls
Summer.... Yeah, yeah yeah, yeah, yeah, yeah...
Oh, oh, oh... summertime rolls
Me and my girlfriend
Don't wear no clothes ya know,
Her nose is a pepper sunlight...
I love her
And me, it so so serious
As serious can be...
America Should Thank The Daily Show
Why? Because ironically enough, they're the only reliable news outlet...
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