So, yesterday, I managed to stay awake until 9pm my time. I was planning to be up by 5am. Not ideal, but at least semi-normal (for a 70 year old!). Instead, I woke up at midnight, feeling good, even though I knew I needed much more sleep. I was too alert to sleep any more, though. I got up and did some food shopping (am very grateful for 24hr stores and supermarkets). It’s 74 degrees Fahrenheit outside right now, but tomorrow it is supposed to accumulate 1 inch of snow, and never get out of the 30s….. that’s just crazy. Then, I did some testing on a new StockTickr feature (have you checked us out yet? We are adding new features all the time, with a couple big ones about to be made public).
Then, I slept from 6am to 9am my time, which meant I missed the market open. And, this time, I feel groggy, like I could sleep on into the afternoon. geez… But, I don’t think I missed much in the morning market. I haven’t taken any trades yet. Here’s some example painful breakout reversals from today so far:
Potential short of Sandisk Corporation (Nasdaq: SNDK) around the horizontal line turned aroud (30min chart):
Potential long of Nutrisystem (Nasdaq: NTRI) failed. You might say, yeah, but it ran a point first. But, what you can’t see in the 30min candles, is that during that first candle, it dropped all the way to 67.08 after triggering the trade. Then it rose back through the trigger point and ran a point before falling apart again. So, maybe if you bought the second run you could have gotten out with a profit (or cancelled out your loss on the first run):
And now, Frontier Oil Corporation (NYSE: FTO) triggered, but at the top of a pretty big, sudden run (10min chart):
… so I didn’t buy in, but so far it hasn’t reversed. :-( Sometimes it seems like the bad setups work better than the good ones.
yes… time to look for a strategy that’s different than this one. Not that this one’s bad. But, I want something to do when this strategy is not working. No strategy is right every day. Normally what I do is scalp the high-volume weekly watchlist stocks. Trade-Ideas, for the past couple weeks, though, has been telling me that there’s basically no high-volume (5x ratio) action in my list. Like, today, the only alert since I drug myself out of bed was on INFA. 177 stocks on the list, and INFA is the only one doing anything with 5x volume today.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| SNDK |  |  |  |
| NTRI | | | |
| FTO | | | |
November 29th, 2006 at 3:22 pm
“Sometimes it seems like the bad setups work better than the good ones”
This is so true.
I have noticed the same thing. It seems like perfect setups don’t work and so-so setups work.
Maybe the pefect setups are just to obvious so the smart money traders go on the opposite side…