Party on Wayne!

Good day today. Most postions up except AZO (still holding until I see a break, hopfully down).

Stopped with profit out of CROX this morning. Will keep on watchlist and may get back in are REE.

Holding

Long: BHI,DVA,VRTX,ATW,ANDE,BCSI,MA,LIFC,VDSI,SLB

Short: AZO,LAMR,FAST,XHB,

How long until we see a turn down?


I say, not long...

Thanks for the comment, Brett. I have no doubt you will be back in full force tomorrow! Have a great night off.

I think it is huge for all of us to recognize what an emotional impact one trade can have on us and if we're not careful, it can throw off our whole day.

That has happened to me many times, where one trade or one mistake gets me transfixed and causes me to miss too many other opportunities. We absolutely have to learn how to move past that.

I've also noticed a lot of us talking lately about "should have" trades, lamenting the fact that we missed something. This is the same thing. Missing a trade that fit your rules is just like any other trading mistake and it can throw you off, so don't let it. Realize that there will be more trades. Be patient for them.

I am saying all of this in an effort to convince myself as much as anything ...

Doji Girl,

With everything going on today I forgot to tell you that your grandson was adorable in the video.

Brett,

I have alot of respect for you being able to post your losses here. Your attitude is fantastic.

Kim

Kim,

You're going to see a lot more of that 'fantastic' attitude if that after hours bid/ask on LAMR is correct.

Anyone see any news or am i reading too far into this one?

Brett,
Thanks for sharing. Everybody is always willing to post that big trade where they made money, but the ones that are hardest to talk about are the ones that went "bad" for whatever reason. Mine was GOOG last earnings.

Thanks again for sharing with us.
Have a great trading day tomorrow.

Michelle

Brett,
Are you bullish or bearish?
LAMR looks like a put play to me, and it is up a little in afterhours, unless I'm missing something.

Michelle

LAMR - 10% of the daily volume in after hours trading. I don't know. It's more than I would like to see. I've got some puts on this as well.

Just one of the next 1000 trades. Just one of the next 1000 trades.
...

i've got puts. it's not trading very actively so who knows.

Losses do suck, but they are a vital part of trading, you learn from each loss and try and minimize them the next time.

I was with you on that loss in GOOG michelle, I was lucky though in the fact that the very next day I made up for that loss and more with my AAPL options.

I would post the loss, but I think it may give me a bad stereotype because I used to take too much risk. :-D

How are you guys playing FCX?

When Jeff mentioned it as a trade of the week, I was somewhat confused because he recommended letting it consolidate and retest 100 for support, but then the very next day it went up and he was pleased, so I am assuming he was in it. Did others get in? Ultimately I thought it was going up but the plan was to let it re-test, I know trade the plan but still trying to learn if I should have taken a different stance given the circumstances.

All that being said, I took on a small position of the 115 nov calls at close since it made a new high today on higher than average volume.

In these cases of new highs, is this a place to get in or is it still considered high risk with no re-test, or should it be used as new line for support?

Thanks for the help and input.

Ben

This just in on LAMR ...

Does anyone have a clue what this means, if anything?

Oct 1 (Reuters) - Lamar Media Corp, a unit of Lamar
Advertising Co. (LAMR.O: Quote, Profile, Research), on Monday sold $275 million in
eight-year notes in the 144a private placement market, market
sources said.

The deal's size was increased from an originally planned
$225 million.

The total amount outstanding is now $875 million.

Hey Matt,

That news came out this morning. This stuff is after hours. I don't get it, but the volume is anemic.

Here's the news. Great...

Outdoor advertising services provider Lamar Advertising Co. will replace Noble Energy in the S&P MidCap 400, and Ashford Hospitality Trust Inc., a real estate investment trust that invests in the hospitality industry, will replace Archstone-Smith in the S&P REIT Composite

Ben,
I got into FCX a few days ago, but exited the trade Friday because I was overextended as far as trades and not properly positioned in some trades, so I got right sized.
Unfortunately, I missed out on the big move, but I also sold my GRMN calls Friday. So, who knew? I think today or Friday's entry would have been a good time to buy.
That's just my 2 cents' worth, and why I am not in the trade. I think when Jeff mentions a trade, he expects us to watch it for entry signals. Sometimes that is a day, sometimes a month. Hope that helps some.

