"A man is not finished when he is defeated. He is finished when he quits."

Friday, July 30, 2010

July 30th


A couple hours in front of the computer with the markets and I took only one paper-trade in TNA. I mostly watched, trying to get a feel for movement in relation to S/R and volume. Volume was pretty light without much price movement for the past hour or so... I am closing the platform down to prepare for a large work project which begins at 3:00pm. In other words, I'm taking a nap!

A good week-end to all.

Thursday, July 29, 2010

July 29th


Two practice-trade scalps in TNA in a limited amount of time today, both as contrary to the primary trend at the time; much like yesterday.

Both had timely entries and timely exits. No complaints, very clean paper-trades. The first a short at the resistance marked by the near-doji at 11:20 am (note how that level came into play later at the 1:20 & 2:05 timeframes). The second a short based on the stalling of price which coincided with a large volume spike (1:30pm).

Wednesday, July 28, 2010

July 28th


I had some time this afternoon to watch the markets and do a few paper-trades to further my skills. TNA was my pick today and I was trading as a contrarian, taking a couple longs in the face of a downtrend. The first practice trade was a long during the 1:40 - 2:00pm consolidation zone. It felt to me that the stock was gearing up for a move and long seemed right to me. I bought and immediately the stock moved up and away from my entry. That doesn't happen often to me and I must say that it feels really great! Short-lived though, as the stock bumped up against resistance at the 44.56 level, corresponding roughly to the doji at 10:55 am and the 12:20 pm minor-trend high. I sold the long on this stall, exiting within three cents of the top of the move. I sat on my hands while the next two candles dove to new LOD but looked to play the bounce as the price approached the HOD's from Friday. It was hard to say if they would hold as support but luckily, they did. While I missed the true bottom, I was close enough to have a small gain after a few minutes and then add another long to the position when it went positive. I tend to bail on trades rather quickly so in this case, that urge paid off as this little pop was just a rest spot before the stock resumed its drop about 15 mins later. Afterward, I did not consider any more trades but was content to watch and learn, as best as I could.

Tuesday, July 27, 2010

July 27th

No trades today and no facetime at the computer whatsoever. Busy with the day-job.

Monday, July 26, 2010

July 26th - later trade


Ok, I did break away from the computer but my plans changed for the afternoon so I was able to sit in on the markets later in the afternoon. I was watching the recent pop in GENZ and thought there was enough volatility to do some momentum practice trading. I was fooled into shorting the 2:10 & 2:15 near-doji's and saw my trade go awry. Geez, I sure have to learn to get out of these things instead of watching where they go. Stops are my weakest skill. I am not ready to trade real money until I can confront this short-coming.

The spike of the 2:20 candle gave me a chance to pound this paper-trade aggressively... by adding three more shorts close to the top of the move; anticipating a strong drop. As expected, the drop came right away and I scaled out my position for a gain. And yes, out too soon again.


July 26th


I was able to take the morning to look at MON and try some practice trading. It was marked by right idea, shoddy execution. The big runup in the stock since afternoon last Thursday indicated to me that some profit-taking was coming. I thought that it would happen a bit earlier today and shorted the first breakdown of the day. That was a bad idea as I basically went short at the reversal point, picking the worst price of the move to do it. Bad execution. The morning price peaked at the 10:15 (?)doji and began to drop... not a lot of volume today so one of my indicators was not as helpful as it normally can be. As price popped at 10:30-10:45, I continued to hold short and then another drop toward the LOD. I saw the doji at 11:05 but then saw also the near doji that followed so I thought the breakdown was at hand. I shorted another 1000 shares about two cents from the original entry. And... another fakeout! Up it went on a great green candle. I held in anticipation that my gut feeling was right; a profit taking was coming in Mosaic. It then began to happen, albeit slowly. I dumped half at roughly breakeven then held the remainder, dumping it for a gain a couple minutes later.
As I mentioned before, good idea, poor execution.
Now done for the day. I am excited to see how things end for the day when I log in this evening...

Sunday, July 25, 2010

Friday July 23rd

No trades. Combination of day-job appts. and family visiting from Virginia.

Thursday, July 22, 2010

July 22nd


I was able to sit in for the last 45 minutes of today's session and picked up three winners as I sorted through my snail mail and email.

