Day Trading Post #15

Today was another great day in the markets! My swing trades are finally coming together, and I am in the money on EBAY!!! Day trades this morning were great for me personally and I have noticed that I am becoming very consistent with my AM trades. As long as I stick to my rules and give myself the proper risk, I am profitable almost every time! (Watch me jinx myself by saying this LOL!)

Anyway, for day trades today, I decided that I wanted to trade some more volatile stocks that were in the $0-$50 range because even though its nice taking profits, I want to start taking some bigger profits! Since I'm so limited at the moment on my day trading account, I figured I'd trade some of the triple powershare ETFs. These are dangerous and when you make a mistake, just remember that its magnified 3x more than a normal mistake. Anyway, my trades were in the Ultra Long Energy (ERX), and the Ultra Short Energy (ERY). ERY is a beast and when it moves, and IT MOVES! Also, it gaps. So if you are wrong, you are going to take a hit. That's why I only took the trade in it when I was absolutely sure that everything lined up perfectly on all time frames (3m, 5m, 15m) and that the market was trending down. My trades in ERY and ERX are shown below in the charts. ERY was a great trade and it only came against me 10 cents at the most. If I would have held on to the position longer, I would have made just over 2 points on the trade, but good old blackwood software decided to malfunction and I was stuck in the position. So once the software and/or server connections were reestablished, I marketed out immediatly. I only took a profit of $0.86 cents. Still not too shabby.

My other day trades were scalps off the 3m and 5m charts, and everything went well until the end of the day when I started to watch the RIETS. Unfortunately I got stuck in another position (thanks blackwood), and took a $0.51 cent hit on SPG. I scalped it and got $0.15 cents back, but then took a $0.30 cent hit on BXP at the close. These were my dumb trades of the day that were based on impulse and were momentum plays that were risky. This is the sort of trading I am trying to train myself to stay away from. Anyway, a good lesson learned... DON'T CHASE... EVER!!!!

7 of my 9 day trades were profitable and I am not going to review them all in detail. I took trades on RIMM, ERY, ERX, and SPG in the AM and during the lunch hour. These were all profitable trades, and my parameters for getting in were similar to yesterdays chart of RIMM that I posted in post 14 as well as todays charts in this post. Check them out and let me know what you think!


As for my swing trades...

• EBAY is looking great. I'd like to see it run up to $13.00 or more, but I can't just assume that it will. The 50 EMA is just around the $13.00 mark, so my options are to A) lock in profits, B) scale out, C)hold on to the position. Right now I am holding the position, but I am looking to scale out 100 shares around $12.50 if I see some hesitation. Then I will let the other 100 shares run. Thats the plan so far.
• PCX is ok. I Like todays close, but I am not a fan that the 20 EMA is 20 cents below my original entry. I will be watching this one closely.
• LDK is okay for now. I have such a small stake in it I am just waiting and watching to see what happens. On the daily chart, the stochastics have just crossed over. This has potential but again, I am just watching it for now. I am also thinking of buying the bad news anticipating a move up once all of the bad news sells off. This is just a thought though and not set in stone!

Here are my charts today:
ERX


ERY