Wednesday, October 11, 2006

wrap up 10-11-06

Today's trade stats:
2.67R return
Win% 66.7%
Total trades today 3
Expectancy 0.89

I missed most of the day due to sleeping in and meetings. Looking at the nice rally up this morning (after a daunting gap down open) I wish I had been around to trade this morning as well.

My first trade was ill timed as I entered in the 1/2 hour before the release of FOMC meeting notes... it was a long on ADTN which I quickly exited as I watched the QQQQ crash down through key support, so I ended up with a -0.88R loss on that one.

My second trade was my best trade of the day. I waited for a pullback on the QQQQ and shorted at 41.61 with my stop at 41.71. I put almost all my trading capital into this position since I felt the odds were high (given the sudden break and high volume) that price would continue down. I monitered my position on the 1 min chart and finally exited at 41.37 for a gain of 2.4R or 24 cents/share.

My 3rd trade was again on the QQQQ. I went long at 41.45 and placed my stop at 41.38. I exited when price stalled out at 41.53 for a gain of 1.15R or 8 cents a share.

I hope your trading day was a profitable one.


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