EDGE TRADER

Friday, April 21, 2006

Breadth

Bears are chewing up the market in the final minutes, and breadth looks pretty bad. Which is a signal I might want to think about taking some stocks home for the weekend!

Thursday, April 20, 2006

Nice Intraday Action - or Homage to Mark Fisher

Had a few intraday trades - this was one of them. This buy the dip setup was a perfect failed "A" down setup. I missed a nice exit point at lunchtime as I frantically tried to drop my sub to bump up my stop, but in the end I closed out profitably near the close. The 2 keys for this is that the stock failed to dip below the bottom of the opening range, and the heavy institutional sell orders showing up in level 2 as funds dumped due to an earnings dissapointment. My entry was near the tail end of the selling volume. The chart might make you think I should have doubled down around 11:15, but I won't work with a double position size on a stock the street is angry with.

Wednesday, April 19, 2006

Where have I been?

My loyal readers have been wondering I am sure. Unlike many blogs, mine is just a a blog, not a for profit commercial enterprise.

Truth is I am somewhat of a superstitious trader. I didn't blog for 2 days in mid March. It turns out that those 2 days were my best trading days in the past 12 months, with some truly stellar gains. Being the superstitious sort, I resolved not to blog until I had a down day. Fortunately for me, but unfortunately for the rest of cyberspace, I did not have a down day until yesterday. My March finished at +10.3 %, well in excess of any expectations I had, and my April is looking pretty nice too (although today was not as kind to me as it was many traders: +.1%). I'm sorry if you were missing my "wise" words. Out of guilt today, I figured I would go on and make this post for my readers in an attempt to explain my absence. Since anyone reading this is profit motivated, I am sure you will understand. If you told me I'd have the kind of month I had there are a lot of crazier things that I would have done than stop blogging.