No. of Recommendations: 8
As folks in chat know, I haven't been trading for a couple weeks for various personal reasons (trips, work, etc..), but I also felt like the charts 2 weeks ago were not very compelling. The trend at that time was just too steep and I really wanted to wait for some consolidation and better patterns to trade.

I noticed MANU yesterday on the high volume uppy, and mentioned it in chat. For those interested, I entered today after the NAPM downer and after COMPX came back and broke 1700.

Not rocket science...a pretty basic b/o play, and hoping to be able to stay for a gap fill. I'm happy...for now. :-)

http://www.webdesigns1.com/mycharts/display.php?p=313&u=derek&a=Derek's%20Charts&id=4

--Derek
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Good call Derek!

pup
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Well, it was a pretty trade, but I was stopped out for less than a quarter profit. I was really hoping to "ride" this one, but I feel stupid now in 20/20 hindsight.

So that others can benefit from my learning...

MANU hit $9 today of fairly high volume (for MANU of late) after breaking out of resistance at $8 and into the gap from September. But it really started the current run from $6, which is a 50% 3-day move. After it had already reached the moon, I really should not have had my stop so loose hoping to catch a ride to Mars.

The other mistake I made (more minor, and didn't turn out to hurt me) was that I had me stop set just under 8.40. It was a mechanical stop-market and when it broke and triggerred it was moving down fairly fast, so I didn't fill until 8.32 which was 4 pennies from where it snapped back to above 8.40. A classic takout of obvious market stops, and if it had gone from there back to the highs I would have felt REALLY stupid!

MANU may still fill September's gap, but more likely needs to do some work to consolidate the recent. What did I say from the outset at the beginning of this thread? "The trend at that time was just too steep and I really wanted to wait for some consolidation and better patterns to trade." Ha! I should listen to myself more. :-)

...think I'll take the rest of this week off.

--Derek
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yeah, and pups can learn about the kind of honesty it takes to become a good trader

pup
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Dang. 8 recs. :)
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Think you have a pretty clear idea of where the error was made D. Would not take the rest of the week off based on that trading error, but if you're just not comfortable due the technicals of the market that would be a good reason. I've been very cautious recently doing most of my trading on paper because of that same reason. Kind of hurts to see them run up but by the same token I'm taking some comfort in the fact that my trading account is making some small incremental moves in a positive direction rather then watching getting hammered by a volitale high R/R mistake.
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>>> "Would not take the rest of the week off based on that trading error, but if you're just not comfortable due the technicals of the market that would be a good reason."

It's neither of those reasons. I have to take off early tomorrow anyway and I was really hoping to get into a trade for ST. This one didn't pan out so I'm probably going to be looking again for next week rather than jump into a trade tomorrow for a weekend hold when I won't even be around all day tomorrow.

But thnx for the concern. :-)

--Derek
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No. of Recommendations: 2
Wow, pretty quiet here. I guess I'll break the ice by posting my personal mother of 1 month woulda-shouldas.

As the message I posted earlier shows, I was in on the 11/1 b/o day and out on the same day after the pullback hit my profit stop...doh! Left a lot of meat on the bone, huh? :-)

As Jeff has said, some pretty basic TA has been working really well.

http://www.webdesigns1.com/mycharts/display.php?p=586&u=derek&a=Derek's%20Charts&id=4

--Derek
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