March 26, 2008

 Net: $131
LFT: $0
DD: $30
Trades: 91
Shares: 9400
Frame of Mind: Willing to lose $50 max, knowing I can make more than $200 if I get to ride the big one. Focus was on next month’s MPP. However I was trading less carefully than Monday.

Today’s trades were a combination of trend following and range trading.


Shorted C at 22.60 with the premise that it wouldn’t retest 22.80 due to negative news about quadrupling their loss estimates, true enough it didn’t retest the high, however I have sold my position very early at 22.20. It tested new lows but it went t the high 22.30s before making a sharp downturn during the final hours.

jpm-032608.png xlf-032608.png

Started going long JPM after seeing what seemed to be a 5min reversal doji around 12:45, however I was wrong. I thought that JPM was strong since XLF was already at a double bottom. The XLF fell a little bit and then JPM fell a lot. At the 2:00pm lows I was getting my timer due to LFT limit after coming down from +$50 and I had 400 shares, I couldn’t do anything anymore but just wait. I set my target around 44.40, which was the middle of the range. At 44.40 I have sold all my shares and was up $100, which was earlier than planned but I figured I should close my positions for the sake of booking it. In a few minutes I saw the stock flew 40 more pennies to my regret and dismay.


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