There was that bounce that we were expecting. For a great commentary on the events of the day I will give you the usual recommendation to read Trader Tim’s Blog posting today. Make sure you read the comments. Some of these guys have some amazing insight into the market.
As expected, I was stopped out of the majority of my current trades today for a modest profit. They could have been better. I think I need to put some more thought to the application of my stop strategy when the market is moving like this. My intuition told me to get out the other day when the DOW bounced off 10701. Today's bounce was imminent.
The put trades I stopped out of today include:
.BNITO – Stopped out today for a 29% gain in 12 calendar days. Sold @ 73.57, I did not reach my profit target of 72.25.
.DOTQ – Stopped out today for a 93% gain in 12 calendar days. Sold @ 73.30, my profit target was 79.50. Great Trade!
.LSSTL – Stopped out today for a 22% gain in 12 calendar days. Sold @ 51.80, I did not reach my profit target of 50.07.
.MLMTR – Stopped out today for a 111% gain in 12 calendar days. Sold @ 79.43, my profit target was 77.15.
.NYXUK – Stopped out today for a 16% gain in 12 calendar days..
.XBTTF – Stopped out for a .05% gain. No loss on commissions! Sold at 56.73, my profit target was 50.56. I am disappointed with this trade. It did not budge on market down days. I could have sold it for a 22% gain when the market went to 10701, but I stayed in waiting for the stop to be triggered.
.TRNTH – Stopped out today for a 63% gain in 12 calendar days. Sold @ 31.05, my profit target for TRN was 30.39.
Based on these trades and the trades exited in the last few days, I have had a gain of about 42% in 12 days. It could have been more, it could have been less. I was lucky. Note that if I had of exited these trades the day the DOW bounced off 10701, my gain would have been around 67% in about 9-10 days. Its something to ponder, however at the end of the day, I am very happy with the outcome. It exceeded my expectations!
I think I have 3 open trades now. I need to start looking for some more to enter. I feel that I need to stay in a holding pattern for the next few days and let the market work itself out and give nme some direction. The time to get back in with some new trades will be soon enough.
For anyone reading this, just remember that this is my personal trading journal. I do not recommend that you enter any of these trades or do anything that I choose to do. Theses trades and stops are based on my own analysis and conclusions. I recommend that you develop your own trading systems, strategies and rules, conduct your analysis, come to your own conclusions and get professional advice from qualified professionals persons before making any investment decisions. I am no way near qualified to make such recommendations.
Good Luck and Good Night - David
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