End of Day Journal (10-6-10)

Summary:

Paper traded 200 share lots:

Should of killed it today. This is the kind of day I have been hoping for. I had seven stocks on my list today that moved more than $9, five of them over $10. I think it was so different from the last few days (trends going bust) that I was slightly in a daze and couldn't get my head around how to trade it. I took a break late in the lunch session and felt oddly overwhelmed.

I then came back after lunch and proceeded to give everything back and then some.

I seem to do this a lot. the last few days have been good mornings and nothing but fails in the afternoon. Looking at the trades, I didn't have the best entries (too eager to get in on the action?) and had some wide stops to compensate for all the movement.

Largest stops:

$1.44 on CRM - and the entry was the bogus entry on the day. The next largest was VHC at $0.59/share on a flash momo setup.

Largest wins:

$2.13/share on CRM and a $1.59/share on EQIX. Just a drop in the bucket to what was on the table today.

I will blame the day's results on being unprepared for real movement and being tired - and some personal extended family drama. After the market close I took a 2 hour nap and felt much better.

Wonder how/when/if I get over this 50% profitable trade mark. Going to try and be extremely picky with entries tomorrow.

Trade well. 

Details:

BIDU

First entry was based on perceived weakness in the market. As it turns out, BIDU had a little bit of oomph left. 

 CRM

Stalled Q's and CRM touching new lows prompted the short. I held it for over $2.00... but it had a long ways to go. This should of been an easy stock to trade the rest of the day, but I proceeded to make a mess out of it.The 12:20 exit was due to a 'pause' in the market action (see VMW for more info).

CTXS

The first long was based on what looked to be a higher high/higher low. The short was a great setup - but I used the prior high (from 2 candles prior). I am going to say that a better entry would been the 1:00 or 1:05. I tried the candle change reversal on the 2:15; the momo was clearly in the opposite direction. I reversed and sat thru the high volume flash down, content to watch the stock come back up and then back down. The final exit looks nervous.

EQIX

I removed the EMA's for a better autoscale on the chart. Looking at the first entry, I am not sure why I didn't reverse on the exit. The next entry was stopped for $0.20.

 FCX

FFIV

Here was another attempt to grab some short side after a substantial move. Looking at this I can't distinguish between this one that didn't work and CTSX (that I tried to go long on, then reversed). This doesn't seem like a very high probability setup.

MTB

NFLX

Didn't trade this, but wanted to post the chart - much cleaner than days I have been trading it.

NTAP

Out early on the first one and all around poor timing on the second.

RAX

RVBD

Same setup as CTSX and FFIV on the first entry.

TIVO

Perfectly wrong on the flash, I had direction but got stopped. Tried again on the next candle and stopped again. Tried again as it looked like things were settling. Poor timing on the exit.

VHC

Had some problems with the entry mechanics and caught it late. Then got stopped.

VMW

Poor timing on the exits. The second exit had to do with a 'pause' in the market price action - everything sat perfectly still for about 10 seconds. I thought something big was coming so exited. As it turns out, the connection was down for about 30 seconds. Heh.

VZ

I entered short as the flash seemed to hesitate at the day's prior high. Then went long as it broke the high. One worked, one didn't.