No Mojo for TraderHank this week

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  I ended the week down a few “risk” units, the last time I had a losing week was the week before Thanksgiving.  I guess all steaks will come to an end but unfortunately this was just not my week.  Monday, my platform program became corrupted so I had to spend the entire day uninstalling, reinstalling, and rebuilding my entire trading page. Even my saved layout pages were corrupted so basically no trades on Monday. Tuesday I ended the day slightly down, nothing to show for my 6 1/2 hours of effort. Wednesday morning I had no charts due to my charting company and basically I could not trade until the afternoon and this day ended about even.  Thursday I had no morning setups, the gap list has been weak due to earnings season being basically over, and my afternoon setups just did not go as the market sold off hard, so I ended down 1 1/2 risk units.  Friday was basically a repeat of Thursday, no morning plays, poor daily list, poor gap list and at one point I was down 3 Risk units which would have shut me down for the day but my trade in COST finally came through to save me.  Having a losing week still “kind of” gets under your collar especially if you have not had one in a long while.

I have two trades to share with you from Friday, my first was my morning attempt to get green early in TEVA.  I found TEVA on my 9:45 am wide range bar list which was basing nicely into 10:30 reversal time.  Price kept consolidating near the .98-.99 area and I could tell price was just about to pop.  I had made up my mind that I would be in at 50.01-02 so when price finally took off my fill was .17 ouch!  My poor fill was my fault as I felt I chased price and should have just stayed away once my price of .01-.03 did not get taken.  I ended the play slightly early since my risk was way off due to my poor fill…

TEVA 03282014
Click on image to enlarge TEVA 03282014

Later I found a play in COST from my daily list.  COST had broke down below major support on the daily chart on Thursday and I was looking for some follow through on Friday.  At the open price had gapped up in COST negating my short idea but just after 11:00 am price had went below Thursday’s closing price.  The prior day’s closing (PDC) price is my line in the sand, if price is above PDC I can go long, if price is below PDC I can play short.  Once price in COST pivoted off the PDC and then went lower I began shorting @ .88.  It was about 1 1/2 hours later that I could commit to my play in COST going full share size @ .78 on the next PSS that triggered.  I had some nice long targets in COST hitting my first @ .61 covering 1/3rd of my shares and soon my second target was hit covering another 1/3rd @ .20.  I had one more lower target but I could see that price in COST was done for now going lower so I trailed out of my play @ .45 covering the last of my shares.  A really terrific play to end a not so terrific week…    

COST 03282014
COST 03282014
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