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Started By
Message
Today's play
Posted on 2/24/09 at 9:02 am
Posted on 2/24/09 at 9:02 am
Short UCO @ $6.50
stop at $6.61
Target $6.20
2k shares
stop at $6.61
Target $6.20
2k shares
2
Posted on 2/24/09 at 9:08 am to IHateLouHoltz
what's the basis? Not trying to piss on the trade, I'm genuinely curious. I suck at daytrading, so a Q&A type thread like this every once in a while would probably do me well.
ETA: gap fill?
ETA: gap fill?
This post was edited on 2/24/09 at 9:12 am
Posted on 2/24/09 at 9:12 am to Colonel Hapablap
I am bearish on energy UCO gapped up and started showing weakness just like yesterday.Pull up a 5 min chart you'll see.I am expecting the same kind of nose dive.My stop it a penny above today's high.I am not risking much here playing ti safe.
Posted on 2/24/09 at 9:15 am to IHateLouHoltz
quote:
and started showing weakness
by what measure? "Gut feel" is an acceptable answer, I just can't learn that.
I'm looking at the 5 minute chart. Why would you cap your gains at 6.20? If it's anything like yesterday, it could easily go under 6, I'd think, right? Or do you just keep running the stop down until you get nailed?
Posted on 2/24/09 at 9:21 am to Colonel Hapablap
Well it will likely fill the gap at $6.20 that is why it is my target.I trade quick and short yes it can go under $6.
By showing weakness i meant that it gapped up yesterday and started selling off(showing weakness).Same thing is happening today, i lowered my stop to $6.30 to book some gains aleast.
By showing weakness i meant that it gapped up yesterday and started selling off(showing weakness).Same thing is happening today, i lowered my stop to $6.30 to book some gains aleast.
Posted on 2/24/09 at 9:22 am to IHateLouHoltz
what is your strategy on setting stops, vis-a-vis where you put them? It never fails that my stop gets hit right before the position goes in the direction that I expected. I've given up on them.
Posted on 2/24/09 at 9:26 am to IHateLouHoltz
seems like a lot of work for $400.
Posted on 2/24/09 at 9:26 am to MileHigh
I'd be very happy to make $400 a day on 1 hour of work.
Posted on 2/24/09 at 9:29 am to Colonel Hapablap
I try to determine where the resistance and support are at first.Then determine if the trade presents enough risk reward to enter.Normally I won't risk more than 5% of the capital.Got stopped out $400 for abt 30mins work not bad. 
Posted on 2/24/09 at 9:31 am to IHateLouHoltz
Another opportunity to short coming up if it fails to make a new high.
Posted on 2/24/09 at 9:33 am to Colonel Hapablap
quote:
I'd be very happy to make $400 a day on 1 hour of work.
Yes, I would too. However, you also risk capital loss. He could have lost $220 on this trade. Risk/reward doesn't seem to be there.
Day trading is too much work IMHO. Maybe if I didn't have a job.
Posted on 2/24/09 at 9:34 am to IHateLouHoltz
how do you know if it's failed to make a new high?
Posted on 2/24/09 at 9:39 am to Colonel Hapablap
Well its high of the day was $6.60 I have a streaming intraday chart running on the side.It has bounced off $6.23 on low volume.If it doesn't go above $6.60 and heads south again I'll short again.
Posted on 2/24/09 at 9:42 am to IHateLouHoltz
right, but what I dont understand is how do you distinguish a "real" reversal from market noise? I'm watching a 5 minute chart right now. it's currently trading below the highs of the last 2 bars. So in some sense, it has gone down. But I'm not sure I'd call it a reversal.
Posted on 2/24/09 at 9:43 am to IHateLouHoltz
Mile high:
It depends on your individual situation if you can afford risking $220 to make $600 (my intial target) or not.You are right day trading is not for every one.I daytrade only when I am off(mardi Gras) and can watch the market closely.But as long as you keep your emotions out of it.It will work more than you think.
It depends on your individual situation if you can afford risking $220 to make $600 (my intial target) or not.You are right day trading is not for every one.I daytrade only when I am off(mardi Gras) and can watch the market closely.But as long as you keep your emotions out of it.It will work more than you think.
Posted on 2/24/09 at 9:49 am to Colonel Hapablap
It has resistance around $6.50 it should reverse around there not here.I am waiting to see what it does.
Posted on 2/24/09 at 9:50 am to IHateLouHoltz
what kind of resistance?
Posted on 2/24/09 at 9:53 am to Colonel Hapablap
I'll post a chart later explaining it.
Posted on 2/24/09 at 9:54 am to IHateLouHoltz
I just went long on Enron.....
Posted on 2/24/09 at 9:55 am to IHateLouHoltz
awesome.
it did pin 6.50...
it did pin 6.50...
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