Thursday, December 04, 2008


didn't wait too long,bot SKF
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2 comments:

CPATrader said...

Hi FNG,

wouldn't you have taken a short for this setup? I know it's obvious after the fact, but looking at the chart posted at 11:58, it seems to me that skf makes a double-top, then takes out the low of the last 5 minute bar. Would a short here make sense with a stop above the double-top? I do this a lot and get stopped out. Thanks!

7:23 p.m.
Scott said...

The market was very choppy but the up move in SKF was more powerful than the down move previously. I was having to be very quick on the trigger finger in order to keep up. So I didn't take the short at that point because of that uptrend bias. When it started to really explode to the upside minutes later, my long play turned out to be the correct one. I did take the short side briefly after the big pops but only when general profit taking was occuring and then only 1000 shares. I was doubling up on the long side because of the feeding frenzy.
It's very rare that I park myself on the sidelines but SKF' behaviour was a little strange before that so my gut told me to be careful. I was also looking at the moves GS was making and the S&P and QQQQ and trying to factor all that in. My gut told me to stay put and not take that short even though I've made a trade like that 1000 times. I always listen to my gut.

9:01 p.m.

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