I added this practice-trade short in RIG during its last big push down at the 2:10 candle. I took it as it just started to break to a new LOD. Covered a bit early because I chose yesterday's late top (3:00 candle) as support. 25 cents off the low was close enough for me, considering the dayrange was $4.72. Turns out that the 1:50 to 2:50 pm base highs were the support of choice for the traders with enough juice to reverse a stock from its big daily slide.
Documenting the Journey From Bluecollar Guy Doing a Bluecollar Job to Trading the Markets for a Living
"A man is not finished when he is defeated. He is finished when he quits."
Thursday, May 27, 2010
This week so far...
Day job was busy Tuesday and Wednesday and I was out of the office while the market was open.
On Monday, however, I was able to practice-trade some in the afternoon. I held some shares of TNA overnight, mostly by accident. I couldn't close them the past two days for reasons I mentioned above.
The market has popped today so I've sold them with a limit order at $48, close to the top at open. I have to return to other duties so I am shutting down the computer for the rest of the day. I look forward to a day when trading takes precedent.
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