Where I was during my absence...

Mrs Bluecollar decided to go on a trip with her niece so I decided to live out a dream... one of those "bucket list" items. I flew to Vegas, rented a big Harley, then set out for the monuments and canyons of the southwest! Hoover Dam, Arizona Desert in 105 degree temps, Grand Canyon, Route 89A from Flagstaff to Sedona, crossing Navajo Nation to Monument Valley, Fry Canyon and Glen Canyon, the mighty Colorado River, Bryce Canyon, and the list goes on. Over 1300 miles alone with a map and an awesome bike.

It really was a dream come true.

Back in the Saddle

I've been away for a while and I am just back to the computer yesterday and today. Took a stop loss on a trade yesterday EOD; only did the one trade.
I spent most of this morning helping a friend move then took this one short at what seemed like a great breakdown spot. As it turned out, my instincts were correct but as you can see from the chart, I was out far too early. Gain of 18 cents on the trade with up to 68 cents available to me. I'd like to chalk it up to being rusty because I was away from the markets!

just the one trade today, I believe

Looks like my exit at 10:57am was very timely. Momentum had indeed dried up and the stock has been lower since. I had speculated that TNA would oscillate over the S2 pivot line and it appears to be doing that up to present. Where it goes from here, I don't know.

-
It's 1:30 pm and I've only made the one practice trade today. A lot of distractions around me plus I have an appointment at 3:00pm. So, I will check out the charts as I get ready for my appt but not get involved...

Exit at $54.39

Exited here... perhaps a bit too soon but it feels like Momo is slowing.

+46 cents

First today

Long at $53.93.

Not sure about this one... there was a whole lot of craziness with the Bid/Ask at this level for 10-15 minutes after I got in. This one could come crashing down or some extended oscillation over the S2 pivot.

Exit with Gain

And finally out of this trade. Got a nice push back toward the HOD and I exited into the strength. + $1.05 is my best gainer in recent memory, if not my best ever.

Amazing how relaxing and enjoyable it is to do the following:

1. Enter with the trend

2. Enter early and not during consolidation

3. Avoiding early cut and run exit.

4. Faithfully stopping out early trades then catching a winner that makes up for it.

What I need to consider:

1. Trend is the friend

2. Look for chances to add to winning trades

3. Relax.

thinking ahead...

Just thinking ahead on this trade I have going. TNA and QQQ have closed the gap from the morning's low open, but SPY has not. SPY started to close the gap just moments ago and TNA is starting to gain some energy though it hasn't broken the consolidation area using $59.40 as resistance. If SPY gets some gusto and runs up to close the morning gap, TNA will likely reach the second target of $59.70 that I mentioned in an earlier post.

Target hit, would LOVE to exit here...

$59.40 hit and I would like to be on record as wanting to exit here. I'd then wait patiently for another possible push higher.

--------------------

+ $1.30

Reinvigorated...

The trade is reinvigorated and gathering energy. If it doesn't double-top, I see it going to the $59.40 area. Maybe $59.70 if there's lots of EOD momo.

Trade lost steam

Trade still working but has drooped from the peak. I had about 97 cents at the highest point. It occurs to me that an experienced trader would have been looking for a place to add to the winner. I have to start thinking that way...

Judgement/Gut loses out, trade still working

+ 80 cents
-------------------------
Doesn't matter, I can't take profits anyway because of my rules, or at least I can't until 15 mins before EOD. It would be nice if this is still working then.

Gut tells me to get out

My gut tells me to exit with my 60 cent winner on the high volume spike. My exit rules keep me in. Let's see whether my judgement is correct or is the rule correct...?

3rd of the day

Long TNA at $58.12.

stopped out.

my gut told me that momo was waning and that I should exit with my 15 cent winner. However, my pledge was to stopout all trades today; no discretionary exits allowed.
-
Important for me to pay attention to the fact that my original stop would have held and I'd still be in the trade.

moved stop up, momo waning

2nd of the day

Long here.

Stopped out.

first of the day

first of the day. Short TNA, this one might not break down though... will let my trades stop out today... no discretionary exits.

$59.10 hit and sinking still... I wonder if it will rebound to consolidate over $59.10 area? Note that price did bounce off the Pivot and rose to my entry before dropping again. I could have played long when price bounced off the pivot line. Although, my stop would have held and if I had just stayed in, I'd be up a whole lot right now! It might be time to reinstitute my exit rules, despite how limiting and boring (?) they were to try and trade.

First of the Day

Here's my first practice trade of the day. A short of TNA at 59.70 and profit taking cover at 59.42 at the Pivot as I expected a bounce. We might see TNA drop to the $59.10 area later.

Important to note: The white oval encircles the second touch of the Magenta colored line that I was watching from Friday, an area I decided to watch for potential Support/Resistance. It was hardly resistance the first time it was touched during the strong upward drive from this morning. But it sure held as temporary support as I surmised with price consolidating around it for a short time. A likely point of resistance in the future.