Yay! A new post for StockPunk

I'm sorry to the three of you that read my blog (not counting the 3,000 Anonymous haters). I haven't been posting much lately because my trading has sucked and I've been trying to figure out how to stop the bleeding.

I had a pretty good month of March, but I've given everything back and more during the month of April. So, out of that frustration, I kind of put writing on the blog on the back burner.

I've noticed that when I write about some of the frustrating trades that I've made that it encourages folks to scold me and tell me that I suck so I figured that it was best not to post while I sucked so that I didn't have to receive several comments confirming that indeed I do suck.
On to the lesson of the day. These charts aren't complete because the day isn't over, but I wanted to show a trade I made and how using the MACD I was able to determine a good exit point. I traded US Steel (X) using 15 minute candles. I was looking for a breakout of the opening range low because I thought that we were going to see a big down day all around. As soon as that first candle was broken, I got in. I placed my stop just beyond the 200 SMA which was nearly triggered before the stock headed in my favor.
I took partial profits at 1 R, and planned to hold until the end of the day. But I noticed a divergence on the MACD on the 5 minute chart. As price continued making new swing lows, momentum made new swing highs indicating that with each swing, sellers were less aggressive. At the third swing, I decided that the move was probably pretty much over and it was time to get out. At least I got one decent trade this month.