October 17-21 Watchlist

Bear Flag Setup

Bear Flag Setup - What to look for:
Break down with volume.  
Dead Cat Bounce with low / decreasing volume.

Short at Resistance.
1st Target is breakdown support.

October 10 Watchlist

Mentality of Becoming a Trader

Stewie said...

I can give you advise by telling you about how i transitioned. hope it helps:
Once, i admitted to myself that trading isn't about finding a magic system that will make $$ on every trade: When you trade you will have winners and you have losers. It's a NOT a judgement of your intelligence or talent as a trader. it's part of the business of trading. trading is about finding WHAT kind of trader you are(your comfort zone) and realizing that the mrkt is always changing and you need to adapt your trading quickly and if you are not sure what to do, then DO NOTHING. There's a time to trade bullish, a time to trade bearish, a time to trade bullish with big/small size, a time to trade bearish with big/small size and of course and most importantly i believe is the time to JUST SIT and DO Nothing. Traders always need to trade, not true, the best traders just sit and wait most of the time and when the opportunity comes knocking they take it without hesitation and if they are wrong, then NO big deal, just wait till the next one arrives. Trading is about separating the EGO/'need to be right' attitude from the pure neutral observer who places confident/strategic trades at the right time as the market ebbs and flows. The market will ALWAYS give opportunity, you just need to be ready when it comes and waiting patiently. The BEST traders will go from bullish to bearish in a blink of an eye, it's pretty strange but sometimes the mrkt will look bullish and then turn bearish and you need to be ready to react whether that means you making money, making less money, breaking even, losing money or losing a lot of money, you need to react in a neutral objective way. I am NOT a perma bull or a perma bear, i am trader and i want to make money without bias.
T achieve the higher stages in trading i am a big believer in trading without emotion and the best way i can think of is to trade with small size most of the time. this will allow you to separate potential $$$ gained/lost from pure objective trading. trsut me, if you are trading well, $$$$ will be made and it add up quick. The key is not put yourself in a situation where you stand to lose a lot of money.

I can go on forever but hope this helps or at least makes sense. you will get there. Strive to keep understanding the ebb and flow of the market and how your trading style fits. Best of luck.

From:  Trader Stewie, Stages of a Trader (http://theimpatienttrader.blogspot.com/2008/01/stages-of-trader-by-bo-yoder.html)

Follow My Plan

I have to set out a trading plan, and then follow it.  Got a little greedy with TZOO and TNA today, and would have had a much better day $$$ if I had executed my plan.

TZOO

The plan was to enter on the break of high/flag.  Entry was perfect at 24.52.  The plan was to sell 1/2 quickly into the pop, and the other half at 25.  Sold the first 1/2 @ 24.73, and got gready on the other half as it just past 25. Work was busy with many distractions and opted to sell the last 1/2 @ 24.68, but it should have been sold on the pop over 25, as per my plan.

Similar with TNA, 1/2 on first initial breakout (34.12), with the plan to sell the last 1/2 @ 35.  Did not sell @ 35 and liquidated at 34.44.  Still for a profit, but would have been better if I executed my plan.

RIMM short and Kunal's Favorite EOD Gorrila Run Pattern

Missed much of the morning due to internet issues, but made up for it late in the day...

Let's start with Kunal's favorite EOD Gorrilla Run Pattern that he posted on Twitter.

I applied this to TZOO.  I called it out in Chat and got a quick "nice find" from Kunal which made it that much easier to pull the trigger. Entered on break of HOD.  Took profits on 1/2 and keeping 1/2 O/N.  THANKS KUNAL!!!

Also shorted RIMM as it was approaching it's 52 week low.  Order filled @ 19.983.  Took profits all the way down as I kept lowering my stop.  Finally stopped out @ $19.72.  RIMM went on to close @ 21.00

Traded AMR, which I found on FINVIZ biggest mover list.  It had huge volume and was in a tight range.  Thought it was a low risk entry on break of the 2.32 range.  Filled at 2.34.  Sold half at 2.40 which was the day's high and big resistance.  Raised my stop to 2.36 to ensure a positive trade and got filled at 2.37.  Not a huge gainer, but pretty pleased with it.

Also traded AXAS ( on Kunal's call).  I tried to chart it but doesn't make sense to me.  What does make sense is the 6.4% in about 5 minutes and still holding 1/2 O/N. Again, thanks Kunal!!!

Took a loss in SIFY(only loss of the day, but overall, one of my best days in a very, very long time.