Michelle

Brett,

Walk away from the computer now! the day is over. Start again tomorrow knowing what a great trader you are. We all know it.

Brett,

Part of being a professional trader is being able to adjust, react, and at times step back, regroup, and adjust. I believe this to sometimes be the harder part of trading

Or, on the other hand, you don't and you get eaten up. You remain an amateur.

Brett, your no amatuer, and it is a pleasure to trade with you. You are invaluable to this blog and to me, and I think I speak for most everyone here.

Trade on Partner...

LAMR – Does that mean the since LAMR will replace another company on the S & P Midcap 400, misinformed people will decide that it is a good idea to buy it even though the fundamentals $UCK?

I bought a few contracts this morning… This is one of the many reasons why we position size correctly. It still sucks though. One of the next 1,000 trades.

I noticed that some people were either making mistake confessions or discussing sticking to rules at the same time trying to eliminate emotion to try and keep our heads clear to trade with an objective mind. The short, by not acting objectively to all my charts individually, I took emotion from a few other trades that I was in that I was had to exit on Friday that I had lost a fair amount of unrealized profit in (even though I made a substantial profit in the trades) and carried it to JEC. I sold it Friday to preserve my 300% profit (that had been 400% earlier in the day). If I had stuck to my plan that trade would now be A LOT better today. The potential loss of profit is only collateral damage; the real damage was I knowingly chose to let emotion make my decision for me. I also let that move sit with me all weekend even into my Sunday night routine where I felt lost and disorganized.

I have since detached.

Brett,
As you know I completely agree with Raimo. You know I am there for at least for encouragement when there seems to be no reason for such. The perennially optimistic. You have certainly been there for me when I needed it!

I am going long LAMR....just kidding.

Brett if anyone can get there shit together in half a day and get back, my bets are on you!

CHeers,
C4ARTY$YOU

Just kidding on the signature!
C4

Logan,

You have hit the nail on the head my friend.

1)Know the plan of the trade before a dollar is put on the table. I foucs on REE and RTR, I know this BEFORE I put a fu@#ing dollar in the market. My lines in the sand are established well beforehand. No winging it.
2)Position size is PARAMOUNT. If you have not performed RPRA BEFORE the trade, then you are in trouble BEFORE the trade even begins.
3)For me, if I do not evaluate REE, RTR and RPRA BEFORE the trade, then I can't take the trade.

Again, to remove emotion is to have a plan, established rules, and be able to follow them.

And here is a prime example for me in dealing with emotion, and sticking to a plan.

Jeff Kohler, who I love and admire and is my mentor for sure, posted his dissastisafatcion of GARMIN and exited his trade. Then Brett exited. Two pro traders I respect tremendously, getting out... But, my plan was my plan, my rules, my lines, all from my evaluation, right wrong or indifferent. These guys getting out added to my EMOTION, but I had a plan, and my plan was still intact. I did not let EMOTION or PEER pressure change my plan. Not to say that I am right or wrong, but I have learned that by sticking to my plan that I formulated before the trade was taken, I can eliminate emotional decisions, and over the long haul, I am a more consistant trader. Proper entrys, proper position size, proper profit taking, all make it easier to be less emotional, and more CONSISTANT.

Sorry for the long post, and if GRMN does not run up tomorrow, I am gonna really get hot...and let the explicatives fly...

Oh, I love you guys.....

