End of Day Journal (9-29-10)

Summary:

Today was a rough day.

I was about 15 minutes late for trading because I took the time to work thru the complete mediation/visualization routine. By the end of lunch I think NT was registering 39 trades with one 1 profitable trade. At 3:00 I was burned out and decided to place trades with no stops. I was aggravated, ticked off, and just wanted to see what would happen.

It didn't go well. Heh.


So, when it came time to do a blog entry, I decided to take all the charts that were on my watch list, turn the actual trades off, and go thru them all and mark entries from an EOD perspective. Almost nothing worked out this morning and I wanted to figure out what I was doing wrong with my entries. I then enabled entry viewing and reviewed everything for the Detail section.

As it turns out, my entries were dead nuts on. In fact, I have several that were better than EOD analysis (at least until the 3:00 point, which don't count). My exits weren't that great, and there were a few stocks (ADTN for one) that could of gone either way on the entries. But there were several where my stops were just too tight (CRM) and after I missed the initial entry I lost direction.

What to do?

I am going to try and limit the tight stops to fast momo candle changes and let other stops come in like they usually do. I think I may have been too focused on a tight stop rather than letting the price action tell me where to place the stop.


And one more thing. I was discussing with Fozz - the new TI scan setup (new highs/lows sorted by count, 2 windows for all day, 2 windows for periodic clearing) is giving me all kinds of trading options. Sticking to pretty charts and big movers is the way to go. Focus on them, let everything else go. I have a tendency to do this already (e.g., no trades on AAPL, AZO, and JKS today), but I think I could do a better job (e.g., CLF).

In summary - I was ready to give this trading gig up at EOD today, but after reviewing it looks like there is still some hope. And I can see progress from a couple of weeks ago.

Feel free to review, comment, critique, or pat me on the back =)

Trade well.

Details:

AAPL

No trade. Ugly chart.

ADTN

I see two entries.

I kept going long, expecting a return to the great looking morning. EOD I see support being broken on the bottom side for the rest of the day.

What should of been the clue?

The first three longs are all on EMA support and indecision on the 5 minute. There could probably even be an argument made for the 4th attempt as well. When this one failed I went short.

For now, I am going to use the 15 to call the momo in the morning spent (wide bars getting narrow with a top side wick). Not sure if this analysis will hold:

AMGN

EOD: I am calling a short on the 10:20 (before I usually start trading), and then two longs. By the time I get to the first long however, the chart is loosing some of the pretty factor.

Real trades: the long was a mistake, and I turned it around right away. I got stopped on the 12:15 and went long. I got stopped again and went short. And got stopped again.

At this point I am at 4 trades and according to the EOD analysis, I should be at one. The 12:15 long was good - resistance was broken, but the price returned. I was looking for momo and had a tight stop.

Looking at the difference between the 12:15 and the real break thru at 12:30, the 12:30 has a better volume bar - and perhaps that should be the signal - breaking S/R with volume.

Not a pretty later morning and rest of day chart, but I think the first long was viable:

AZO

I was watching it all day but the spread was crazy and the chart was ugly:

BHI

Humdinger. I actually traded this one better than the EOD analysis. Go figure.

Well... except for that last entry. And early on the exit I was too.

Interestingly enough, the support areas are marked by decreasing volumes:

CLF

Not a nice chart at all. I actually traded the last long, but by then I was in the no stop mode and let it come all the way back:

COG

Nice chart, no clear exit signal. There was some big short volume on the 12:15, but nothing came of it. I traded the last long and got bit:

CREE

First long is on lower volume. Next long is holding it's own. Exit on the 15. I went long on the 12:55, seeing some indecision on the 15:

CRL

I don't see much volume distinction on the real versus the failed breakthrus:

CRM

My stop was too tight. The chart lost all attraction by 12...

DD

Not a very nice chart, no movement. I was short at 2:55 but got stopped:

DO

Missed the first breakout, but caught it as it broke to new highs again. Then it came crashing back down.

Not sure how to call this chart. Volume uptick on the breakout and it didn't look back - until the 12:15 (big bump in volume)?

FLS

Ok up until my entries:

FSLR

Ugly & no entries.

FTI

Not a nice chart until late in the day. Pay no attention to the 3:00 on trades:

JKS

Not a nice chart, no trades. I think it caught my attention on the 11:00 momo:

LXK

Very nice. But of course I didn't trade it till the last breakthru. The breakthrus are not distinguished with volume:

MON

Choppy morning, but then registered some smoother action. I am calling the failed breakout a short opportunity, but I would be hard pressed to make that entry:

OIH

Breakouts not marked by volume:

RIG

Hmmm. Mixed bag. I traded the last breakout:

SNDK

Nice looking chart that deteriorated  after the morning session. I traded the 1:55 support - declining volumes again. Breakout on higher volumes - which I also traded  - failed:

SUN

TEN

Traded the short and got stopped before the candle change:

TSL

Nothing makes this chart attractive until it moves. I don't think I would of spotted it in time. Didn't trade it, and can't recall when I listed it:

UPL

Again - ignore the after 3:00 trades. Tight stop took me out of the first long:

URBN

Exit on the even dollar. I know this right?

ZMH

Not enough movement: