Hourly buy in EBAY

Posted on February 17, 2015 by TraderHank
Share Button

Another grueling day of trading but finally EBAY setup and followed through on its hourly buy. I was really not that much excited about a long play since the market is now up for 5 days in a row, but you will cut your own neck trying to short something in this bullish market. I started stalking Ebay as it seemed to bottom at an area of minor support but I needed another retest and failure off the bottom before I would commit to a long. As price started to go sideways I just had to set and watch the price action until finally it gave me the sign that price was done going down as I watch price action pop and form a wide range bar. I was in at 56.12 with about a two Risk unit void to the top, I thought I’d just settle for 1 risk unit move. It took the rest of the afternoon but price soon found my .40 cent area where I sold all of my shares for a nice 1 R profit. Not a huge trade but I’ll take it on a day that I really did not want to play long.
EBAY 02172015

Posted in Daily plays | Tagged , | Comments Off on Hourly buy in EBAY

Slow start so far for February trading…

Posted on February 11, 2015 by TraderHank
Share Button

I’ve been on fire since the last two days of December 2014, but since the first of February I’ve had a hard time finding quality plays. I’ve had this happen many times before but I always have to remind myself to stay vigilant and be patient for my trades will eventually appear. So far I’ve only had one 3 R trade, a few losers, a few winners, and I’m slightly up for the month. Last week I had two days that I did not even take a trade, this week I’ve found a trade or two but nothing of great significance to show off here. Being stubborn and waiting for quality trades is how I’ve been able to weather this dry spell. Earlier in my career, I would have blown up my account by now. Anyway, I do have a nice little short trade working in EUR/GBP that I’m up about 31 pips currently on one lot. I’ve got a target below at 120 pips and I have until Friday at 3 pm for price to get there hopefully.
Weekly
EURGBP 02112015

Posted in Diary, Forex | Tagged , | 3 Comments

Masterful play in GILD

Posted on February 4, 2015 by TraderHank
Share Button

I woke up this morning with two stocks on my earnings watch which were DIS and GILD. DIS scored as a Tier III gap but GILD was a Tier II and if the market was gaping up, which it was not, it would have been a Tier I gap, the best! Well, price action sold off hard at the opening in GILD confirming that sentiment felt it was a Tier I gap which allows for an immediate entry and those who were brave and entered were rewarded handsomely. I waited until the first PSS which did not have enough risk to reward for me, so I passed on the trade. Good thing, price action rolled back upward and continued higher. Soon a small little Doji bar appeared near the 40/60% Fib retracement area. I had a nice 3-1 risk back down to the low and this setup was pretty much everything that I was looking for so as it triggered I was in short at 97.31. It took about 45 minutes of SOH (Setting on Hands) but price finally made it down to my 3 “R” (Risk) unit target where I covered all at $96.14. Believe me, it’s hard just to set there and watch as I thought many of times in this play, that I was going to take a full stop out. Hurray, my patience was rewarded this morning handsomely!
GILD 02042014

Posted in Gap plays | Tagged , | 3 Comments

QCOM finally rolls over nicely!

Posted on January 29, 2015 by TraderHank
Share Button

After setting on my hands for most of Wednesday without a trade it was nice to wake up this morning and finding a nice Tier II Gap in QCOM. I knew that the entry would be difficult and decided on an aggressive entry short off the 2 minute chart just after a green topping tail which price failed to go higher so I entered just below @ 64.04. My 3 Risk unit target is 62.57 which is possible on these types of gapping stocks. I had to set all morning long and watch QCOM go sideways challenging my stop at times but finally the price action headed lower. Price just continued to grind lower finally picking up speed where I felt that I should take 1/3 near my target at 62.96. Price then continued lower in a flurry easily hitting my 3 R target @ 62.57 where I covered another 1/3rd. I was able to do one Add and Reduce At 72.86 but I added too many shares and was forced out of the play at 62.97 just short of my 3 R profit potential. Hard to keep the hands off the buttons when you’re approaching you 3 R target. I ended the play up 2.45 R’s 🙂
QCOM 01292014

Posted in Gap plays | Tagged | Comments Off on QCOM finally rolls over nicely!

Impressive numbers

Posted on January 27, 2015 by TraderHank
Share Button

It took me awhile to come up with a spread sheet that I’d actually fill out. I’ve attempted this on a many of occasions but failed to continue to update. Finally during the Christmas holiday I was able to come up with a simple, but effective, spread sheet that I’ve stuck to daily. This year I had decided that I could not touch a trade until 3 risk units have been obtained because I felt that I’m finally at the point in my trading career that I’m really good at picking stocks that have tradeable voids. I’ve found that tracking my stats have really boosted my results in the fact that now I’m looking to improve my numbers on a daily bases now, wow! As you can see from my spreadsheet, my batting average is at 70% for winners and that I’ve had this number up as high as 77%, my goal is 80%. I’m up 16.22 risk units of profit for the month and I feel this can be improved upon. Now I keep track of everything which helps me pinpoint areas that I need improvement.