HMMMMMM

I can't help but think of the words you,,Brett,, gave to Jeff just last week,,,,,did you trade your plan? you can not kick yourself for trading your plan and your rules,,,sounds like you had your GRMN trade all planned out,,but unfortunately the markets kicked you in the ball$,,,you can't see that coming or trade according to that,,,so I would think that it needs to be classified a good trade,,because you traded your plan and rules,,,the money will come,,as long as you continue to trade your plan and rules.
I understand the frustration with GRMN, I too saw triple digits profits evaporate,,but I traded my plan and that makes it a "good" trade.News is the
'wild pitch" in the markets, but a 300 hitter can't stay on the bench , they get up to bat each time they are due,,they go thru their same routine each time,,who knows how it will play out,,strikeout, hit by a pitch, base hit ,homerun,ect,ect,,,but they are a 300 hitter because they have skill and a routine.

come out swinging tomorrow ;)

Raimo,
That was a good post. You have to eliminate the emotion or this profession will kill you. Thanks for sharing what you went through today, too.

Thanks to you, even though the market was up and my position was up in BOOM, I met my target today for a long trade and took profits. If it bounces, which it will, I will re-evaluate it for another trade. I got so used to it being in my portfolio doing its thing, I almost just left it. But if I am going to be successful, I have to go also learn to take profits. Thanks for what you taught us a week or so ago on taking profits.

Let's all make some money tomorrow.

Michelle

Monday, October 01, 2007

FSLR is the next GOOG.

FSLR closed @ 117

You hopefully have already positioned yourselves in this stock yesterday, or today, or several months ago at under $50. It is going higher and my take is that it will become a 10-bagger faster than you (if you're shorting it) can say, "What the hell!!!!??"

The stock is now set for a parabolic trajectory to $200. If there is a next stock which will have Googlesque run, it will be FSLR. (To put it simply, FSLR is the next GOOG, imo.)

Doubt me if you like, and short it to your demise. Jmho.

The next few years should be great for solars and alternative energy.

Buy buy buy and back up 9 trucks on big dips, both in FSLR and in solars (and alternative energy).

[Courtesy of www.beanie11111.blogspot.com]

Remember that FSLR just broke out of a 3 month inverted head-and-shoulder formation. This (inverted head and shoulders) is as positive of a chart as you can get!

Buy buy buy! Then buy buy buy some more!!!!!!!!!!!!!!

Beannie. you say the inverse head and shoulder "is as positive of a chart as you can get!".......

Only problem is an inverse head and shoulder is a reversal pattern which occurs at end of down trend. And my $.02 says FSLR is not in a down trend

(Courtesy of Ladd)

:)

Ladd,
Excellent post. Beannie Boy is on other financial blogs and he is heavily into advertising his blog. This blog is too educated for him.

Brett, your post described me today perfectly. I completely backed away from trading today even though I saw great opportunities but I was not in my zone and not good attitude. Tim and Raimo well said too. Tomorrow is another day, a better day.

Raimo,

That was a good post and makes sense, and I am by no means challenging you because you have traded much longer than me, but did your original plan include this new development?

THis is where I am curious, because as of right now, you are taking into account all technicals, so far, old resistance is new support, and in that sense it is logical to stay in the trade. It seems though at some point you have to consider the reason for such a large move down and what happened and how it can impact the stock overall though right? I mean, I also think one of the things you and Jeff and everyone talks about it going where the easy money is. Garmin used to be a "no brainer" in terms of it being a strong trending stock with a decent differentiating product. That seems to no longer be as true, it is no longer easy money it seems(obviously I can't say for sure).

If you are holding the stock, I think you will be ok, because over the next couple years GPS and likely garmin products will become standard on many more things, but options may be a tougher play.

Just my thoughts, and curiousities on how a seasoned veteran like yourself takes these events into account, which is different than Jeff or Brett, which obviously neither is right or wrong at this point.

Ben

Just got caught up here and I see it has been a very emotional day for a lot of you. Most because of GRMN but others too. Though I'm not suffering this time, it's because I am mostly out of the market but I know what you're feeling having been there way too many times myself.

Bob (and Pam) I have often felt cursed in that everytime I bought something it went the other way. WHen that happened once too many times I stepped out of the market for a while to regroup. It helped.

Brett, by the time you've read this I'm sure you will be back on your game and in the zone again. You are too good at this to let one day bother you for long.