The TNA chart was screaming at me that a big downdraft was coming... a very strong feeling. So, I took the paper-trade short at the 3:25 pm candle and held it as it briefly inched up... at one point the trade was in the red about $70, then down it went. it hung up at the EMA 7 so I watched it a bit... then, it drooped some more and I bailed out on it. Shortly thereafter, it sank like a stone and as I came back to the computer I realized I had chickened out on the best short opportunity in TNA all day, even after recognizing the signs, having the gut feeling and getting a short-entry within six cents of the top of the move (also the HOD).
So, to ease my pain, I scalped a quick winner near the bottom of the move. Later, near the close, I took a flying leap and shorted what I thought would be the top of final move of the day (because of the settled price of the 3:20pm doji). It wasn't a bad call, catching the short scalp within 6 cents of the final top of the day.

July 20 & 21 - No Trades

No trades on Tuesday and Wednesday, too much day-job on Tues. and a 9-hour firearms safety course yesterday. Perhaps today I might have a chance to sit at the computer for some practice.

Monday, July 19, 2010

mid-day papertrade


I saw this formation in TNA and decided to take it long. I was early with it (aka, wrong) but held on while not adding to the losing position. I clearly was faked out by the 1:05pm near-doji candle accompanied by increased volume as compared to the surrounding candles.; thought it was an immediate reversal signal.
However, I was rewarded for my patience 20 mins later, selling at the top of the 1:30 candle for a gain. No time to sit here though, as a 2:30pm day-job appointment is approaching. Good trading to you all.

Saturday, July 17, 2010

Thurs & Friday, July 15, 16

No trades. Too much day job piled up after my recent vacation. Still reading and studying blogs in the evenings, however.

Thursday, July 15, 2010

Reminder...

I have written this a few times before over the life of this blog but I'm mentioning it again. If you are interested in anything you see here, then go to the definitive source for momentum trading on the net: http://www.bankrobbertrades.blogspot.com/

It is there you will find your holy grail. Here on bluecollartrader.blogspot.com, you will see information derived from my study and personal interpretations of what Scott Farnham provides at his bankrobber site. He provides trading guidance, examples of his many successes and the occassional stopped-out trade, a bit of trading behavioral/mental advice, and most importantly to me: inspiration to continue. What I do here is an homage in many ways to what he has created there, including my pledge to never run ads, charge for information, or do paid endorsements. I have nothing against commerce. On the contrary, you will find no more committed free-market capitalist than me anywhere. But you will not find it here, ever.

I appreciate those who stop here to see what goes on. If you are not doing it already, I recommend your blog reading and study start at Bankrobber, proceed to all the others, then end back there. That's my advice, for what it is worth.

Wednesday, July 14, 2010

July 14


Back in the saddle, at least for a few hours! I was happy to have a few hours to look at the markets, even as I was distracted by trying to catch up with a ton of mail, paperwork, and phone calls because of my recent vacation.

I paper-traded BP and at the last of the day, VECO. I had multiple-trade positions in each, trying to cheat a little when my entry was not perfect. Not an ideal approach, but there it is...

VECO is still rising slightly in the waning moments of the session, but it appears that I picked a pretty decent exit price a few minutes ago. As I write this and the market closes, it appears that my exit was basically at the closing price; amazing how a price will sometimes feel "right" when you buy/sell, The near-doji at the close tells the story of just how powerful this area was to buyers & sellers... not surprising, given how important it was at 2:45. It was a settled price for that candle also; note the near-doji followed by a reversal.
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Not a memorable trading session for me... lots of rust after nearly a month away from the market. But, it's amazing how much one remembers with just a little refresher course.
Best to all!

Wednesday, July 7, 2010

Still removed from the markets...

A mix of events have kept me from the markets for the most part of two to three weeks. From a fixed deadline on my construction project, to increased day-job activity, to preparing for a vacation trip to Pennsylvania beginning on Friday, to selling one of the motorcycles, etc...
I haven't been this detached from my practice-trading since beginning my journey toward professional stock trader nearly 18 months ago.
I have to say that the break is probably good for me but I am itching to get back to the charts. After returning from vacation next Wednesday, I will likely have a little time to get back in the swing of things. It all depends on my day-job, which will have penned-up demand because of my absence.

Good luck to all...!

Sunday, July 4, 2010

Independence Day


Celebrating our 234th birthday. I love this beautiful experiment called the United States of America. Capitalism, free enterprise, private property rights, religious freedom, and the rule of law. Despite attempts to dim the light, it is still "the shining city on the hill."

The Unanimous Declaration
of the Thirteen United States of America


When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. --Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states. To prove this, let facts be submitted to a candid world.