Results

Posted in Diary | Tagged | 4 Comments

Early stop in AAPL but MET more than made up for the loss…

Posted on January 13, 2015 by TraderHank
Share Button

  I started my day out short in the 5 minute low on AAPL after price action put in a bear 180 on the 5 minute chart.  This action was short lived as the market just rocked upward breaking the 60 minute downtrend in the market.  Since the market was near it's prior highs, I had very little choice looking for longs and therefore I settled on another short play in MET.  I still felt that AAPL would roll over hard with the market sometime today but at present both the market and AAPL were very bullish.  I had noticed that MET had gapped up and rallied for the first 5 minutes before pulling in for what one would expect for a buy setup.  I was bearish on the stock since it's 60 minute chart was still in a downtrend.  The 5 minute price action in MET triggered a 5 minute buy.  I had already decided that if it fails, I'm jumping on short, and soon that is exactly what happened, I was in short @ 50.73.  With a nice .16 cent stop, I felt that a .48 cent target would not be out of the question for MET.  The only problem was that the market was continuing upward with it's bullish price action.  Well MET fell nicely at first and I was up about 1 1/2 risk units, but then MET put in a nice bottoming tail right at it's prior day's close.  Price rallied hard and came close to my stop, but then, price just collapsed and headed lower.  At this time the market started to roll over as well which caused the price action in MET to accelerate to the downside hitting my 3 risk unit target with ease.  I tailed out of the play on my last 3rd at 49.96.  A great play overall which erased my earlier loss in AAPL and added 2 more risk units of profit to my fabulous start for 2015.

MET 01132014
MET 01132014

             

Posted in Daily plays | Tagged , | Comments Off on Early stop in AAPL but MET more than made up for the loss…

Gap up in MET makes for a great short play…

Posted on January 7, 2015 by TraderHank
Share Button

I’ve been hot as of late and here is another great play in MET.  I had MET on my daily list and price had gapped up at the open.  Usually at the end of the year I attempt to tweak a few items in my trading plan.  Last year I would not short a stock that was trading above its prior day’s close.  This year I’m attempting to be more flexible and I’m letting the 60 minute chart decide if I can short a stock trading above its prior day’s close.  The reason for this is that a strong rally or gap up like MET today will cause a huge void to the downside.  Since MET was in a 60 minute downtrend I felt that I could short on a lower high or a possible buy failure pattern.  My entry in MET was actually a GBI (green bar ignored) which usually leads to a measured move lower.  I was short at 51.26 and price moved lower nicely with two risk units of profit showing in my open P & L, but I was holding for three.  I had to set through a painful pull back but price rolled back lower and continued to move lower hitting my 3 R target at 50.75 where I covered 2/3rds of my position.  I was looking to add and reduce but as price looked like it had bottomed out, I covered 1/2 of the shares I had left then waited for a higher pivot low.  Well, my last prior high was taken out by more than .05 cents so I trailed out of the play at 51.25.  A little over 2 “R”isk units of profit made on the play…

MET 01072015

Posted in Daily plays | Tagged , | Comments Off on Gap up in MET makes for a great short play…

ALL finally got the job done!

Posted on January 6, 2015 by TraderHank
Share Button

I was upset with myself early for choosing ALL over MOS, MOS had the better looking chart but I became impatient as ALL setup first.  As my trade in ALL went sideways, MOS went 3 “Risk” units rather easily, I only could watch in envy!  One thing you have to remember when trading is that if you are trading in the direction of the overall market, you can be a very poor chart reader and you will still make money as the odds are in your favor that your stock will move in the direction of the overall market 80% of the time.  Well, ALL finally heard my screams and moved lower rather nicely to my first 3 “Risk” unit target @ 68.46 where I was able to cover 1/3rd of my shares.  I covered another 1/3rd at .56 and looked to add back and reduce my stop.  35 minutes later I was able to add to my play short but unfortunately I was soon stopped as price headed above my break even stop with my last 1/3rd + my add.  The add and reduce plays don’t always work, but when they do…  OMG!

All 01062014

Posted in Daily plays | Tagged , , | Comments Off on ALL finally got the job done!

Q’s fell hard

Posted on January 2, 2015 by TraderHank
Share Button

The market gapped up today and looked bullish at first but when the first 5 minute buy failed, I took the market short @ 103.71.  After price thrashed around a bit, price finally started to head lower and soon price fell in a flurry hitting my first 3 “Risk” unit target where I covered a 1/3rd of my shares.  Price continued to fall forcing my hand to coverer another 1/3rd of my shares.  When price was setting up a possible add and reduce area for my play on the 5 minute chart I accidentally covered the rest of my position 🙁   O’ well!  A great play anyway with a + 3 R play 🙂 in the QQQ…

qqq 01022014

Posted in Market Trade | Tagged , | Comments Off on Q’s fell hard

Gap down in the QQQ made for a great 5 minute short!

Posted on December 30, 2014 by TraderHank
Share Button

I did not expect much from this 2nd to the last day of 2014 in the market but the QQQ opened the day gapping well below the last prior pivot low of 104.87 to open the day @ 104.73 where by breaking the 60 minute uptrend in the QQQ.  When this happens you must take the first 5 minute sell setup the triggers in the market.  Now nothing is 100%, but the odds are in your favor, so when the QQQ triggered the first 5 minute sell I was all over it and entered my play at 104.82.  I was a little cautious, but price action soon confirmed the 5 minute sell and price sold off in a flurry lower.  For 2015 I’ve decided that I’m not allowed to take profits until three risk units of profit have been made, for example, if I’m risking $100, I must be up $300 in order to take any profits.  I had a $.19 cent stop on my Q’s play and so I was looking for .57 cents of profit before I would sell a 1/3rd of my shares.  Just after lunch my play in the QQQ’s hit 3 risk units and I covered 1/3rd of my shares @ 104.24.  I covered another 3rd about 20 minutes later as the market seemed a bit tired selling off.  I soon covered most of my shares at 104.24 but I left a few on for the next 5 minute pivot for a possible Add and Reduce play.  30 minutes later I found myself adding more shares short and reducing my stop to 104.47.  For a while it looked like price may roll over again and head lower but this was not going to be the case as my stop was hit at 104.47.  Wow, a great 3 R play…

qqq 12302014

Posted in Market Trade | Tagged , | 6 Comments