- The market could have tested yesterday's high and break through indicating a possible bullish day.
- The market could have tested yesterday's high, fail to get through and fade.
- The market could have traded in yesterday's trading range with no real direction.
I did five trades today, three in the same company (LL). Entry on my initial LL trade was good, and the stock moved to my target ten minutes later. I decided to go back in and ride it to another target. Entry on that trade was good. Management wasn't the best, but I was able to manage the move to a profit target. I went back in try to play it on the short side (dumb move, because the move is to the upside). I felt like I could pull it off-even though the trade today on this stock was on the long side. The pull backs were simply breathing moments int the stock (people got out and the stock dropped. Then people got in, and the stock moved up again). It cost me $0.34. I was up big in the stock and up big on the day.
I closed the platform after my loss on my short position-taking my profits for today and running..WHEW!!!
Here are the results:
RIO and FCX were not bad trades. The stock didn't move in the direction I thought it would (after looking at the daily chart). FCX was a little extended by the time I got in. I really should have seen that. I believed RIO could move to $48, but the stock gapped but showed no follow through.
After my loss on the LL trade, I closed the platform. I really felt like there was more for me to take out of the market. There may have been, but I only wanted in because I was on a roll...I left before my trading turned into gambling (no real risk and trade management at work). All's well that ends well. I will try this again tomorrow. Until then....