Monday, August 18, 2008

Another good one

I decided to stick to virtual trading today. It would have been a good day to put some money to work. I made a virtual 6.2R.

Below is a dumb trade I made today losing 1R. I really had no reason to buy this stock (TITN) besides the volume surge at the open. The market was trending down and I thought that this would make a good counter-trend play. I had done well with this stock in the past and my bias directed me into a dumb trade. Notice there are no narrow candles near where I bought--just dumb.
I made over 3R shorting ENER. It was a much better play that made more sense both on the 30 minute and 5 minute charts.

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