June 15th into 16th

I watched DRQ for a bit yesterday and took a succession of paper-trade shorts as it approached its daily high. I held overnight, expecting a morning drop after the big market run-up yesterday. After my morning day-job appt, I logged in to find the position near a support area so I covered for a gain. The large volume spike at 10:30 accompanied by a candle which had broad price range but with a tight open to close ratio was another clue that traders were taking profit and reversal was a high percentage play. And, my premonition came to pass: While changing my blog template and managing my blogger reading/following list after covering the overnight position, DRQ went on a tear upward, rising over a dollar per share in about 30 minutes. Glad I got out where I did. It is still running upward after taking the screen shot you see above. I must get back to my building project now, but may try to get to the market at the close for another try.

Long weekend

It was a long weekend here at bluecollartrader central. Lots of construction work... I nearly finished the install of 750 sqft of hardwood flooring while Mrs Bluecollar touched up paint and filled the nailholes in the casing after a family friend hung our doors then covered them and the windows with the trim casing. With only 11 days left on a very firm deadline, I haven't had much time to think about trading. Only the occasional moment to log-in, the one trade if things look right for it.
I have the flooring nailer rented until 2:00pm today so I must not sit in on the markets today... In fact, I should be nailing flooring NOW! After the return of the nail gun, it is on to the countertop manufacturers to give them the sink cut-out template. I'll make time to stop at the post office, then back home. By then, it will be after 4:00 pm market close, I'm sure. So, there is too much "life" going on in my trading day! After this weekend, I need another cup of coffee as I make my way to the project...

Good luck to you all today. I'm planning on taking some serious trading practice time in July. But, it all depends on how busy day-job is... after 20 years doing it, I have very loyal customers calling for service. This is why I have a long outlook on my goal of trading for a living. It is impossible to just drop everything and practice trade. Slow and steady wins the race...

June 10th

I did get a chance, albeit briefly, to sit in and practice-trade the market.

The move down between 12:15pm and 12:45 pm was well under way by the time I signed on and I decided to get in on the momo, going short even though the move was getting "stale." I picked a horrible price to go short, getting the bottom of the move, as it turns out. I held the stock though, and looked to exit if I went green on the trade. It didn't. So, instead of exiting, I held for a reversal area, and found it at $44.45 - $44.50. It was there that I really pounded this thing short... adding to my position heavily. This felt like a very high percentage shorting area, and time proved me right. The 1:10 doji after a tall green candle which ended at its top for the 5-min period was a trigger for me to play for the true reversal of the move. I went short then waited for a breakdown. It didn't materialize right away, but rather, I found myself in a consolidation zone for 20 mins or so. Then the drop began. I exited with a gain then shut the computer down and went to pick out some granite counters for the new construction. I only just looked at RIG for the first time since I closed the trade. Looks like I had a nice area to short... the move continued substantially after my exit. Once again, out too soon. I grabbed about 10 or 11 cents of the $1.22 available to me; a mere 9% of the potential.

Definitely won't have any time tomorrow... I am installing hardwood floors and then getting supplies for the weekend in the late afternoon if I'm not dead-tired by then!

See you on Monday. Hope everyone has a great day, educationally and monetarily.