I haven't been paying attention to my trading blog / journal for a little bit now because of other things that have come up in my life. Regardless, I am currently still holding my swing trades and yes some have pulled back, but nothing is against me terribly. ZLC came out with earnings and sold off a bit, so that hurt a little but no major areas of support have been broken. CNB is still ranging, and I'm slightly down on the last 50% of position (already locked in profits on the first 50%). CNO is holding strength as it pulls back and I am continuing to watch that. PCX is doing great and I really want to hold this long term... just 100 shares to see where its going. Finally I have LEA which is still trending downwards but holding support. Stochastics don't look that great but again, if it can hold up as the stochastics get into an oversold area things should be fine. And HW still looks good. I am holding my last 100 shares and waiting for a pop up to take profits. No stops have been hit and that is a good sign as well as the market retraces back down to the 800's on the S&P 500.
In other news, I have closed out my day trading account with the proprietary firm I was affiliated with which feels great! After wanting to do this for a while I finally stepped up to the plate and took action and I couldn't be happier. Now I have some I ideas about what I want to do in the near future to continue my career in trading. With that said, I will continue to post and hopefully I will be back to day trading along with my swing trading shortly!
Thursday, May 28, 2009
Monday, May 18, 2009
Day Trading Post #43
Well, its been about a week and a half since I last wrote on my blog. I've been pretty busy lately with other side jobs to make some extra cash on the side but I have still been paying attention to the market and I've been trading! More of my focus has been on my MB Trading account rather than my day trading account for reasons that I'll discuss at some other point in time.
Anyway, last week I took a large position in CNB (large for me... 1500 shares total). I was up big on it by Tuesday morning premarket and scaled out 500 shares for a 61 cent profit. Then I scaled out another 250 for 20 cents profit, and I am now holding 750 shares which I am currently down 3 cents on with todays after hours trading.
I've also taken positions in LEA and ZLC. LEA is trading under 2 dollars and I am trying out a new strategy with this trade... basically I am buying on the pull back and buying based on the fact that the bad news for the auto industry has already been factored in. It's cheap, and there is very little risk overall with a lot of upside potential. I also took a position in ZLC today after a big volume spike and stochastic cross over to the upside last friday. The setup is nice, but I only took 100 shares because it gapped up this morning past my desired entry point at $4.00. Anyway, I will add to this on a pull back.
Other than that, I am still holding 100 shares of PCX, 100 shares of HW, and 100 shares of CNO. Each of these positions look good and are holding good strength as they pullback and the stochastics trend back down. These are longer term holdings (and most of them I have already scaled out and locked in profit... so the shares left are in there as my runners)
Besides the swing trading, day trading has been going well. Today, I managed to pull about 2 points off the Riets today between SPG and PSA. Other than that, I have been sticking to my trading style and taking in points at a time of profit (with some down days of course).
That's all for now!
Anyway, last week I took a large position in CNB (large for me... 1500 shares total). I was up big on it by Tuesday morning premarket and scaled out 500 shares for a 61 cent profit. Then I scaled out another 250 for 20 cents profit, and I am now holding 750 shares which I am currently down 3 cents on with todays after hours trading.
I've also taken positions in LEA and ZLC. LEA is trading under 2 dollars and I am trying out a new strategy with this trade... basically I am buying on the pull back and buying based on the fact that the bad news for the auto industry has already been factored in. It's cheap, and there is very little risk overall with a lot of upside potential. I also took a position in ZLC today after a big volume spike and stochastic cross over to the upside last friday. The setup is nice, but I only took 100 shares because it gapped up this morning past my desired entry point at $4.00. Anyway, I will add to this on a pull back.
Other than that, I am still holding 100 shares of PCX, 100 shares of HW, and 100 shares of CNO. Each of these positions look good and are holding good strength as they pullback and the stochastics trend back down. These are longer term holdings (and most of them I have already scaled out and locked in profit... so the shares left are in there as my runners)
Besides the swing trading, day trading has been going well. Today, I managed to pull about 2 points off the Riets today between SPG and PSA. Other than that, I have been sticking to my trading style and taking in points at a time of profit (with some down days of course).
That's all for now!
Friday, May 8, 2009
Day Trading Post #42
This is one hell of a week!!!! Yesterday, we saw the market sell off a bit which was healthy for the market, and we came back down to about 900 on the S&P cash. Today, we are back up around 920. I was a little nervous about some of my trades so I locked in RACK and KFT. Other than that I held AXL, PCX, CNO, and HW overnight.
