CVA Short

Shorted CVA as it gapped down on volume.  Printed a couple dojis, then hammered at the 5ema, so I got in on a break of the 4th bar low.

Went well for a few bars.  Set a limit order to sell half a little above the OR low. Flirted with it, but never quit hit the limit order for a couple bars.

Unfortunately, it quickly reversed and I got stopped out a few bars later....but luckily, I moved my stop tighter after things moved positive, so I only lost about 0.5R. So thats good.  To be honest though, I should have moved the stop to breakeven, as thaqts what I would have done anyways if my limit order had been hit.

Anyways, a decent week -- won 2 of 3 for about +0.7R.

Have a great weekend!

ANSS Short

So, I've been a bit disappointed with my performance lately, and have decided that I need to move my stops more frequently, both when things are going my way, and when things are not.  And today, I got a good reminder why I need to do it --

ANSS gapped down on volume, as usual...I got short on a break of the 3rd bar low after the pullback, which was also another break of the opening range low.  

Pulled back on me a bit, and printed a beauty hammer over the 5ema on the 8th bar, which would have made a really nice entry.  Then it slid down the 5ema till the end of the day.  I took partial profits  when it tested the intraday low around 1:30, and let the rest ride -- but I moved my stop to 20.40, where a minor pullback at 1pm stalled out.  Then, was we got into the final hour, I watched closely for any change in direction, and quickly sold when the previous bar high was broken.   If I would have tried to hold this one, I would have lost most of my profits.  So I'm pretty happy with the outcome. 

 Now I just need the discipline to follow my own rules consistently.  +0.7R.

EXPE Short

I was interested in EXPE as a pullback long, but the volume was weak and it pulled back too deep into the OR candle.  So I put it on my radar for an OOPS trade.

When it blasted through the OR low, the previous day high, and the 5ema, I waited for it to close below all those levels. When it did on the 5th bar, I shorted it with a stop above the trigger bar, above the 5ema (where it rolls over around the 4th bar).

Didn't go far fast, but it slid down the 5ema most of the day, and I closed at the end of the day for about a 0.9R gain.

Gappers where the OR low is approximately at the same level as the previous day high can be good trades -- either they'll reverse at this level and go higher, or break through and head south.  Just make sure you've go a confirmation before you pull the trigger, and try and go the same direction as the market  at large.  Which today was kind of a no brainer.

WFT long

Tried going long today as the TRIN seemed to be decreasing throughout the morning. Worked, in theory, but not in practice.

Went long WFT on the NR 6th bar at the 5ema after it broke the previous bar low.

Should have taken half on that huge hanging man a few bars later, but didn't.  Then got stopped out on a quick move below the 5ema in the afternoon.  -0.7R loss.  Bad trade, bad discipline.  I need to watch for obvious exit signals.

COG Short

OK - This looked like a really nice setup.  

-Gap down on volume.

-Increase in volume on 2nd bar plummet.

-Pullback stalls out right at the OR low and the 5 ema

-4th bar doji

-5th bar kisses 5ema, and still can't break the OR low.

So I got in on a break of the 5th bar low.  And then? One nice bar, then quickly stopped out for 1 R loss.

Oh well, at least I had a stop in place, this could have gotten ugly really quickly. See you next week...

Back at it - COCO Short

And we pick ourselves up, dust our selves off, and go at it again.

This time, listening to the TRIN tell me how weak the market was this morning, I went short COCO, which gapped down on strong volume.

I got in on a break of the 3rd bar low, as it pulled back from the 5 ema.  

WEnt basically nowhere most of the day, but got a little momemtum after lunch, which it quickly gave up, but the resumed again later.  Even surviived the late day market recovery, and sold this near end of day for a 0.6R gain.

Not a great setup -- I don't mind green first candles on shorts, but I don't the range I'm buying to be that high in the opening range.  Still, a wins a win.  Maybe trading tomorrow, maybe not.

Guess Who

Guess who thought, "hmm, I bet the market gets a pop after Geithner speaks. I'm going to go long today, despite how weak the TRIN looks this morning".

Yeah, that'd be me. So I'm going to spend the rest of the day mopping whats left of my account off the floor.

If you trade based on your gut, you'll probably get kicked in it.