Monday, March 16, 2009

Nice Reversal At The Close On FAZ

Strong volume to boot. Gonna swing those 300 shrs and i believe that i have an excellent cost basis so now let's see what happens tmrw. With this reversal, I ended up $900 on the day, after being down $800 in the morning. Keeping losses small while i found the 'sure fire trade' was the key today.


anarco said...

Hey Stewie~

I am also swinging a bundle of SKF at $128. Really, really cool!

If the bank weakness continues tomorrow, I am going to hold for a little while.


Stewie said...

let's see what's in store tmrw. i am not sure how big of a move to expect from here. will get a better idea after tmrw's close.

Blue said...

I took 250 SKF long @ 129 and 250 ICE short @ 70.90(just missed 71 fill), it farted around, I stopped out, and stopped trading. Was too distracted with family over to focus. We got the first wave in the sell off I was expecting. Will be 100% focused tomorrow.

ESI got killed today.

CME should head back to 188 and lower. I need to grow a pair and swing these. MA also started showing weakness in the last few minutes.

Glad you're posting actively again Stewie!

Cliffynator said...

Stewie, I noticed today that you kept posting that you were done for the day. But then you'd jump back in and add your thoughts. Very interesting, and VERY informative!
I hear that traders who just follow other traders will never learn to walk on their own. You might want to put that in you disclaimer when you start your service, heh!
I'll be looking forward to the FAZ comeback as Bernanke's words wear off.

Stewie said...

cliffy: i always try my best to cut losses right away and sometimes it takes 2-3 tries to get the right entry. the ABC trade was more of a momo trade which i would never offer in a service as these are very touchy and very high momo and require logts of attention. The first FAZ and second FAZ trades would be more along the lines i want to focus on. Swing trades with tight stops but good entry and a good cost basis. also, i hope that traders will not just blindly follow my every trade. there's needs to be some type of thinking on behalf of the trader as well. how else will you learn? today was a typical day for me, a small amount of trades but i was looking for THE ideal enrty on what my premrkt game plan was and that was to LONG FAZ near current levels as you could tell by my weekend postings.

Stewie said...

thnx blue: just trying to give people a feel for how i have been trading lately. i have a feeling this week will be very tricky.

Triathlon Trader said...

I am liking your FAZ trade too. I intend to hold this for a little while if we can confirm today's action with a lot more selling.

Blue said...

It will be tricky. No doubt. I think this market continues to be a scalpers market unless you have ultimate conviction and have no problem holding these ETF's for more than 3 days.

I do not have that conviction yet.

I rather sit on my hands, watch, study, anticipate, and take my shot. If I don't get the move I want, I get out. I keep at it until I do or do nothing. SKF under 132 was a good buy today. It finally popped and held the 1min 20line. That's the kind of action I like to trade. If I miss it I don't give chase unless it holds that line and starts to run more. Risk/reward can diminish fast with these ETFs.

If I learned anything last year, it's that it only takes one good week to be over the top in this market. One good week made my year in 2008.

Stewie said...

80% of profits comes from 20% of your trades. it's the good ol 80/20 rule.

Blog Archive