Saturday, January 16, 2010

Friday Wrapup (1/15) - $415 gain

10:00 AM
Fairly active pre-market session today as we had some decent ranges before and after earnings reports. I placed 4 trades in total.   First trade was an easy short pullback taken at 5:48AM.  After a 1 tick drawdown, price fell and easily hit my targets for a $213 gain.

Followed that up that with 2 more short pullbacks that went nowhere, one at 6:37AM and another at 7:18AM.  The second one was a bad entry and I suffered about 6 ticks of drawdown before closing the trade on the first pullback for a $12 loss.

Fourth trade was taken after the econ reports at 8:44AM.  Solid entry with just 1 tick heat, but left much on the table profit wise.  Managed to take just $128 of profit after a max run-up of $350.  Market showed signs of reversing and I didn't waste any time closing the last few lots.

Up $315 on 2 for 4 trading to start the day.

4:00 PM

Pretty much sat on the sidelines after 10AM, as the market was confined within a tight range after the initial move lower.  Not unexpected on options expiration day.

Took a short pullback at 10:45 that went nowhere.  After a few ticks of heat, I closed the trade for a $50 loss 10 minutes after entry.

Another short pullback @ 12:51PM that also went nowhere that I closed for a $25 profit. 

And finally my last trade of the day was a countertrend short off the last pop higher at 3:32PM.  Was a terrific entry looking back, but I left quite a bit of profit on the table.  Only managed a $125 profit after being up as much as $300.  Still it was nice to close the long weekend with a win.

Finished the day up $415 on 4 for 7 trading. 

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