End of Day Journal (10-13-2010)

Summary:

It is easy to make $1.400 on 200 share lot trades. Just fade my account.

Amazing. Doing the exact opposite of what I did today would of netted +$1400. I had one large stop at $0.75/share on one of the flash momo moves, but other than that everything was under $0.30/share. There is an argument for targets. For even relatively low targets.

I spent another day just entering, watching, and waiting. There were some trends today, but I wasn't positioned correctly. I am not sure what if anything I am learning here. I am definitely not gaining any familiarity with what it feels like to hold onto a mover. I think tomorrow I will exit by trying to not be stupid and see how it goes.

Definite trenders today. Need to find them tomorrow. Charts are posted, but notes are scattered and rambling, I was just talking to myself.

Details:

ACOR

 
 AMT

 BIDU

CLF

 CRM

This wouldn't stop climbing. I was watching it from 10:30 and didn't see one good entry.

 DGW

 FAST

Classifying these in terms of returning to trend and reversing:

First trade is expecting a return to trend.

I was wrong and the stock moved more than +$1.5.

Second trade is expecting a return to trend.

I was wrong and the stock moved more than +$0.60

The remaining trades are all placed in the last 15 minutes of the day.

Third is expecting a reverse (long)

Fourth is expecting a return (short)

Fifth is expecting a reverse (long)


What am I seeing? What am I not seeing?

In the first trade I am looking at all the down movement thus far in the day and thinking that there is more to go. This was wrong - the immediate sellers were exhausted. People were ready to buy the stock. The 15 is marked with a green hammer meaning that for the last 15 minutes buyers were coming in stronger than sellers. My entry was in the last 5 of the 15, meaning the hammer hadn't formed yet - it could of gone either way.

The second trade I am still looking at the prior selling and expecting it to kick back in. But - by this point the stock was making higher highs, so buyers were still coming in - the correct trade would of been to go long as prior resistance was broken.

The third sequence was a mess - the correct thing to do would of been to see the lower lows and trade in trend, especially given the time of day.

 GMCR

 The first entry was early - should not have happened.

The second was expecting a return to trend on the doji. Likewise with the third entry.

However - the 10:45 volume clearly shows exhaustion - sellers coming in stronger than the buyers. This should of been an indicator of what to expect - sellers were in charge.

Both the third and the fourth are based on prior S/R and anticipating a turn around. By the third entry I am wondering if this stock has shown enough movement to warrant another entry. Who is in charge? Doesn't look like anyone is.

MY

I think I played this one right. The stock went thru a lot of sellers on the 2:00, which should of had me looking for an exit.

NFLX

After looking at this chart EOD, I had to place S/R lines on it. Funky.

This is not a very pretty chart.

The first trade is expecting a return to trend - heh... what trend? The stock is technically down for the day at this point, below the days open, more sellers than buyers. But it worked for about $0.70.

The second entry is on a lower low. Imagine the way the candle looked on entry - nice and red. Things turned around just after I entered, but it wasn't the real deal, and it dropped back below my entry - more sellers coming in. But buyers are thinking about it - maybe the same buyers that came in on the 10:30 breakout.

 PLCE

Things change. Buyers come in, take their profits, back to the influx of buyers and the even dollar. PLCE was going up.

RIG

So was RIG. Everyone knew it was going up to. Except the guy on this end. The trend is my friend. The trend is my friend...

RNOW

So was RNOW. And it looks like I had the right idea... and when I finally have the right idea, it doesn't work. Heh.

SYK

Shorted at the worse possible time. I should play this back in terms of trying to time the long entry. Interestingly enough, the stock collapsed pretty much at the prior HOD. What is amazing is that it came almost right back, before it closed about where it had been hovering most of the day. It goes up, it stops, it goes down, it stops.

UAL

UAL was headed up, until it quit, on the biggest volume bar of the day at 12:50, this would of been the kind of strength to exit on. I had the right idea on my entry.

ZMH

Happened the same time as SYK.