Jamie, in a post of yours earlier today I read the word "hope" at least 4 times. As Jeff quoted here not too long ago (I think) "Hope is the denial of reality". One of my rules says that if I ever use "hope" in talking about a trade, it is time to exit.

Raimo, I sort of agree with you on GRMN. I was out of this trade but when I saw the early morning drop hold and start to come back, I threw an order in for 1 contract and then promptly left for the day. Came back around 3ish to see that I was not only filled but had a nice little profit. I knew that I had not planned this trade and should not have been in it since I really am not going to be paying attention to the markets this week so I closed the trade and took my little profit for the day. You are 100% right about having your entry, target and exits planned before you put even $1 on the line. This was an off-the-cuff trade and I didn't feel comfortable with it.

I still feel like I'm missing a lot by not trading this week but then, I'm spending time with my daughter and grandson whom I hardly ever get to see and that is really more important than the few good trades I am missing.

I'll check in again tomorrow evening but I wish all of you a better day of trading tomorrow.

Still long TRAK (I put this in front of you a month ago)

Still short LAMR (with a hard stop in place)

Trade on!

This comment has been removed by the author.

Thanks, Ladd.
And if you had bought FSLR at 50 and held onto it through the dips it went through, you would have to be a moron or a buy and hold strategist, so why would you be reading patterns.

I really dislike SPAM.

Michelle

Okay guys,

I finally got my picture uploaded, but I can't get it to show up correctly.

On the blog, my picture is showing up as a gray smiley face...

Any help would be appreciated...

:)

Krystal

Okay,

I got the picture up. Now for my name...

Bob and Pam
We have never conversed here on the blog, but I feel as if I know YOU. I read this thing religously every day, but seldom post.
My account has certainly paid for its education over the past year. I have hung it up several times only to find myself back into it within a short time. The last couple of times the "market" took me down were the last big market drops. I am sure those took many down with it.
With the help of the blog and all the people here, I have almost recouped the COST of my education. The last couple of weeks have nearly doubled my account. I have wanted to quit many times after these hard knocks, but it only takes a couple of winners to get you there.
There are alot of winners here on this blog. Hang in there and keep doing what you are doing. The methods taught here work...don't let a couple of bad breaks take you down.

Can anyone take me to school on after hours trading? What exactly is after hours trading, and where is the best place to find this info.

Barry

Raimo, Great post, I appreciate your words of wisdom every day :)

DG - also a great post. It's nice to hear from you even though you are taking a week off. I Love your picture

Brett - chin up brother. I feel for ya. Watching you trade for the last while, I know you're only one trade away from making it all go away.

Ladd - nice comback!

Good night everyone
Hopefully tomorrow is a happy trading day!

Jeff....try outs??? oh, i forgot to tell you, i called the head coach and told him you have a real bad problem with gas and it would not be good to have you jumping around on the court, he gave me a lil wink and said thats fine, we're not hiring anyways.....so sorry i forgot to tell you, but thats my story and i'm sticking to it.....we really just wanted to keep you around here...

Brett....rest easy....we love you, you are an amazing trader, tomorrow is a new day.....

ELON....not following the rules!!! closed my trade friday with a loss, only to see it bounce right back up today....it totally missed the memo (it was supposed to stop at the apex and bounce on friday, duh....it must be a slow learner...)

GRMN...yikes!!

on a happier note....new entries taken:
NILE (bull flag)
TSL (bull flag)

DE and LFC will probably (hopefully) hit my targets tomorrow and my sell orders will fill, these are the trades you (i) hate to close...they just keep going up.....but like Ramio says we are here to make/take money and these contracts expire very soon....i will just have to wait and watch for new entries...

what do you(s) guys think about KOP.....as i was going over my watchlist i noticed an ascending triangle on the thumbnail chart, but when i pull it up on my profit chart i don't quite see the same thing.....either way there is definite resistance around 40....you may want to add this to your radar list....

well it was kinda hard being away from the blog for 5 days, but i survived....new york was great, i always love to see my family and my grandparents got to meet xavier for the first time....my dad and stepmom grow a huge pumkin patch with gourds and indian corn and they saved some for xavier to pick....he had alot of fun, oh they even "taught" him to throw rocks into the rapids......anyways enough about this, it is good to be back...

cheers to a great week last week, lets focus on doing the same this week.....

