Here is last week's results for Tuesday through Friday. Monday isn't included because IB only gives me the prior 6 days, not 7.
Friday, April 12, 2013
Weekly Gain $679.41
This does not include the $800 trading gain I had in the TD Ameritrade account this week. I have decided to not include them in the total.
Here is last week's results for Tuesday through Friday. Monday isn't included because IB only gives me the prior 6 days, not 7.
Here is last week's results for Tuesday through Friday. Monday isn't included because IB only gives me the prior 6 days, not 7.
Friday ( Gain: $190.42 )
My overnight short idea was a good one and TNA opened 43.47 but then went straight up. I held thinking it would reverse pretty quickly and it didn't. It started back down again and I exited. Now it is plummeting; hitting 43.35. I left real money on the table because I didn't trust my analysis. Patience and faith are big parts of trading. Exited with a $58 gain at $43.69.
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10:02: Price now down to 43.17.... missed a lot of opportunity as a result of my early exit.
---------------------
10:24: Shorted 250 sh TNA, covered 10:37am Gain of $33.
I entered into the middle of a consolidation area which is undisciplined and uncertain (chickenshit) trading in my opinion. And I did it... and it paid me which does not make it ideal. Looking for a high-vol flush to the downside before I choose to go long.
---------------------
10:47: Long 750 sh TNA @ 42.85
11:28: Sold 250 shares at 42.87; Gain 4.59 (breakeven). Lessen my risk by 1/3.
--------------------
11.32: Sold 250 sh at 42.91; Gain 14.64. Lessen my remaining risk by 1/2.
--------------------
11:51 Sold 250 sh at 43.08; Gain 56.94. All out.
This day so far is an example of sloppy, unfocused trading. I'm stopping to evaluate.
I may do some practice trading to get my head right.
-------------------
1:15 After lunch and some walking around to reset my mind, I am back at the computer. TNA is consolidating around 43.20 (note the 12:05 doji) I suspect it will settle in this area for awhile as traders sort out the movement today.
-------------------
3:01 Saw a long trade that fit my edge so I took 250 shares long TNA at 43.20. Exited all at $43.30 at 3:12pm. Gain $22.93.
3:18 Price just reached 43.40 I left 10 cents on the table; double my gain.
-------------------
Thoughts:
Price dipped at 11:05 am to 42.40; wrote last night that I thought it would get to an even $42 before bouncing. I can't help thinking it still will though the odds are that it won't be today. In fact, on the upside, it could run to the $43.90 area.
The DOW has recovered a bit but the S & P is comparatively weaker on the day. I am not in the market prediction business and I am often wrong with my targets. A market veteran who once had a blog I closely followed would write that one should never set targets at all; it colors one's judgement. Perhaps that is where I will end up!
I am getting better at recognizing market extremes and trading them. Mean reversion trading is my preferred style and always has been my predilection. This type of trading is less profitable and often riskier than trading trends outward from the mean. It is my goal to be comfortable trading any direction so I do have room for improvement. To my credit, I recognize my weaknesses, I want to improve, and I recognize when and why I am performing below par.
To enhance my opportunities, I am beginning to take advantage of the fractal nature of markets; to scan multiple time frames for entry points. For instance, I was willing to absorb risk by shorting yesterday into today knowing I might be down at the open but recognizing the multi-day trend was too extended and a market drop was the higher percentage play.
-
I am going to sit and watch rest of day and perhaps take a trade if a price extreme presents itself. I will not be in the market over the weekend no matter what situation presents itself. Stops will be respected.
-
Reviewing the SPY historical chart tells a story... it says EXTENDED. This run up is very nearly played out I'd guess, if not on its way down from here. The chart has not shown us a big volume surge that often presents just prior to big reversal, however, so Mrs. BlueCollar and I are remaining net long the market in some position investments that do not trade; mutual fund stuff. The old saying that bulls make money and bears make money but pigs get slaughtered is always milling around my mind as markets extend themselves. I will likely be scaling back on those soon... always ready to recommit when I am wrong.
---------------------
10:02: Price now down to 43.17.... missed a lot of opportunity as a result of my early exit.
---------------------
10:24: Shorted 250 sh TNA, covered 10:37am Gain of $33.
I entered into the middle of a consolidation area which is undisciplined and uncertain (chickenshit) trading in my opinion. And I did it... and it paid me which does not make it ideal. Looking for a high-vol flush to the downside before I choose to go long.
---------------------
10:47: Long 750 sh TNA @ 42.85
11:28: Sold 250 shares at 42.87; Gain 4.59 (breakeven). Lessen my risk by 1/3.
--------------------
11.32: Sold 250 sh at 42.91; Gain 14.64. Lessen my remaining risk by 1/2.
--------------------
11:51 Sold 250 sh at 43.08; Gain 56.94. All out.
This day so far is an example of sloppy, unfocused trading. I'm stopping to evaluate.
I may do some practice trading to get my head right.
-------------------
1:15 After lunch and some walking around to reset my mind, I am back at the computer. TNA is consolidating around 43.20 (note the 12:05 doji) I suspect it will settle in this area for awhile as traders sort out the movement today.
-------------------
3:01 Saw a long trade that fit my edge so I took 250 shares long TNA at 43.20. Exited all at $43.30 at 3:12pm. Gain $22.93.
3:18 Price just reached 43.40 I left 10 cents on the table; double my gain.
-------------------
Thoughts:
Price dipped at 11:05 am to 42.40; wrote last night that I thought it would get to an even $42 before bouncing. I can't help thinking it still will though the odds are that it won't be today. In fact, on the upside, it could run to the $43.90 area.
The DOW has recovered a bit but the S & P is comparatively weaker on the day. I am not in the market prediction business and I am often wrong with my targets. A market veteran who once had a blog I closely followed would write that one should never set targets at all; it colors one's judgement. Perhaps that is where I will end up!
I am getting better at recognizing market extremes and trading them. Mean reversion trading is my preferred style and always has been my predilection. This type of trading is less profitable and often riskier than trading trends outward from the mean. It is my goal to be comfortable trading any direction so I do have room for improvement. To my credit, I recognize my weaknesses, I want to improve, and I recognize when and why I am performing below par.
To enhance my opportunities, I am beginning to take advantage of the fractal nature of markets; to scan multiple time frames for entry points. For instance, I was willing to absorb risk by shorting yesterday into today knowing I might be down at the open but recognizing the multi-day trend was too extended and a market drop was the higher percentage play.
-
I am going to sit and watch rest of day and perhaps take a trade if a price extreme presents itself. I will not be in the market over the weekend no matter what situation presents itself. Stops will be respected.
-
Reviewing the SPY historical chart tells a story... it says EXTENDED. This run up is very nearly played out I'd guess, if not on its way down from here. The chart has not shown us a big volume surge that often presents just prior to big reversal, however, so Mrs. BlueCollar and I are remaining net long the market in some position investments that do not trade; mutual fund stuff. The old saying that bulls make money and bears make money but pigs get slaughtered is always milling around my mind as markets extend themselves. I will likely be scaling back on those soon... always ready to recommit when I am wrong.
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