April 9, 2008

Net: -$76
LFT: $102
Trades: 47
Shares: 5000
Frame of Mind: Confident, careless

First bought GE at .67 to cut at .64 and to take it at .84 and .86, mike suggested to take half at .78 which thankfully I did. It went back to .64.

Went long BAC at .29 as the XLF was nearing S1, that was the careless trade. Cut it at .21. Went in long again at .25 after seeing some support, went long another 100sh at .20, all to cut at .15. It quickly went to .29 where I took half, and another at .34.

bac-040908.png

At this point was my highest for the day. Went long at the pivot .01, to cut at .99. I didn’t hold this trade, instead I took only at .03 and .11. This was the critical trade for the day as it could have easily pushed me to $70.

The reversal trade on KMB didn’t work out.

kmb-040908.png

What I  did right:

Traded the pivot for a swing trade.

What I did wrong:

Took my gain way, way too early because of lack of conviction. Also I saw a high volume 1 minute reversal candle which shook my long conviction.

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