Update 9:45am Tuesday: I was looking to short 100 shares of BAC in the morning spike but my trading software and broker account is not working well on my PC (operates fine on my laptop but I didn’t have that fired up). KEY was tanking (though C had relative strength). Was looking at a $6.28 entry with a $6.55 stop to swing trade for at least one overnight hold if BAC was showing real weakness into the close. Oh, well, I have work to do anyway….will try to paper trade Wednesday open.
UPDATE 10pm: No paper trading on Tuesday for me it looks like….working late but not getting my projects done. Rats! May try to get in a small position swing trade (with real money) in if I can find the right set up tomorrow.
Finally a nice green day with the majority winning trades with four bigger winning trades (for me). Gross +$1.11, Net +$.93 with cost of commissions factored in. I also followed my goals for the day fairly well.
1) Overtrading – Only made one trade without waiting ten-minutes, a long of UAUA in the AM.
2) Market Structure – Early, I thought it was going to be a channel day – but it was very trendy, up until early afternoon, and then down into close. I caught the move in the afternoon by shorting.
DNDN +.24 Pre-market mover, I entered long when it crossed over the 10 SMA on the 1 minute chart, and exited when it could NOT break through it’s pre-market highs. Tanked right after.
MBI -.03 Shorted but was stopped out with the 10:30am spike.
UAUA -.05 Longed with the long green market candle at 10:30am with no entry signal and not waiting 10 minutes. I exited 1 minute later to cut my losses since it was an impulse trade.
DNDN +.07 Shorted the crack of $4 – held 3 1/3 hours and covered at EOD for a profit. Nice hold for me.
AGO +.07 Shorted under $5, but this one was a spikey one, so I was stopped out.
DIN +.28 Timed a short of this on a great bounce up to $8.89 just as it looked like the market was going to tank more. Covered as it bounced off $5.50.
UAUA +.39 Shorted fail of $6 and held for a nice while (1 1/2 hours), and was stopped out with a tight order to protect profits.
PRU +.14 Nice short on a bounce up, left some money on the table on this one with a tight stop order. Need to learn how to play these higher priced stocks that have 5 minute candles that can span over .30 cents.