May 9, 2008

Net: $334
LFT: $11
DD: 0
Trades: 32
Shares: 5800
Frame of Mind: Feels like a void today. Dunno if it has something to do with my flat performance for the month, but it just feels depressing today.

Did a little bit of research for stocks that I will trade today, on Bloomberg’s Stock’s on the Move. Also glanced at Tim Syke’s trade list for the day.

Saw that MYL had potential if it breaks 12.00, it was a Daily support line. I only had $50 for my stop today, I used all of it on this one trade. Shorted 500sh at 11.87, it went to mid .90’s where I thought I was gonna go home early.

I was relieved when it eventually broke down the opening range, took 400sh at 11.47, 100sh at 11.43, based also on previous day’s supports, went down to as low as 11.32 and was flicked up from there. I then bought then bought 200sh at 11.4750.

It ran back up, took out 100sh at 11.60, another at 11.66, then went on to touch the 1EMA21.

Shorted 200sh at 11.63 after it touched the 1EMA21, then I rode a little portion of it down to the lows.

MYL netted me $280, then traded some DIS, MS, PFE and TXN.

What I did right:

Calculated my risk, identified correct support line for MYL. Stuck to the plan. Successfully scalped the mini reversal move to make a few bucks more. But much less than what I would have made had I sat on the position until lunch.

What I did wrong:

Didn’t act on my instincts fast enough for me to catch MS when it formed the 15min doji. That was a 40 penny move. with 30 penny risk with the odds on my side.

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