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

Monday, November 8, 2010

November 5 - EOD shorts in TNA


I didn't get to put up these paper-trades short in TNA from last Friday at the close. I was fading the move up and thought it would break down in the last minutes of the session. It didn't so I held the two-part short over the week-end. I was rewarded for my overly-risky move by getting a chance to scale out for a gain at the open this morning.
As I write this, about 8 minutes after exiting, the market and TNA are really dropping nicely and price is currently about 50 cents lower than where I go out. My trade idea was a good one but I left a lot on the table, as is often the case.

Day job is not very busy this week thus far so I expect to be able to finish my hardwood flooring installation project as well as do some practice-trading. Emergency service is a component of my day-job, so my time could fill and send this plan up in flames.
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Here in the northeastern US, it was raining like crazy yesterday. At my house, it was raining outside and inside, after I pierced a radiant-floor heating pipe between the first and second floor! Beating the long odds of hitting the pipe with a hardwood floor nail in just the right spot was quite astounding but that is how it works sometimes... in construction and in trading. I quickly shut off the heat zone, cut the power to the lights in this area of my kitchen, cut a hole in the ceiling and found the leak within 20 minutes. Minimal damage overall: the heat pipe I can fix literally in two minutes with a PEX coupler, the three by five foot hole in my drywall ceiling will be more involved. As will be the painting of the entire open-concept ceiling area for the sake of a 15 square foot spot! I wonder how using "stops" might apply to this situation? Maybe stops would not apply... this ceiling incident was more like a "flash-crash?!"

2 comments:

  1. what was your rationale behind fading the close on friday?

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  2. Much of what I do is based on "gut feel." I wrongly predicted that price would reverse when it hit resistance at about $60.38. Instead, it soared into the close to the next near-term support/resistance level of $60.60 (see 10:05, 10:15, 10:25, 12:35pm, 1:05-1:25). Considering the big EOD run, I thought breakdown from profit-taking as it hit the S/R level, so I held. Risky... trading s/r levels without other criteria is not a high percentage play, from what I've read...not to mention allowing a day-trade to morph into a swing-trade. Just not sure I would do this with real money. This is still a learning game for me...
    Hope that helps...

    ReplyDelete

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