INTRO
I meant to do this earlier, but was distracted watching "Planet Earth" disk 3. Good stuff!
Today in stocks I learned something. Your going to have trades that you set up with a percent trailing stops. You'll then get stopped out at your specific percent that you set. Then you'll find out that the stock/option ended up just going 4 cents above that percent stop and then ended up moving back in the direction you were playing. Such was the case today with my ENR Put position. Was at a $50.00 dollar gain in the morning and ended getting stopped out around 1ish PM with $10.00 profit. I guess it's all part of the game.
PICKS
I'm setting up on "X" to go below $38.39 during professional hour. If it goes below $38.39 and is trending down going into and during professional hour I'll purchase an X Aug 39 Put.
I will purchase an FLS Aug 85 Put if it crosses below $83.00 as well as it's sector trending down into and during professional hour on 5-min bars.
I would also like to set up on GS using a breakout/vertical spread. If I can figure out how to do so. I've never done one of these kinds of trades before. I have some follow through rules in order to get into these trades, but like I mentioned before I can't get into this unless I know how to do the trade. So, most likely I won't be getting into GS.
FLASH FROM THE PAST
Trade #3 Deck Directional Pattern Alteration entry date 4/12/10. Entered in because price passed lower threshold. Was stopped out by a 10% trailing stop on the option. This traded turned out to be a 14% loss. Like my other PA trades. I purchased this a little late in the game. What can I learn? I can learn that when I miss the first crossing of the threshold I need to get in or don't get in. I guess from my notes this thing didn't really have smooth equity trader momentum. It also moved down 2.5 points in 25 min.
OPEN POSITIONS
BP Jul 55 Call- At a loss. Will let expire worthless unless major movement to the upside
NKE Jul 80 Call- At a loss. Will let expire worthless unless major movement to the upside
RIMM Jul 65 Call- At a loss. Will let expire worthless unless major movement to the upside
CLOSED POSITIONS
I was going to do an evaluation on a stock I closed today in this section, but I'm thinking I'll just do it in my "Flash from the Past" section. If anybody reading this thinks I should do this section. Please advise by commenting. Or if you think I should just do it in the "Flash from the Past" section of the blog let me know. Right, now I'm going to bypass this because it's late and I have to work in the morning.
CURRENT ACCOUNT BALANCE
$900.60- Still at a loss.
Please feel free to leave feedback, comments, and questions.
Disclaimer- This trade journal blog is for education and
entertainment purpose only. In no way am I implying that you
purchase any of the stocks that I setup on. Stocks and option
trading is extremely risky.
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