With that said.... AXL!!!! That's all I have to say!!! WOW what a Grand Slam that was!!! I limited out 300 shares at $3.40 and then my last 200 shares at $3.60 and I am not looking back. (Okay, I've glanced back and its up to $4.60 right now.... Would have, could have, should have held... but profit is profit and a return of 271% is nothing to complain about!!!)
My other positions are holding up nicely!
I haven't taken any day trades today because I've been too busy watching my swing trades!
With that said.... AXL!!!! That's all I have to say!!! WOW what a Grand Slam that was!!! I limited out 300 shares at $3.40 and then my last 200 shares at $3.60 and I am not looking back. (Okay, I've glanced back and its up to $4.60 right now.... Would have, could have, should have held... but profit is profit and a return of 271% is nothing to complain about!!!)
My other positions are holding up nicely!
I haven't taken any day trades today because I've been too busy watching my swing trades!
Wednesday, May 6, 2009
Day Trading Post #41
Today was a day about scaling out and taking more profits! My personal account is thriving in the current market and it seems like I have the 'Midus Touch' right now!
Everything I have on my watchlist and/or have taken is golden!!! (Watch me jinx myself by saying this LOL!) But I am not getting greedy. The idea is to lock in profits and build up my account, and that's exactly what I've been doing. Today I started scaling out of a bunch of positions on some pullbacks and/or reversals. So, the past two days, here is what I've done:
DATE TICKER SIDE SIZE PRICE P/L per share
Day trades were pretty crappy for me today. I managed to catch a move in SRS for 50 cents and got out too early because it popped up over a point and a half from my entry and I got out on the 30 cent pullback. Oh well. Then I was kind of bearish today for some reason, and kept waiting for the market to sell off, and each time I got burned going short. I lost 45 cents, and then 60 cents going long in SDS. Then I lost 90 cents in SPG when I was trading off the 3m chart (that was my mistake right there because I broke my rule and took a trade that was going against the stochastics on the 15m chart). Anywya, I was looking for the 2:20pm reversal and it looked as if it was going to happen, but then after being up about 10-20 cents, BAM! SPG took off like a rocket and after pushin up 2 points, it ran for another 2 points stopping me out at 90 cents. Ouch! The main thing is that its is very difficult to be profitable with the restrictions that are setup on my day trading account. I could sit here and gripe about it, but that would be pointless. If you really want to know, email me and ask...
Anyway, thats all I have for now! I'm planning on posting all the charts for all of my swing trades in the near future (putting in entries, exits, reasons for getting in etc... but that's going to take a little bit of time to put together.)
That's all I got for now!
Everything I have on my watchlist and/or have taken is golden!!! (Watch me jinx myself by saying this LOL!) But I am not getting greedy. The idea is to lock in profits and build up my account, and that's exactly what I've been doing. Today I started scaling out of a bunch of positions on some pullbacks and/or reversals. So, the past two days, here is what I've done:
DATE TICKER SIDE SIZE PRICE P/L per share
- 5/6/09 - KFT Sell 75 $25.52 +$2.92
- 5/6/09 - RACK Sell 50 $ 5.80 +$1.76
- 5/7/09 - KFT Sell 50 $25.25 +$2.65
- 5/7/09 - HW Sell 100 $ 4.00 +$1.30
- 5/7/09 - AXL Buy 300 $1.25 ------
- 5/7/09 - AXL Buy 200 $1.30 ------
- 5/7/09 - CNO Buy 100 $1.84 ------
Day trades were pretty crappy for me today. I managed to catch a move in SRS for 50 cents and got out too early because it popped up over a point and a half from my entry and I got out on the 30 cent pullback. Oh well. Then I was kind of bearish today for some reason, and kept waiting for the market to sell off, and each time I got burned going short. I lost 45 cents, and then 60 cents going long in SDS. Then I lost 90 cents in SPG when I was trading off the 3m chart (that was my mistake right there because I broke my rule and took a trade that was going against the stochastics on the 15m chart). Anywya, I was looking for the 2:20pm reversal and it looked as if it was going to happen, but then after being up about 10-20 cents, BAM! SPG took off like a rocket and after pushin up 2 points, it ran for another 2 points stopping me out at 90 cents. Ouch! The main thing is that its is very difficult to be profitable with the restrictions that are setup on my day trading account. I could sit here and gripe about it, but that would be pointless. If you really want to know, email me and ask...
