March 5th

Wow, that was some session. Talk about the market vomiting all over itself!

I had some early success, trying to focus on riding the momo train and not trying to predict reversals. It seemed to work ok. I found some trouble thereafter, I was taking Day-job calls, not being attentive, and damn but I didn't try for a reversal where I hadn't confirmed one. It really is a dysfunction with me. I had to do some day-job reports so much of the afternoon was spent with the IB off. Toward the end of day, once I signed back on, I focused on NOT calling revesals and tried to focus on playing what I actually was seeing, not what I was guessing was going to happen. This seemed to help and I made a recovery, finishing ok.

Same thing today though. I am drawn to predicting reversals on strong moves. I do not let my winners run. But, as I've mentioned before, these are patterns and with enough work, I feel I can correct them. We'll see.

Not that I didn't know it already, but I am definitely not a natural born trader. I'm going to have to really work at it.

9 for 12 winners, 75% success rate. Net gain of $1.01 per share.

March 4th

I logged onto IB later than usual this am and so
missed the chance to participate in the huge morning run up of SKF. But I watched and waited to identify the end of the run. Now, I knew the run up would end, as they do in any given day...stocks don't go forever. I had to balance that knowledge with my penchant for calling tops and bottoms where they ain't; a problem I've identified and outlined in prior posts. I watched the 10:21 red candle and the 10:24 red candle. It felt like the reversal was confirmed and I shorted at 10:25. I covered at 10:26 for about 46 cents per share. I decided to try to catch another down move 15 secoinds later with the realization that I covered too soon on what should be a much lower drop off such large morning run-up. But, I didn't see much movement and covered basically even on the trade. With the day job appt coming up, I decided to bow out and watch while I prepared for my appt. Well, after two small green candles at 10:30 and 10:33, my sizable drop took place. This is the one I wanted and thought I'd get. It's just that I haven't learned to trust my gut on these reversals yet. I simply don't have the experience. At this moment, as I prepare to go out the door, the larger down move in SKF continues; at $203.30, it is a full $8.48 per share lower than my initial short... and still retreating...
2 wins out of 2 trades, 100% success rate. 46 cents per sahre gain.

March 3rd

I really tried to focus on better set-ups and on NOT picking reversals where the market isn't clearly presenting them. Fewer, high quality trades. I still left a lot on the table in the moves which worked for me. But, I am unwilling, for some reason, to allow myself to run with a move. It will take some conditioning to get past this urge to sell too soon.

The marks/arrows on the volume chart at the bottom of SKF are where I was trying to identify patterns in the correlation of volume spikes and reversals of direction.

Good trading to all!

4 out of 5 winners, 80% success. gain of 69 cents per share.