Wednesday, February 16, 2011

02/16/11: Day Trading Review: SPY, JDSU, SF, GS, ANF

I apologize for not having not entered a blog entry in some time but here we go:

Today I traded the following stocks: ACAS, ANF, CMSA, CMI, GS, JDSU, NFLX, SF, SPY


1. Stop trying to catch falling knives in momo names like NFLX & AAPL without checking the charts and looking for real support & resistance levels. Also before I take a position check for news.
2. Identify channels, TL's, yesterday's high & low, etc...
3. Identify A setups so I can go BIG.
4. Be more conscious of SPY or ES_F resistance & support levels. Could have prompted me to take more profits and wait for market to find a bottom before trying to go long.
5. Still need work on R/R needs to get above 3. Ex-NFLX slippage my R/R today would have been 2.82


*Most of the loss resulted from an ill attempt to knife catch NFLX and tried using a 20¢ stop but thanX for slippage I got hit out for 60¢ ouch. 

Total Trades
% Winners

ROI Losers

ROI Winners



What you'll notice here is that we gapped up made a run into 134 resistance and came down to yesterday's high and traded in an up channel for the remainder of the day. The market topped out at 11AM and as a result many stocks followed suit.


HT @smbcapital for this morning idea. When I noticed that JDSU was holding above 35c. Think I got involved around 45c and caught the entire opening drive and read this one to a tee selling all the way to the top. Tried again later in the afternoon to catch a second move when it broke VWAP but unfortunately just churned and lost 10¢ 


Caught multiple +50c scalps in this when it first broke the pennant then when it held 72.50 selling at 73 & then when it broke 73.3 caught it for another +50c


Only caught a +50c move in this name on one of the dips around noon. I should have set an alert for when it broke above the morning's high around 2PM.


I tried 1 trade in CMCSA but got stopped out -10c when it dropped suddenly (market drop) below the consolidation base. I could have gone long when it broke the down channel & VWAP and/or when it broke the morning's high. Oh well not a clean "In Play" move 

1 comment:

  1. Nice posts. I am with you on trying to focus more on A set ups to go heavy. My Buy on FCX double bottom was an A set up so I took 500. Did not hold long enough. Also my buy on JOYG above 95.50 was an A play but I only took 300 and should have had 500 at least.