After the trading day yesterday, I was so disgusted with myself with my poor management on my play of ADBE. I left 1/2 of the move on the table and for some reason I covered my entire lot @ 63.94 and the play went to 62.45 OUCH! Getting your management down right will make or break you as a trader. I’ve been using daily pivot lines for my target areas and when price reaches the last pivot area, I’ll usually, draw fibonacci retracement lines to find additional longer targets. On my play in ADBE yesterday, I just covered my entire lot at the last pivot line and just about puked as I watch ADBE move another $1.49 lower OUCH! This has been a wakeup call for me! I must add and reduce where possible and make the play take me to my target! Here is my chart for my poor play in ADBE from yesterday and then below I’ll show you how it should have been done the correct way….
ADBE 04032014
Now today, I got my head on straight and managed EXPE the correct way. I found EXPE on my 9:45 wide range bar list and almost immediately took a play short off the 1 minute chart that soon was stopped. EXPE then continued to rally all the way back up to it’s prior day’s close and put in a beautiful NRB doji style bar where I shorted below the bar @ .40. Soon price put in a two bar pull back (level I pivot) where I shorted more and went to a full risk unit on my play @ .72.67. Price continued lower rather painlessly and hit my first target @ 71.95 then went to my 2nd target @ .79. A little over an hour later I added to my play @ .67 and reduced my stop to 72.01. Price then rolled over again nicely and I took profits at the prior low of .36 and covered more shares @ .68. I again found myself adding and reducing my stop to .01, but this time I was stopped out as the shorts were covering and price popped. I had two lower targets in mind @ .40 cents (a pivot point area) and .06 cents (a Fib level) and as usual both of these levels were eventually hit, but still an OMG play for me today in EXPE and a big improvement over my poorly managed play in ADBE from yesterday…
EXPE 04042014
EXPE Targets hit