Anyway, thats all I have for now! I'm planning on posting all the charts for all of my swing trades in the near future (putting in entries, exits, reasons for getting in etc... but that's going to take a little bit of time to put together.)
That's all I got for now!
Tuesday, May 5, 2009
Day Trading Post #40
Let's just say things are going my way!!!! I couldn't be happier with my swing trading, and as of today, I have a return (80 days) 47.48%!!!
Yesterday, I wasn't around to trade the markets because I was out doing some other work to make some cash on the side, but regardless of this, I was paying attention to the market all day watching my positions go up!!! PCX broke through $10 today but pulled back hard when it hit that resistance. I am continuing to hold this position and looking for a further move up to the 200EMA on this trade. On top of that, KFT gapped up big today. I had a limit order set up to scale out just under half my position (75 of 175 shares) and was filled at $25.52. I still have 100 shares in the open and I am looking to take profit around $26.50-$27 if possible! HW looks good, and I am holding 300 shares. I am expecting a move up soon in this trade. Finally, RACK!!! I really wish I had been around yesterday to add to my position in RACK but I wasn't. I am up close to 2 points in it now and really don't want to average in since I am that deep in the money right now. Regardless, things are going better than well... they are amazing!!!!
Yesterday, I wasn't around to trade the markets because I was out doing some other work to make some cash on the side, but regardless of this, I was paying attention to the market all day watching my positions go up!!! PCX broke through $10 today but pulled back hard when it hit that resistance. I am continuing to hold this position and looking for a further move up to the 200EMA on this trade. On top of that, KFT gapped up big today. I had a limit order set up to scale out just under half my position (75 of 175 shares) and was filled at $25.52. I still have 100 shares in the open and I am looking to take profit around $26.50-$27 if possible! HW looks good, and I am holding 300 shares. I am expecting a move up soon in this trade. Finally, RACK!!! I really wish I had been around yesterday to add to my position in RACK but I wasn't. I am up close to 2 points in it now and really don't want to average in since I am that deep in the money right now. Regardless, things are going better than well... they are amazing!!!!
Friday, May 1, 2009
Day Trading Post #39
Wow!!! Let's go PCX!!!! Finally after waiting and waiting and more waiting, everything setup perfectly and I am up over 4 points on PCX!!! I scaled out 1/2 my position yesterday to lock in profits of $2.46 per share (so $246 profit off of 100 shares), and left the other half in as a runner. Things look great and I would love to hold this thing long term. I might be a bit optimistic here, but I really do think I caught the bottom (or very close to it at least), and for a stock that has a 25% short interest, it has a lot of room to move up! Also, PCX used to be valued at around $95 before the market crashed back in October. Now I doubt we'll see PCX jump up that high any time soon, but again, there is a lot of room for it to continue this upward move! Chart is below:
Also, HW came against me today approximately 50 cents give or take. Then, it rebounded and started to pop up again, so I added to my position today, putting another 100 shares in at a price of $2.60. I now have 300 shares of HW at an average price of $2.72 cents. Things are looking good for HW, and I like the setup. I plan to add more to this position if we can close above the 20 EMA and hold that. I really do like how the stochastichs on the daily chart are at an oversold level and are starting to turn towards the upside. Things look good, and I will continue to watch this position closely.
Along with this, RACK and KFT are still looking good. I will be watching closely and plan to take profits around $25-27 level for KFT and $5-6.50 level for RACK. Personal account is now up just over 30%!!!
As for day trades, my method works well, and I have been profitable all week except for Monday. The hit I took on monday keeps me slightly down for the week but that can change with one trade. That's all for now!
Also, HW came against me today approximately 50 cents give or take. Then, it rebounded and started to pop up again, so I added to my position today, putting another 100 shares in at a price of $2.60. I now have 300 shares of HW at an average price of $2.72 cents. Things are looking good for HW, and I like the setup. I plan to add more to this position if we can close above the 20 EMA and hold that. I really do like how the stochastichs on the daily chart are at an oversold level and are starting to turn towards the upside. Things look good, and I will continue to watch this position closely.
Along with this, RACK and KFT are still looking good. I will be watching closely and plan to take profits around $25-27 level for KFT and $5-6.50 level for RACK. Personal account is now up just over 30%!!!
As for day trades, my method works well, and I have been profitable all week except for Monday. The hit I took on monday keeps me slightly down for the week but that can change with one trade. That's all for now!
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