Day Trading Post #32

What a week! Day trades went well! Swing trades went well! The market was up for the 6th week in a row! Everything has been going well!!!

My last post was on Wednesday, April 15th (Income Tax Day!!!), and I my day trades were kind of off track. From what I remember, I took SPG long on Wednesday and got stopped out for $0.65 cents. No big deal... I was just eating into my profits from Monday, but oh well. I made up for it Thursday and Friday. Thursday, talk about a short squeeze! SPG just went up and didn't stop all day. I figured I had missed the move on Thursday in the morning so I took VNO, another riet, since it was lagging behind SPG. Unfortunately I am not used to trading this stock and it likes to move and gap 5-15 cents at a time which kept me on edge for this trade. I took a $0.37 cent hit on it and then waited for an entry in SPG. Fortunately I caught a few entries and started taking points at a time on SPG as it screamed upwards all day! I managed to take over three points on SPG before Blackwood got all "blackwoody" on me! At the clost I was up $297 off of 9 trades and then Blackwood reversed my position on me instead of closing me out causing me to take a hit for $0.44 cents once I realized I was in a position. So, I ended the day up $2.53 on 100 share lots for 10 trades. Total profits of $253. Friday was another good day, and yes, I traded SPG again. I took SPG long based off the 15m chart before 10:30AM and held through one hell of a squeeze! SPG came against me $0.78 cents, and I held through it (I wish I could have added to my position as it popped down quickly, but thats just one of my gripes about my limitations on my day trading account). Anyway, now that SPG is getting back up over the $50.00 mark, its really starting to move. So, $0.78 cents wasn't that bad of a squeeze considering at the time it had an ATR (Average True Range) of $0.66 cents! Anyway, as it came back, I really had no reason for getting out other than the fact that I wanted to lock in profit, so I threw out a limit order for a profit of $0.50 cents and called it a day. Too bad I didn't cancel that order in time because right after I got filled, SPG pushed up for another 3 points!!!! As I've been telling myself, never look back! A profitable trade is a good trade and that's all there is to it.

Interestingly enough, with my day trades, there is no other reason for me trading SPG other than the fact that I have been making money off it for the past two weeks! On top of that, I have been catching moves for points in SPG, hence I have been trading it a lot lately.

Swing trades are going phenominal! RACK is at $5.00, and I really wish I would have added to this position. It may be too late, we'll see, but maybe I'll add to this on a pullback? With PCX, I hate to say this, but I'm really starting to think that I caught this at the bottom. It's pushing up slowly, and I am confident we'll see $5.50-$6.00 soon enough. I'm starting to think that I'll just scale out here because if I did in fact catch this at the bottom, why not hold on to it long term? Finally, I have INSP and HW. INSP pushed up $0.70 cents and I took it off the table for a profit of $0.72 cents! Not bad! HW looks good on the daily chart and I am also confident that we'll see this in the $4.00 range soon enough!

That's my week in a nutshell! I am still bullish going into next week only because we ended the week above 850 on the S&P and haven't hit 900 yet. There is resistance in the 870 range to break through which I think will happen this upcoming week. 900 here we come!!!

That's all for now!