End of Day Journal (6-10-2010)

Summary:
 Finished the day at +$197.93:

A wild ride today.

I started the day with 4 stops and went negative to the tune of -$380. From there I hit a high of +$680, then a low of +$150, then another high of +$790 and finally finished at +$368 (all without commissions). Commissions were a little steep today.

I experienced some frustration today, particularly this afternoon, most of this having to do with seeing direction with good position, and then breaking even (or slightly less). The  12:20 long on RIG comes to mind, and this was after the 11:50 TNA short (right direction - stopped, switched direction, stop, then finding direction). Both of those sequences were frustrating, and I realized it. I had to close my eyes and collect myself several times while managing the trade. This affected my subsequent trades, particularly RIG, where I had direction but was nervous on the exit. I think that I will try to pause the game when that happens from now on, and write down and come to terms with how I am feeling in the moment.

I was not going to trade TNA today, I made a conscious effort to not even look at it, but I cheated on the market's 9:35 near doji. The setup just looked too good. I ended up having some great calls, not getting stopped until 10:55, and it turns out I had direction on it. I did my usual 'see the reverse' twice on the afternoon rally, but after the second time turned it into a long. I actually did pretty well  - patience would have been a bonus.

Major data problems, as you will see from the charts. I am signed up for the IQFeed trial, enough of this. I think this will help the market feel as well - IB packages their data flow, basically sending out something like 1/4 second snapshots. We shall see.

Trade well!



Details:

BIDU - No way I should have been stopped on this. I think the low volume is what kept me guessing, and had me short again as it went red. Those low volume, big candle reverses are the worst, but it seems to happen pretty often. Calling the 9:55 long would have been a beauty (-$193.99):

RIG - Long after the candle change and some green. After I got stopped, I reversed, and doubled up on the next candle. I was debating the 12:20 entry - long or short? I finally made the short decision (I can't recall what the ticker was doing, but I think it was scrolling green) and got stopped. I reversed and rode it up, determined to be patient. As it retraced some on the next candle, I decided to double up as the market was still green. The market finally gave way, and I capitulated as the price came down to break even (closing at -3 ticks). And I had been > 50 ticks unrealized.... I shorted on the exit and closed with a discretionary and a long. This would of held but I exited on the break even - why?

I am not sure what to make of this. I was focused on what I was feeling, and I was ticked off when the price came back down to break even while in at 1000 shares. If something like that happens again, I may just take a moment to document the emotional response for EOD review (-$278.52):

SHLD (-$78.20):

THO - this came up early on the scanner, but I didn't pay it a lot attention, until it really started to move, and by then I figured it was too late for the short. I timed the long entry pretty well, but exited much too early - heh. I went long again later, with another early exit, and tried to short several times, much to my chagrin. I would call this fighting the market (+$175.31):

TNA - yes, you read correctly. I was not going to trade TNA today, but the setups just looked too good. I did my usual not letting things go and looking for a change in direction. The entries pretty much speak for themselves. The 11:50 exit turned into a short, and then a long as it got stopped. I shorted on the 11:55 after the stop and I was pretty determined to hold on. But the 12:05 had this nasty spike, and I reversed only to get stopped (+$696.29):

UFS - the wide spread nailed me on the stop. I should of reversed on this and SHLD (-$122.95):