Barry,

After hours trading is nothing. It isn't anything worth your while. It is primarily orders being adjusted and bad trades getting busted. No volume involved during these hours.

I haven't seen "Beanie 5" get bounced of a blog for a while. His cute upside down dog always draws em' in. Ole beanie can actually be quote funniy when he is not advertising his website......oh and if the Solar plays are up it is always nice to get into his reco's.

Jeff could bounce him hard like he does on that last dribble before the dunk, or let him run. Time will tell.

Cheers,
C4

Raimo,
In my household, which unfortunately includes 3 T-Bone, My nephew, and myself (for those interested see footnote)**that are in GRMN.

None of us closed below our line in the sand. Therefore we just stuck it out and follow the rules.

Therefore a close below 104 and we will all exit. Yes, they are all slightly different lines in the sand.

**My 13 year old nephew decided he wanted to put his savings into our option investments and we said if he would learn with us and check the market everyday at the close, we would. So he gets a percentage + or- relative to our overall investments.

He gets a shot at calling stops and targets but ultimately they have to be in a crayons line of ours. By the way , even with todays loss he is up over 20% YTD. He is long: GRMN, RIMM, EXM, GLD, CSCO.

He doesn't go short yet and reminds me often, "Never risk more than 2% of our portfolio in any one trade."

Just thought I would throw that out there....and he thought it was too hard to manage risk for an entry into HANS....poor soul. Jeff Basketball is his second favorite sport to golf, and you are one of his heroes (MarketCast, pictures with me and Java monster etc.)

Cheers,
C4

Huh


Quite a day, yes? I've just arrived in Montreal and am really, really, tired. Oh... and I had a couple of beers.

Dropped a big F-bomb when I checked my account. GRMN and VFC both got CREAMED!!! What's up with that? The good news is that everything else was up and so I was down a very small amount on the day. The big question now is what to do tomorrow.

My RRSP (thanks for coming to the aid of the party on that one, Sean) was up huge today so my life is good. Retirement is on it's way.

If anyone cares... GRMN is simply back at support. I'm not selling until it breaks it. Don't bother confusing me with the facts. I am an emotional train-wreck with GRMN. Don't tell Catherine but I'm in love with it. But I will sell tomorrow if it heads lower. But not until it breaks it's support.

Which it hasn't .

Bob (and Pam) take Catherine's hand. Well, Bob take Catherine's and Pam can take mine. There have been many times that I've felt that hollow sense of uselessness. And then I remember how I came back from 2/27 and made 100%. Then the latest downturn kicked me in the dunes, and I'm up 100% of my traded money since then. We have the tools to do it. I am brimming with confidence now. All I need is the time. And that's coming soon. Mark my words, by this time in November our account will be back to pre 2/27 levels (... again.)

Life is good, folks. Don't piss away the advantage we have on this blog. Brett... I haven't read your posts yet from today, but I know that by the time you read this you'll be back in the saddle, serving up the next rattler on a plate.

DRYS. Thank god for DRYS.

SSSSNNNNOOOORRRREEEEE

Raimo,

Thanks for your thoughts. Believe it or not, I have all those things figured out before I enter a trade as well. It is that little Kazoo character that resides on my shoulder every once and a while. Fortunately for me, he doesn’t come around too often.

When this happens, I become more focused and trust my analysis even more because, it is not always the big winners or small losers that make me learn a lesson, it is the bigger winner that got away from me for something I had complete control over. If I had more than one contract this would have been a no-brainer – sell one to lock some profit in and let the other go to the moon. In the end, a plan is a plan is a plan whether you have one contract or one hundred.

Good night all and have a good day tomorrow!

Tomorrow I will be watching to see VIP break out of its two week side step.

Addicts,

If you trade without a plan, that would be like me hunting with a knife instead of a bow and arrow. It can be done, but chances are slim.

RULES RULES RULES RULES....

