Tuesday, October 21, 2008

1 trade today

I made 1.88R on this trade today, but I messed up on my target. I sold CS short on the gap move down after the consolidation flag. I've drawn the target (black arrow) but I hadn't set up the target at the original purchase (dumb mistake). Instead I moved my stop to the top of the second consolidation (red arrow) and got stopped out as the stock moved back up. Setting up a target would have gotten me out with another 1R in gains.

Another clue that things were heading the opposite direction was less momentum on a lower low (MACD chart at 11:00 am).

Ever other trade that I considered taking would have turned against me, so I'm glad I stayed out for the rest of the day. It's my 42nd birthday today so I quit trading at lunch time and went out for some Indian food with my family. It was swell.

3 comments:

Anonymous said...

Happy Birthday.

BlogDog said...

Happy Birthday Scott...you even made money for lunch.

Nick M. said...

Happy Birthday Scott!