April 11, 2008

Net: -$266
LFT: $300

JPMI was  extremely happy when I bought the account back to $30 from -$60. Caught the JPM rally from low .30s to .60s with 200sh, little did I know that a few moments later I would give back $266 because of lack of discipline.

jpm-041108.png

I was  short BAC, C and JPM, essentially trying to track the XLF, but C was strong and the others were a bit strong too that it ate my $30 profit. For some reason that strength made me think I should reverse my position and I did that at the top. Went long the three at the top and it started tanking from there.

BAC

bac-041108.pngxlf-041108.png

At BAC’s .51-.55 level, I bought 500sh to average, based on 5EMA21 and 15EMA21. It pulled back to .61, i was waiting at .62, it didn’t hit me and continued to grind lower, until support broke, I kept lowering my stop point, -$116, -$180, -$260, stopped! I was frozen and couldn’t accept my loss anymore at this point.

I caught the major swing from top to bottom, unfortunately on the wrong side. If I could do this on the right side that would be sweet.

What I did right: 

Pretty much everything, except the last few trades. I was looking at 15 minute previous day’s S/R lines which were really good lines.

What I did wrong: 

I was hoping, fantasizing, that a major rally would occur because of this ES 1345 support. Alas it didn’t materialize, I hung on to my hopes until I got stopped -$266. ES bounced at 15EMA21.

es-041108.png

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