Thursday, May 15, 2008

Trades

Here are two trades I'm in right now. These both appeared on the recent scans I posted. On the charts, green is a long entry, black lines are stops and targets.

Stops and targets are changed daily, these are the entries yesterday. Tonight I will adjust the stops and targets based on intraday charts.

The good, the bad, and the ugly will be updated once I exit the trade.

RIG


The good: Profit. 1% risk, followed entry rules, placed stop. The stop moved up the day after the trade to above break even. In the trade 3 days.
The bad: Profits taken too soon, but this was the plan. I haven't completed setting up my entire trade plan, specifically the exits. I have three target ideas - use MA's with a coefficient, use ATR, use a target that is only in reach in case of a huge gap up (unlikely), use resistance levels (could be far in the past, so perhaps too weak to worry about?) , don't use a target, only a trailing stop.
The ugly: Good lookin' trade, considering "the bad"

LLTC

The good: Still in the trade, moved stop to break even.
The bad:
The ugly:

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