Hello Traders, just a quick review of my GG and MON trade from today's trading session. Today was a flat day for me as I put myself early in the hole right at the open and spent most of the day fighting back. This all happened to me because I deviated away from my plan 5 min before the open like an idiot. I spent the whole hour before the open setting alerts on the gold stocks with everybody in the chat room that I am moderating ( Thetradersroom.com Password: Remote ). As soon as the market opened I took some chop losses on the FAZ because the banks were trying to hold up on the open after there pre-market weakness. I then put my focus back on GG which I could have bought below the pre-market high if I would have been fully focused on this which was my game plan. In any case, I made a good trade in that one and then moved on to another. I decided to trade GG instead of FNSR which my boy called in the office and that one again looks to have been the bread winner. So again, today looks like out of all the good trades we called out lol, I picked the least good one. ABX and FNSR would have netted me better gains then my GG trade.
Then my next setup was MON. I tried to trade a reversal on MON around 11:30 as the market looked like it was trying to stabilize and I thought we had some bear trap action. The 15 min bar engulfed the previous one and that formed a nice hammer on the 30 min with a long tail so I was working with those two arguments in my favor. So I got long MON at 67.55 and then got stopped out at .40. I was risking about .15 for a possible trade back to the highs and then a breakout. My whole thinking on this was the Aggs have been strong, but now that I think about it MON has been the weakest of the group( Look at POT Today ). With the main trend being down and the market weak the counter trend trade didn't work as I expected. It worked for me earlier this week when MON was showing relative strength to the market and exploded higher. If the market would have reversed then this could have been a great trade.
Let me explain my MOS trade to you all. I noticed on the tape that the seller in the .60s would not lift and now .60 offer was holding and they were walking it down. When I saw this I knew they were going to hit my stop so I took myself out at .43 before they can hit my .40 stop. I then got short since I was convinced the sellers were back in control. I shorted .36s and then again another mistake I must stop doing which was I took myself out the trade. I did this for two reasons though, one because I was saying its lunch time and these bastards are just going to chop it around and then also my boy that called the FNSR this morning in the office wanted to do a money management trading exercise. So I get flat the trade only to come back to my desk and see that it had fallen down to the 67 short trigger along with market weakness.SMH. Oh well I missed the trade, but I did catch the capitulation bottom =]. Have a great weekend guys !!
P.S- I am proud of myself in the GG trade because I am finally starting to sit through my trades to my targets
besides taking myself out the trade early for a small profit. After I master this I will be a monster trader.
GG 5 min
MON 5 min
No comments:
Post a Comment