I didn't find the time to post my trades of the last two trading days, so here is a summary.
Thursday: I got stopped out of one swingtrade, PTIE for a 3.74% loss. The IWM-swing didn't work out either, it gapped down big and I sold pre-market. The call was my insurance, which I both back cheap. It turned out I bougth IWM a day too soon.
I overtraded on my daytrades, SINA and BIDU both started well, but only went up little and reversed to stop me out. Same thing later in the day with EP and OVTI. Only one winner, DNDN. In hindsight, it was all in the volume.
Friday: I tried trades in URBN, RIG and OLN. They ended up as a loser and two breakevens. I bought WTW right at the open (nice breakout of a bullflag) which was a nice winner.
I also bought SPY-calls (May-expiration), expecting more upside next week.
Other swing-longs I got involved in on Friday: CT, OME, AVL and GGC. The SABA-trade is doing well so far.
Showing posts with label RIG. Show all posts
Showing posts with label RIG. Show all posts
Monday, April 18, 2011
Monday, April 11, 2011
More downside
Markets are rolling over, the question now is, how far down will they go? Some major moving averages (20MA & 50MA) are right below us and may act as support.
Gold sold off, but not as hard as crude oil and silver. Oil lost +3% and silver 1.3%. A logical dip since all were significantly overbought.
Swingtrades
I closed my remaining swingtrades, those of today for breakeven. I also entered a trade in LO, ment as a swingtrade, on the break of the bullflag. But when the market started turning, I sold near breakeven, no need to fight the tape, we're probably going lower tomorrow, or stay in chopmode...
I bought May SPY 128-puts and will probably sell these tomorrow if markets keep heading south.
Daytrades
My first daytrade was in RIG, but my entry was bad. I was watching the 2m-chart (depicted below). But I should have checked with the 5m (and 15m as well). On the 5m-chart, the 9EMA was still far below price plus, R2-pivot was just above. Basing above a pivot would be more positive than basing under. In other words, this entry was far from good.
CAM was mentioned in the HCPG-newsletter as a support-trade. 54 was the number to look out for, which was the 100MA.
Price didn't bounce hard, maybe because the stock rather travelled lower along it's moving averages, instead of falling down on volume. Still, it was good enough for small gains although I hoped for more. Oh well, it will pay for another month of their newsletters!
Gold sold off, but not as hard as crude oil and silver. Oil lost +3% and silver 1.3%. A logical dip since all were significantly overbought.
Swingtrades
I closed my remaining swingtrades, those of today for breakeven. I also entered a trade in LO, ment as a swingtrade, on the break of the bullflag. But when the market started turning, I sold near breakeven, no need to fight the tape, we're probably going lower tomorrow, or stay in chopmode...
I bought May SPY 128-puts and will probably sell these tomorrow if markets keep heading south.
Daytrades
My first daytrade was in RIG, but my entry was bad. I was watching the 2m-chart (depicted below). But I should have checked with the 5m (and 15m as well). On the 5m-chart, the 9EMA was still far below price plus, R2-pivot was just above. Basing above a pivot would be more positive than basing under. In other words, this entry was far from good.
My entry in REE on the other hand, was very good, right after the hammer above 9EMA and R1 (although I missed an excellent opportunity at the open - see circle). I sold partial after the big volume spike up, the rest at breakeven. My SL was just above the 9EMA instead of below, again because I was paying more attention to the 2m-chart than the 5m. Let's not make a habit of that. By the way, my first target was 15.90...
The market rolled over intraday and I chose to go long TZA after a small pullback. Immediately, a spike up followed and I took partial gains. This time, I kept my stop under the 20EMA on the 5m-chart, but I got stopped out anyway. Of course, little after that, TZA went higher when the market tanked again.
CAM was mentioned in the HCPG-newsletter as a support-trade. 54 was the number to look out for, which was the 100MA.
Price didn't bounce hard, maybe because the stock rather travelled lower along it's moving averages, instead of falling down on volume. Still, it was good enough for small gains although I hoped for more. Oh well, it will pay for another month of their newsletters!
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.
Swingtrades
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:
Daytrades
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...
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.
Swingtrades
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:
Daytrades
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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