Day Trading Post #23

Today was my best day I've had in the markets with my day trading account in a while. By trading 100 shares, one position at a time, I managed to make 3 points off of 12 day trades! I ended the day up $300.88 on my day trading account with most of my profits coming from SRS. My predictions about todays market were validated when we saw the markets initially sell off in the morning. I held off from taking a trade until 11am just to get a feel for what the day would be like, and I am glad I did. I mostly traded ETF's and took one momentum trade to scalp 17 cents in ORA which had good news that came out on it at 12:47 pm. Other than that, I took trades in ERX, IYR, FAZ (tested it out since I have never traded it before... but this ETF seems to be dead in the water after falling about 100 points or so in the past week or two), and SRS.

My trades in SRS were my most profitable. I managed to get just over 3 points out of SRS which are shown in the chart below. I decided to trade SRS because I know that the RIETS have been very active and very volatile lately. So, I was sure I could catch a big move or two trading the 2x ultrashort etf, and since it finally came under $50, I was able to trade it (...again restrictions on my day trading account would not allow me to trade this when it was over $50. This is being changed because I have been very consistent lately). My reasons for getting into the trades I took were based on the 3m, 5m, and 15m charts with the stochastics. Also, the E-Mini's on the 1m chart were used to judge my entries into these trades. Overall, this system has been working well for me. Click the chart below to see the trades I took in SRS:




SWING TRADES:
I am still holding 200 shares of PCX and 50 shares of LDK. Both stocks showed great strength, and PCX just missed my GTC limit order by 3 cents at todays high. Even though I wasn't filled, I really like the strength I see in it. PCX set a new 5-6 week high today. On top of that, I like how it closed above the 20EMA. Things look good and I will be taking profits soon. As of now I am up 10% in my MB Trading Account... pretty solid for 5 weeks of trading in this account!