Wednesday, January 20, 2010

Wednesday Wrapup (1/20) - $100 loss

10:30AM
Just one trade so far in the young day.  This was a countertrend long @ 7:15 right after the B of A earnings release.  There was a clear volume spike which usually indicates a temp bottom.  I didn't take the first entry, but instead waited for the 2nd chance opp on the 1st pullback.  Worked out well even though it took a while to develop. Scaled out of the trade for a $250 profit.  Closed the last 2 lots early when momentum seemed to wain, and didn't want to risk the profits with WFC still left to report.  At the end of the day I left about $100 on the table with where my last 2 tgts were positioned. 

I've also missed two more excellent CT setups.  The first was a short setup after the WFC release.  Perfect setup with little to no heat.  And then a long CT setup at around 9:48AM on a clear vol spike following a push lower.  Both of these were picture perfect setups.  Missed the first while I was in the shower, and the second because I stepped away from the computer for a few mins.  Ugg.

4:00PM
Another day not much has changed.  Actually that's not entirely true.  Aside from one bonehead trade, a long CT setup, taken at 11:00AM where I lost $450 I didn't trade horribly today. 

Started the day 3 for 3 and up $487.  Then I took a long after a nice volume spike at 11AM, but didn't manage my risk well and choked into the collapse.  And of course a few mins later we were back up near my original entry.  Nice job, not!

Last 3 trades of the day essentially lost $138 as I couldn't get into any kind of rhythm. 

Despite losing $100 on the day, I feel like I can build from today's activity.  Need to re-focus and come into tomorrow ready to rock n' roll.  And stay out of trouble in the pre-market.

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