Friday, December 11, 2009

Dec 11, 2009 PnL $403 on 7 contracts and 3,900 shares


Fridays Trades


Trades Page 1

Trades Page 2

Today I prefered to take trade setups in currencies and commodity related futures contracts because of the increased volatility and volume.

Highlights of the day-
EURO/AUSSIE and Stocks bearish at open. Bullish divergence on Dow vs Nasdaq. Real estate sector trending in afternoon. Gold and Crude continue to have good volatility.

Morning Thoughts-
The stock market has been tightening into a range and volume has been decreasing the last couple weeks, so there are less setups to be found. Off the open I noticed the Euro broke 1.468 and was trending down, so I knew there would be a good chance that US stocks would follow and catchup.Also, the European stock market close (last 30minutes) has had a tendency to selloff the last few weeks.

NQ- Winner
1.Short near the open after signal (Reason- Euro/SMH/AAPL weakness)- Winner
2.Long near lows off signal (Euro support/bounce)- Loser
3.Short off signal - Winner
4.Short off signal - Winner

NQ thoughts-
1. I should have held my first short of the day and looked for selling at the European close.
2. I attempted to pick the bottom on NQ @ 1786.5 but was stopped out. I should have averaged in on that trade using less leverage by going long QQQQ or DIA in hindsight.


PBR- Winner
1.Short near the open (Reason- Crude/Euro/XLE weakness)- Winner
2.Long-  midday (Reason- Crude/XLE support/bounce)- Winner

Euro - Winner
1.Long scalp near the European stock market close (Reason oversold/support)- Winner

Euro thoughts- After getting stopped out on NQ, I was still convinced there was support and bullish divergence on the Euro, so I entered long 6E (Euro futures), the trade took awhile and I entered a second contract  when I was up 10 ticks. I scaled out at my targets while at the same time scaling out of my Gold long.


AIG - Breakeven
1.Short - Averaged into Breakeven (should have Scaled out on dip)


AMZN- Winner
1.Short (Reason -Tech/SMH weakness/ at PIVOT) - I should have used a tighter stop and taken a loss instead of averaging into this trade. Trade was a winner


GLD- Winner
1.Long (Reason- Pivot/Euro support/bounce) - Winner

GLD thoughts- I decided to scale into the Gold etf (GLD) instead of the Gold futures contract (GC) because I wanted to take on less risk due to the increased volatility and my entry was essentially an attempt at picking a bottom based off Euro Support (confidence was 70% on this trade). I later exited for a profit when the Euro bounced.


IYR- Loser
1.Long (Reason- relative strength, but bad timing) - Loser
2.Short - Averaged a short position for the most of the day (I may have held a bias to the short side after being stopped out earlier on my long earlier in the day, overall, a bad trade on a trending stock) - Loser

IYR Trend chart


SMH - Loser
1.Short -(Reason- NQ/Tech/AAPL weakness)- Should have scaled out on dip, bad entry/exit- Loser

3 comments:

Wahaa on 7:18 PM said...

hi HPT:
do you know what time the european stock market close every day PST?

Are you a full time trader now?
Thanks
holly

rulereric said...

Been reading your blog on/off since your first blow up 1.5 years ago. Good to see your making money. I just started trading a month ago. Keep it up. I wonder if you still do a justin.tv show.

HPT on 10:40 PM said...

Holly,
The London Stock exchange (LSE) closes at 8:30 am PST.

Checkout-
www.marketclocks.com

I trade full time with breaks.

Rulereric,
Yes I still broadcast on J.tv, stop by and say hi.

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