He has refused his assent to laws, the most wholesome and necessary for the public good.

He has forbidden his governors to pass laws of immediate and pressing importance, unless suspended in their operation till his assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other laws for the accommodation of large districts of people, unless those people would relinquish the right of representation in the legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved representative houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the legislative powers, incapable of annihilation, have returned to the people at large for their exercise; the state remaining in the meantime exposed to all the dangers of invasion from without, and convulsions within.

He has endeavored to prevent the population of these states; for that purpose obstructing the laws for naturalization of foreigners; refusing to pass others to encourage their migration hither, and raising the conditions of new appropriations of lands.

He has obstructed the administration of justice, by refusing his assent to laws for establishing judiciary powers.

He has made judges dependent on his will alone, for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of new offices, and sent hither swarms of officers to harass our people, and eat out their substance.

He has kept among us, in times of peace, standing armies without the consent of our legislature.

He has affected to render the military independent of and superior to civil power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his assent to their acts of pretended legislation:

For quartering large bodies of armed troops among us:

For protecting them, by mock trial, from punishment for any murders which they should commit on the inhabitants of these states:

For cutting off our trade with all parts of the world:

For imposing taxes on us without our consent:

For depriving us in many cases, of the benefits of trial by jury:

For transporting us beyond seas to be tried for pretended offenses:



For abolishing the free system of English laws in a neighboring province, establishing therein an arbitrary government, and enlarging its boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule in these colonies:

For taking away our charters, abolishing our most valuable laws, and altering fundamentally the forms of our governments:

For suspending our own legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated government here, by declaring us out of his protection and waging war against us.

He has plundered our seas, ravaged our coasts, burned our towns, and destroyed the lives of our people.

He is at this time transporting large armies of foreign mercenaries to complete the works of death, desolation and tyranny, already begun with circumstances of cruelty and perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the head of a civilized nation.

He has constrained our fellow citizens taken captive on the high seas to bear arms against their country, to become the executioners of their friends and brethren, or to fall themselves by their hands.

He has excited domestic insurrections amongst us, and has endeavored to bring on the inhabitants of our frontiers, the merciless Indian savages, whose known rule of warfare, is undistinguished destruction of all ages, sexes and conditions.

In every stage of these oppressions we have petitioned for redress in the most humble terms: our repeated petitions have been answered only by repeated injury. A prince, whose character is thus marked by every act which may define a tyrant, is unfit to be the ruler of a free people.

Nor have we been wanting in attention to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our separation, and hold them, as we hold the rest of mankind, enemies in war, in peace friends.

We, therefore, the representatives of the United States of America, in General Congress, assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the name, and by the authority of the good people of these colonies, solemnly publish and declare, that these united colonies are, and of right ought to be free and independent states; that they are absolved from all allegiance to the British Crown, and that all political connection between them and the state of Great Britain, is and ought to be totally dissolved; and that as free and independent states, they have full power to levy war, conclude peace, contract alliances, establish commerce, and to do all other acts and things which independent states may of right do. And for the support of this declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.

New Hampshire: Josiah Bartlett, William Whipple, Matthew Thornton

Massachusetts: John Hancock, Samual Adams, John Adams, Robert Treat Paine, Elbridge Gerry

Rhode Island: Stephen Hopkins, William Ellery

Connecticut: Roger Sherman, Samuel Huntington, William Williams, Oliver Wolcott

New York: William Floyd, Philip Livingston, Francis Lewis, Lewis Morris

New Jersey: Richard Stockton, John Witherspoon, Francis Hopkinson, John Hart, Abraham Clark

Pennsylvania: Robert Morris, Benjamin Rush, Benjamin Franklin, John Morton, George Clymer, James Smith, George Taylor, James Wilson, George Ross

Delaware: Caesar Rodney, George Read, Thomas McKean

Maryland: Samuel Chase, William Paca, Thomas Stone, Charles Carroll of Carrollton

Virginia: George Wythe, Richard Henry Lee, Thomas Jefferson, Benjamin Harrison, Thomas Nelson, Jr., Francis Lightfoot Lee, Carter Braxton

North Carolina: William Hooper, Joseph Hewes, John Penn

South Carolina: Edward Rutledge, Thomas Heyward, Jr., Thomas Lynch, Jr., Arthur Middleton

Georgia: Button Gwinnett, Lyman Hall, George Walton