Tuesday’s Performance

I hate to post such mediocre performance right now, when my blog is getting so much traffic. But, oh well… The only stock to reach my watchlist’s price was Qwest Communications International Inc. (NYSE: Q), but it hit around 3:30PM so I stayed out. I see that it didn’t move much after that, but maybe tomorrow it will have a nice follow through.

So, without any big moves in front of me, and faced with a sideways market, I got confident enough to try some pivot point plays. The results were average. I took 4 trades, for a net of 0.36 R. 2 winners and 2 losers, all small. I think I need practice picking stops on these choppy market plays. Here’s one of the losing trades:

That was the 10 minute chart for Centex Corp. (NYSE: CTX). The red horizontal line is the pivot line, and the sloppily drawn arrow was my entry. I was wary of how steep the ascent to the line was, so I traded small and with a tight stop. You can see, it shook me out on the red candle after almost 20 minutes of stasis. Then, it turned around and didn’t look back for 80 cents. Ouch!

So, I almost had 2 small winners, 1 small loss, and 1 big winner. That would be just about the perfect trading day, as far as I’m concerned. I guess I’ll keep trying until I don’t have to say “almost” anymore!

Stocks Mentioned In This Article
Stock	Links
Q	| |
CTX	| |