Monday, January 5, 2009

Trade Taken Today




I enjoy trading the first hour of trading because that's when reversals take shape. So, the indexes opened lower and sank for while after the open, then a reversal took place as you'll see in the charts above. POT was strong right off the open and was a clear leader, So I knew once the reversal took place, POT would lead the pack higher.
With a little more patience, i could have milked more out of it but it's my first trade in two weeks and just wanted to get my feel back. It was good for a $500 gain on 500 shrs.

The Hardest Part about trading is keeping it simple.

Good luck.

6 comments:

Blue said...

Easy money, same shit the last 4 days. Slightly increasing vol., early reversal to support the continued up trend for about 1hr, then sideways all day. I've been waking up during the sideways part. Time to get back to work mode for the blue guy.

I have my app. in to switch to Tradestation this week. It'll save me $4,000 a year on commissions alone. I did 33 trades in 2007 and 1,275 trades in 2008.

Stewie said...

wow. $4000 in commish saved. that's huge.

Market Monk said...

Stewie,

Congrats on your 1st trade of the year being a winner!

MM

Stewie said...

thnx MM> trying to keep it simple and do as little as possible. My excel sheets consistently show that the less i do, the better i do and gotta have good self discipline to hang on to gains by not over trading.

TraderAm said...

Hello.

I follow your blog with interest. A quick question about POT as this is the sort of trade that I am trying to incorporate into my trading.

Do you scan for a this setup or is POT on your standard watchlist and you watch for "leaders" which are stronger/weaker than the index.

Thanks

Stewie said...

hi traderAM. POT is always on my watchlist. I don't really do any intra day scanning. most of my new candidates come from pre market scanning.

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