Focus your mind, manage emotions, go with the flow.
Friday, January 09, 2009
Good time to go for an early ski with all this chop going on. Later.....
sold CNQ + $ 360,
OIH + $ 350
cover SKF + $ 1700
sold FSLR into this strength + $ 2400
bot OIH, doubled up in CNQ
sold AEM + $ 410
bot CNQ, doubled up in SKF short
bot FSLR
short SKF
bot 2K AEM
sold SKF - $80
cover MON - $ 110
short MON
bot SKF
sold RIMM + $ 800, sold AEM even
cover SKF - $ 180
short SKF, sold AMED even
cover AEM + $ 1900 and long again
bot 2k RIMM
bot AMED
covered ISRG + $ 900
sold SKF + $ 1500
sold SRS + $330
bot 2k SRS and doubled up in SKF
short ISRG
bot SKF
ISRG downtrend slowing so taking profits + $ 2600. i had doubled up in both ISRG and AEM.
AEM is stalled so taking profits + $ 1500 is the prudent action to take. also 15 minute shows volume declining fast.
Looks like probability favours the short side here.
AEM 15 minute
So watching ISRG and see the slowing of the little pop. Make the short entry as shown by green line. Only signal is the slowing of upward momentum to a return to th eoriginal downtrend.
I also doubled up in the AEM long trade.
On AEM here, I had had a long earlier in the morning and felt the strong momo. The pullback and then doji as seen on the 15 minute chart below is my signal that probability is back to the upside. Entry is shown at the lower red line. Let's see what happens as I don't know for sure...
AEM 15 minute chart
ISRG is slowing down so I took the $2700 profit the market offered up. I'll keep an eye on this and if it breaks down again I'll get into it again. I find it better to take the $ instead of watching it go against me and the $ disappear. That sort of thing plays with your mind and gives you all sorts of negative thoughts.
In response to a comment, here is one thing what I look for to increase my odds of success. ISRG is weak after a strong run yesterday. Has dropped down today and consolidated. Probability said down so I shorted it at the price indicated at the lower green line. Lower red line was my stop . I don't know where fib lines or other support / resistance levels are. I only care what the momentum does and will take my loss if it hits my stop level or take profits when it stalls or when it would be foolish not to take it. I never have a preset idea of my "profit" as that could commit my mind to thinking that I know what it will do. I never know what a stock will do.
I will endeavor to post charts showing my daily trading activities in as real time as possible. However when there are fast market conditions there will be several minutes delay while I sort out my positions, then get around to posting the changes here. I trade off 5 minute charts in conjunction with 15 min. charts and pay close attention to 5 min. charts of the S&P 500 and QQQQ.