Saturday, April 9, 2011

Friday: And we're going... down!

This is the 4th consecutive Friday that we get a bearish candlestick. The previous weeks there were 3 inverted hammers (but markets kept going up or sideways) and today we got an engulfing candlestick. Purely coincidence I'm sure, but still, it makes you wonder.
This does not look good for Monday, but a pullback to the 20 and 50MA wouldn't hurt. Oil, silver, gold, euro, heating oil... everything rallied hard while stocks sold off.

I saw lots of good setups on my charts and entered several small positions. There was a little voice inside my head, screaming that we were still at resistance, but I ignored it. Too bad, many small losses add up and I ended the week in the red, giving up all my previous gains. Oh well, I guess I had to learn the hard way. I have to grow me some patience...
Open trades (most near breakeven, some small profits and some small losses): CDE, MELI, TLM, BIDU, COG, DVN, CRM, MDT, PWRD, SBAC, JKS.
Closed trades: HNR, TCK, RIG, LULU, ALTR, SMH, IO, USG, BGCP, LSI, XXIA and GDP. On average a 2 to 3% loss.
I tried a support-play in SCI that went up little, I got out for a small profit.
Tried some bottom-fishing with SPY-calls, but it just wasn't my day I guess.

Stewie played POT when the stock bounced on the 50MA. I sold partial on the first pop, and got stopped out at breakeven on the remaining shares.
That leaves us with the only positive thing for today, being:

SU was mentioned in the HCPG-newsletter and this time I wouldn't let a trade slip by me. I already missed GS and GDXJ earlier this week, 2 great trades the HCPG-team played perfectly.
In on the bounce just above the 9EMA. I took first part of, just under R2. When the market started turning, I took of some more profit, mainly out of precaution and more when we reached a Fibonacci-level (not depicted). Last part I took on the spike up with volume. Price retraced but found support at the 20EMA and turned up again, without me though. The SU-chart (5m as usual):

This was a good gain, but a cold comfort, compaired with the losses today. Next week will have to be better. I was doing very well the last 2 weeks untill today. I won't afford myself to do more stupid mistakes like these...

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