Saturday, February 19, 2011

02/16/11: Day Trading Review: Stocks that I misread SPWRA, ARUN

 Today I traded the following stocks: AGP, AGU, ARUN, APKT, LVS, SPWRA, UPL, WLT, X


1. Do NOT over trade "Opex" days especially at the open
2. Patience: wait for defined setups
3. Keep working to improve intraday trading setup from charts, level 2, trade execution, stops
4. Define 3 strikes rule


Total Trades
% Winners
ROI Losers
ROI Winners

Looking back you can see the clearly defined up channel from the open hitting resistance at R1 (not shown on chart) and quickly dropping through previous' day high (134.4'ish) and bouncing above 134 & the daily pivot (not shown on chart)

I got chopped up in this solar name as my expectations of a possible uptrend were wrong. Steve Spencer @smbcapital or @sspence_smb highlighted that the real move in solars took place prior to earnings so that should have sent up a red flag trying to catch a BIG upmove. I probably should have waited and watched the open as the high was quickly faded and then found support around 18.5 but that broke and the stock ultimately ended around 18. Eliminating 8 stabs (7 for losses & 1 for a tiny gain) and I would have had a nice positive Friday. Lesson learned, new charting setup implemented, notes entered into journal, move on. 

Another choppy trade for me as I anticipated a possible trend ride that never really materialized. The stock found a range 31.50-30.5 and just moved sideways all day. Probably would have had a decent day if I had recognized this. At the end of the day managed to finish positive on this trade. 

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