April 3, 2008

Net: -$50
LFT: $90
Trades: 30
Shares: 3000
Frame of Mind: Lose $50 max.

AXA gapped down at the open, went long after saw that it wasn’t dropping. Went long $38.37, to cut at $38.20. Proved to be a good trade but I didn’t know where to take it, it eventually came back down where I took it same price.

No breakouts happened today, was just congesting. Death by 30 cuts.

What I did right:

Read the price/volume on AXA correctly.

What I did wrong: 

Nothing I think. The market simply didn’t have enough juice to push up, and I realized this by the time it came back down already.


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