April 10, 2008

Net: $108
LFT: $30
Trades:61
Shares: 6400
Frame of Mind: Happy Day

First traded JCP, when I saw it on my ToS scanner. Started shorting .65 but it went up some more so I cut at .80.  Shorted again at .78 when I realized upside should be limited now based on previous day’s resistances. True enough, it got slammed at the top at .00 beating it down to .40 then .20. Took mine at .40. Not bad, but if I had 200 shares would have held the other half longer.

jcp-041008.png

Traded the financials next.

BAC was having wicks up and down, JPM was triangulating up. XLF was a W bottom. I bet on the formation even before it broke out. This proved to be a futile excercise. I grinded I bit but I stuck to my conviction and managed to squeeze some out of them. I went long BAC and JPM at the same time so I could track the XLF. It eventually went to my target prices of .85 for BAC, .25 for JPM, and I went short from there. It went up further……..

At the worst, I was back down to $30 from $100, the rally almost took what I painfully made in a short run.

bac-041008.png jpm-041008.png

What I did right:

Stuck to my plan on the profit take

What I did wrong:

Had not anticipated the worst case scenario.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s