Friday, 10 May 2013

1-1: Nice Follow Through...Almost Feeling Like My Old Self

(Smiling as I type this..............not really) Today was a long and tumultuous day. I spent the entire day (its 1:45 pm EST) in one position-I entered it twice. I wanted to keep word and make at least half a point or in dollar amounts; $50. I kept my word!! I was able to take out 0.46 out of the market (the dollar value is more than $50, btw). Following my routine, I check SPY in the morning. It gapped up a dime from yesterday's close, but it stayed within yesterdays trading range. I didn't attempt to develop an overall market directional bias-I decided to watch how individual stocks were moving and then direct my trading bias from them.

Here are the results:

I did two trades in MCP ( I got stopped out the first time). The second one hit paydirt. I took my entry off of the high of the first five minutes of today's trading. I got out at a predetermined price target. As you will see from the pic of the trade, I left quite a bit of profit on the table. My initial price target was 7.02. I changed it (lowered it) after seeing all the issues the stock had while it tried to break the 6.80-6.85 level. I'm a little bummed that I didn't get all of the move, but I would feel the same way if I left my price target at 7.02 and gotten taken out, only to watch the stock run forty three cents higher...It is what it is-bears make money, bulls make money and pigs get slaughtered.
My entry was good. There were many times today where I was a little frustrated with the way the stock was moving. I was ready to dump the position and look for something else. Luckily, I stayed with it (even though the stock just hit a point from my entry-dang!!!!! its 2:16 now). I couldn't really (manage the trade properly) follow the stock like I intended to because of the way the stock moved today. All in all, I'm happy with the way I performed today. One day of the half-a-point-challenge in the books...Way to go Nolan!!!

See you guys on Monday...

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