April 24, 2008 – New PnL High Day

Net: $300
LFT: 0
DD: $10
Trades: 16
Shares: 4800
Frame of Mind: Neutral. Risking all in 2 trades.

Shorted DOW at the open, upon what looked like a break, at .67, however it went to as high as .81, I was to cut at .90, the high of the pre-market. Fortunately it went for the gap fill where I took my gains and reversed. I was up $130 at the pullback rally however I was too slow to take my profits and the sellers were quick to dump. Back down to $60.

xom-042408-d.png xom-042408-1min.png

Next up was XOM, saw it trending down. Spotted a lower high where I would cut loss and shorted at .10 for 300sh. However it was still strong and went up to .40 at which point I said I will ultimately cut at .45. At .40 I saw there was good resistance, and I had good sellers on my side. Once it hit .40 a wave of selling began. I started taking my gains at .50 below zero, then .40, then at the pivot .17. At that point I was up $278.

The following move was a complete reversal to the upper pivot, back to my price. Hence, trailing stops are a must!

Made the remaining $22 from EMC to close it at $300.

I know I’m gonna make new high days again for the following month.


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