So, 6 trades altogether. Had I been on the ball I would have entered long in the 2-5 minute area as the price came off of the reaction low after the initial gap...I was too stuck on my 20 minute minimum...so I went with that. I missed a $1.24 move which I would have nabbed about 70 cents of...but no trade. Instead I rode the followup roller coaster. I had half expected the price to be trending up after the strong move but the volume petered off and I was not really thinking this through. Anywhere above $61 would have been good short entry points right up to 1023h and holding for a $30 maximum loss allowance would have kept me in if I was looking for intra-day trend trading...but I'm not.
Trades 1 through 3 were not too exciting, between all three I lost $30 net. I gave the price time to settle into a trend, entered one too soon, the other just wrong and the last made a bit of profit.
Interestingly I set a short limit order for $61 at 1035 when I saw that spike in price...missed it by 2 cents...should have just done a market order and I would have been in for $60.95. The volume dropped off in the next few minutes which was a good sign to short soon as the price wallowed about under the trendline. I ended up getting in short at $60.80, rode it down to just below the R1 and exited at $60.38 as it hovered below $60.40 on really low volume... unpredictable. It rallied briefly up to $60.47 (note that R1 is $60.46) so I jumped in as it started to head down at $60.38, my exit price last trade...almost a shame not to have held it through the rally but I am not interested in trying to squeeze out every drop, just taking profits as they present themselves. Even so I should trust the pivot points a bit more and given this a little more headroom as it did not cross the line enough to worry about....hindsight. I exited at $60.10 as the price came off the low of $59.92.
The last trade, #6, was about the same as I watched the price approach the R1 line again and slow down it's upward movement...I jumped in sooner than I might normally except I recalled the R1 acting as resistance once already today...in at $60.31 out at $60.08. Had I been planning to trade for the day I would have re-entered around $60.10 and rode it down for another 30 cents. The rest I think may be a wash but I will not even be looking at the afternoon activity until after hours anyway.
Turned out the afternoon wouldn't have been bad to trade and add to the profits. The blue line is the primary pivot point from yesterdays numbers, the red is the first resistance level R1. R2 is off the chart a bit and first support S1 is below the chart.
Red boxes are the loosing trades and the green are the winning trades.
Notice how the price reaches the PP and pretty much bounces along for a bit...depending on the volume and activity there were four points of entry down there and if I had gotten in low enough any one of them could have held for a long trade but that middle one and the last one would have been the most likely attempts...say one 20 cent trade in the middle as the rally failed then a 45 cent trade as the last.
OK, net profit $33...a lot of work for $33 but the stocl only changed 4 cents over the day. A very emotionless day, which is the goal. I am finding that speaking my observations out loud while watching the trades helps to keep me detached and objective.
Net P/L = $33, 0.66% return
Total just crossed $1000 to $1027 which is a 20.54% return. This was my unspoken target to hit to see how many days it would take...12 trading days.
total swing or Beta = $1.70
Captured beta = 54.7%
I had figured that the price was going to stay within the PP and R1 based on the premarket bids, I wasn't too far off as the price remained around that area once it settled down.
JD
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