So, this being said, lets work on exits. And lets start by asking the question of everyone, when you hit RTR, what do you do?

Me, I take 50% off the table....the rest i let run..with a tight leash.

And remember, two steps forward, one step back, two forward, one back.

Believe you can, believe you can't, either way you are right.

interesting set ups

BIIB
SOHU

Raimo,
What is RPRA? I think I missed that one.

This comment has been removed by the author.

BIDU!

Pre-market anyway

The shipping department was on fire yesterday. I'm in DRYS but wish I was in EXM. Are there any brilliant children out there in EXM? Both of them are up in after hours, a bit. DRYS isn't at a good REE and after yesterday EXM isn't really either... but have an eye.

Speaking of REE. I have to share something of which I am just a teeny tiny bit proud. I think I mentioned that I'm in GRMN and VFC both of which dropped nearly 10% yesterday and hammered my otions. Because I entered at REE (thank you Raimo... Catherine loves you, and I would like to exchange firm handshakes) my net loss on both of them combined is $378. Neither of them has broken my rules of disengagement (which is a good thing as I couldn't get to the computer all day yesterday.) But I will watch them with a microscope today. One false move and they're toast. I say this not to boast (much) but to prove that entering at REE works. In a big way.

Laney,

RPRA

Raimo Portfolio Risk Analysis.

Every trade I take analyze the affect the trade will have on my account. Each dollar in my account is a soldier, ready to do battle. I want each soldier to have the greatest potential of success. That starts with a perfect entry, and an exit strategy. I don't want any of my soldiers getting killed. But I know that some of them during battle will be lost, but there loss cannot have a dramatic affect on my army of dollars. So EACH TRADE must have the same RISK for my army to be successful. NO TRADE can risk a higher OR lower % risk to my account. They must be the same for me to be consistant. If I trade with a different risk per trade, then I have entered the battle with a poor plan.

Also, Ben asked me about how I handle "developments", ie; the situation I suppose around Garmin. News really.

I struggled with this for some time, and the Big Kahuna steered me right. I no longer try to interpret news and events surrounding my trades. This information is insignificant to me. Here is why.

When I take a trade, I have no idea what news, if any, will come out after I take the trade. As long as EVERY TRADE I TAKE i get in at REE, have an RTR exit strategy, and have followed RPRA, ALL BEFORE THE TRADE, I have minimized my risk, maximized my potential, and now the trade is non-emotional. Then, during the trades, BADA BING, NEWS COMES OUT...it is not the news that is important...it is how the stock REACTS to the news that is important. I cannot interpret the news, and I cannot start making decisions based on news. It is how the news affects my trade that is important, and that is reflected on the charts. GRMN for example, my exit is a close below $105. Period. Did the news cost me, yup. But if I try to interpret news every time it comes out, WTF? I will have no consistancy in my trading. So, I simply stick with what the chart tells me, and stick to my game plan.

Sorry for such a long post...I hate being wordy...but I hope this helps someone..

Raimo, Thanks for sharing your RPRA. Excellent info on risk management - that you take exactly the same risk on every trade.

For those that held GRMN, I see it closed above the 30 DMA and with a huge hammer. So far, so good -it's up in pre-market.

Sue, SOHU looks good to me.

--Patti

Raimo, Thanks for that post. Great analogy with the soldiers/army and staying with the trade. No matter what the news says - if the chart doesn't hear it - it didn't happen.

Back to lurking for me...

Thanks Raimo,

That is helpful and makes sense. I guess we'll see how it plays out.

I see BIDU pre-market broek out of the flag, my question is, on flag breakouts do you trade them immediately or still wait for near the close? Also, does the top of the flag channel become the line in the sand to exit back out?

Thanks

I only got 3 hours of sleep, I was anticipating the watch list trades apparently a little too much,haha.

Do any of you professional traders day-trade? If so do you have any book recommendations. I am curious if in the long term very short term trading would beat out our somewhat longer holding times.

Ben

Tonya
Welcome back. Sounds like a great time in NY. KOP looks like it will be good to me, but not for a few days. REE looks around 37.50. I've tried to figure out where an option will be when REE gets hit and put in a buy order at that price. For example if I figure KOP's REE is 37.50 I go to the options charts and find a good option... let's say Dec $40. The delta on that option is .47 which means for every dollar the stock moves (right now) the option will move 47 cents. KOP has to come back 1.14 to get to 37.50... so with a delta of .47 the option would be about .52 cheaper at that point. Right now it's trading at 2.60 so I'd put in a buy order at somewhere around 2.00 or 2.10.

This may be like trying to build a slinky toy out of cornstalks and plutonium... but because I can't always be around when a stock hits my REE, I've tried it a few times with reasonable success. I may not get in exactly at REE but it's pretty darned close.

Incidentally Raimo, I was out driving the other day and saw a diaper on the road. I was tempted to rescue it and give it the "Raimo Once Over" and get it back in the Game. Your recycling post left me gasping for air. Catherine had to perform CPR.

I'd toast you but my computer couldn't handle any more "full frontal liquid attacks."

Raimo--Great analogy.

Ben--Volume is key on breakouts. You don't really know if it is a true breakout until you see what the end of day price action and volume look like. All depends on whether you want to trade it as a true breakout, or if you are willing to be somewhat anticipatory.... My .02!

Thanks, Raimo, that was helful.

I was wondering what the possibility of having everyone here analyze my next trade before I make it. I feel like there are so many holes in how I do things and I would love the constructive critisicm. Many times I feel as if I can'tsee the forest for the trees if you know what I mean.

Jeff, is that possible? Maybe those of us who are new could take turns with a trade that we are looking to place, have them analyzed from start to finish. I completely understand if this is not possible but maybe an idea for future posts?

Ben,

as for my 0.02 on BIDU,, I trade this one a little differently because it constantly gaps,,,I entered yesterday on the bounce off the lows with a stop below the days low,,,it has worked well for me,,it is my top money maker so far this year. But as far as how I trade flags,,I place an order 20 cents above the previous days high,,,if it is ready to bust,I get it on the way up,,if it is not done flagging I usually don't get triggered in prematurely

Ramio,

Your last three posts were invaluable. Thanks so much for the teaching as it applies to real life trades.

Brett,

Letting us see how a pro handles the surprises that the market can throw taught me so much yesterday. I see what you mean about coming back each day with a ready to do battle again.

Jeff,

If joining the NBA was really what you wanted most I know you of all people would get there. You are the example I use everyday of how Desire, Discipline and determination will get you to any goal.

Anu

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Hello:

Have a look at TBSI from Jeff's list I think it offers a good entry here.

If $65 support for OXY holds I think it is a good entry.

If you are looking for a low priced stock to buy, NM is the one, with 13 area being a nice line in the sand

High flyer FWLT looks good here.

7:20 AM, October 02, 2007

laney
One of the things I do to try to take the emotion out of my trading is to determine my REE ahead of time. If you look at a stock before you consider buying it (when the emotion starts to get in) it's pretty easy to pick an approximate price for REE. Just as an example look at DRYS. It's right at the top of a channel right now, so I'd say it will probably come back to around it's previous high of 78 before bouncing back up. This allows you to watch the graph with zero emotion. Is it at 78 yet? If yes... buy. If no... wait. You can refine it as it gets closer, but for me it makes those entries much easier.

Getting the emotion out of my trading is probably the single most important step I took (besides getting involved with this blog.)

Don't know if this helps... but it's all I have to offer.

Couldn't agree with you more Chris/

Oh by the way, I'm excited about the dollar being par too. We are rich now!!

Wow,
BIDU is up $14 in premarket. I think entering it now is like jumping on a fast-moving train. Be sure you know the risk.

Michelle

DG, thanks for the heads-up on using the word hope. I've been doing a lot of personal work to be a better trader. The results are starting to show. So, I will erradicate the use of hope in future posts. But I also can't find the post your referencing....Anyway I agree, there is no place for hope in trading.
Let's all make some money today.

China rocking again this a.m. Also watching IBM and PCLN for breakouts.

Jamie

Chris,
That does help, thanks. I am pretty good at knowing where to get into a trade. I waited about two weeks for a beautiful NTRI trade earlier this year and it paid off big time. Entries are not where I get tripped up, it's things like stops, targets, pricing and the like.

My other issue is I have my three boys that I homeschool in addition to a part-time job teaching aerobics and running a household. I am not complaining, I really love my life, but if I could change one thing it would be that I could devote the kind of time that I wanted to trading.

This blog has become a haven for my during the trading day and I trust the trading advice given here.

Jodi,
Looks like you used all that money for a quick little re-make. I've been trying to catch up and just noticed youre latest snap. Yowzer.

Although I liked your other one better.

Don't tell Pamela

David S,

I like NM. It's in my favourite industry right now and hasn't had the big moves that the other Big Boys in this industry have had.

Michelle, looks like I just got on that train, lol.

Well, I broke one of my rules trading in the first hour but I think both were warranted.

BIDU gapped to 300, I got in at 305, my line in the sand is a close below 300, I think it stays above now due to one being the gap, two being the fact that it got an upgrade and a 400 dollar price target.

got into IBM at 118.50, basically a significant close below 118 would get me out so I liked the entry and figured if it was going to hold it would, if not i'd be back out again with little risk.

Time and my account balance will see if I made the right plays in making exceptions.

Ben

Just bailed on GRMN. It was up in aftermarket trading and then opened down and dropping like a stone. This is one trade I took without waiting for the end of the day, as I expected a bit of a bounce after yesterday. I'm sad to see those great profits go away, but that's life. Plutonium powered slinkys don't grow on trees and I'll take the tiny loss and move on to PCP or BIIB or one of the multitude of winners that are out there.

Ramio,

I have been looking hard at getting my exits down. I know we all trade differently and have to come up with our own system but I have a question about your RTR. You had said earlier that at RTR you take half of the table. Are there any situations where you may take a profit before it reaches the RTR? OR even if you are up say 80-00% but the RTR is not taken do you still wait for the RTR before taking action. When the VIX was very high like it was a few weeks ago did you still wait for the RTR or did you take profits earlier?
I guess I am also asking do you take profits if the overall market seems more volatile?

Brett, I know I have to come up with my own rule in this it is just I am looking for guidance as to what to use to decide whether to let winners run or to take the profit.

I am sorry if this question is redundant.

Anu

Raimo,

Your comments are well-stated and very helpful.

Sue,

Just curious - why 20 cents?

VeroBarbara

OK laney, here's the quandry. I bought the Dec 70 call on DRYS a few weeks ago, for $10.10 but I was in my tippy toe mode and only bought one contract. Today it's at $30.30 making for my first 200% gain in a while. If I had two of the buggers (or better yet 20!!!) I'd sell half and call it a good trade. But having just one... I'm thinking that I'll just sell it off and take the profits. Maybe even sink that money into NM. I love this industry and don't want to let it go, but EXM and DRYS are both at rotten entry points.

This is where my plan falls apart.

Is anyone trading DIOD? Today, it is hitting new 52-wk highs.

VB

Chris, dude, we are the same person!

After GRMN I decided to preserve capital and got out of HANS yesterday for over 200% profit. It's down only slightly today but I don't regret my decision because I can get in again. Maybe that's the wrong way to trade, I don't know. I only know that watching profits dissolve is awful.

I think my problem is I only trade one contract, too and it's all or nothing.

I'm sure this post really helped you. :-)

Looks like the bearish trade in AZO is pretty well broken.

VeroBarbara

Verobarbara,

I use 20 cents because in a clean flag the highs are lower until it breaks up

QCOM, looks ready to start a new trend. Look at that move from the low. I will look to buy on the next reversal up.

Jamie

Clean Cups.

I've been wanting to get some GLD, but not willing to chase. Today it pulled back to the 72 range, which was a previous high back in 5/06. It still looks pretty extended, but curious what other's think about an entry here for a medium to long term holding. The stop would be 69.8 or so.

Thanks,

Peter