FO did turn out pretty well, the european bailout stuff hardly phased it. I gained 12.6% on the trade. I was waiting to get out any day now since it was sitting at the other side of the channel.

the stocks on my watchlist either look like weak reversals or arent reversing at all. i will have to do more research while i keep a close eye on my VRSK short and TEVA long right now.

Holding FO, VRSK shorts and TEVA long. FO is still falling very well for me, could exit any day now. VRSK looks like its trying to shake people out but it is pulling back on light volume and i will give it more time to drop for me. The first day with TEVA should have scared most people out since it pulled back a lot but in the end it started looking great for me and now i will see how far up it moves. My rules are showing enough tolerance to weather the shakeouts right now.

Still holding FO and VRSK for shorts. I have a big watchlist and i need to put up another watchlist video...maybe later today. I went ahead and started a profile on my TOS platform for Mytrade to see what thats all about. Its basically a social networking/blog for traders but its built into TOS for easy access. I dont want to put much on there since i like this site but ill do something like trade summaries or whatever. its at: mytrade.com/32883

VRSK short entry

Stilling holding FO as a short, its doing good so far.

Just entered VRSK for another short trade. The range seems just wide enough for me to try it.

I was forced to exit my VFC short trade. It was looking so good until the European bailout plan was announced and in a few days it turned up and i lost about half my profits. Europeans are goofy and i think the bailout plan is goofy and that would explain why what is going up, is going up on very light volume. Light volume or not ill exit if i have to. Im still holding FO as a short since it seemed to have weathered this and i think its very possible for everything to start dropping again so maybe FO will turn out great, we'll see.

I normally post my finished trades on flickr only but i wanted to show how europe messed with my trade. I think this trillion dollar bailout is the start of the EU falling apart. Greece and Spain, maybe others, need tons of money to stay alive but the EU countries dont want to help. What was the point of joining the European "economic" Union? We are giving greece $54 billion. England just elected a new prime minister and the english are slapping the EU countries around every chance they get. The British seem more and more tired of the lazy socialists as time goes on. Socialism is too defensive for business to grow. London is not even in the top 5 financial centers anymore...

Currently holding two shorts.....VFC and FO. After the first two days of the "saving europe bailout" they are still hanging in there. Im thinking the markets will start dropping again very soon. But i'll see what happens.

Just exited a nice channel trade with X....finally after nearly 5 weeks. $1061 profit with 100 shares, or a 19% gain from the buyside (it was a short). FO looks pretty solid still and VFC looks ok but is hesitating.

Going into this week i am holding three shorts...X, FO, VFC. I have had X for over a month now and it just keeps steadily dropping for me. FO and VFC were added less than two weeks ago but have collapsed nicely just as the overal market did so i gained a lot with those two in a short amount of time. I am just waiting to get out of these three but im continuing to look for more entries.

I have a pretty nice watchlist for monday may 10, 2010 and ill make a video when i get a chance but i will probably try to find even more. Thinking about writing down anything with clear S/R on a "candidate list" and putting the really close ones on the video "watchlist". I might also show the percentage gain/loss for my "recent trades" column on this blog since that would be the most accurate snapshot of how im doing. It can be misleading at times if i keep trading everything in 100 share lots causing some losses or gains to be really big compared to others just because it was a more expensive stock. Percentage change of the stock price would show my skill of finding moves more accurately.

Improving my risk reward ratio is something that i started focusing on recently. One trade, a good one i think, caught my attention, made me say "doh!' like homer simpson and now i will permanently make sure there is plenty of room for my trades to move. I have read about this very elementary/simple mistake over and over. but thats how i learn. I read about what to do but i still have to learn it by experience. But since i remember reading about it, it clicks really fast. I have read a lot of books and i want to read more. Reading about what i should do prepares me to learn something instead of learning while i read it. Thats just how i learn.

Increasing my potential rewards is easy to do since i am mainly looking for channel trades now instead of pops off of MA's. Using trendlines as my S/R levels is good for me. I like using MA's as S/R but its too hard for me to catch it if im not daytrading. For some reason i struggle with where to place fibonacci lines. But i see the trendlines working. I see price gapping around and bouncing off of trendlines. They are easy for me to find and draw too.

VFC short entry...not perfect but interesting

I entered VFC at 86.98 (forgot to put entry dot on chart) for another short trade, while being stopped out of GPS for a $0 loss.

VFC could look better, but im wondering if such a strong down bar should be ignored. I would rather just get into it to make sure i watch its price action. Two of my oscillators were very close and im thinking were kept from looking really good because of the really good bar. The trade is questionable but i still want to see what it does since i dont have that good of an idea on what my stocks would do if i use all time frames correctly but have a couple oscillators very close but not perfect.


i really liked looking for reversals using MA's as support, but from the way i like to scan and the time frames i like to use, its nearly impossible. Im thinking using MA's as support is good for daytraders who might sit there and wait for price to come back in the same time frame they trade in for a short price burst. Not only is it too tedious for me to draw an LTF MA on a MTF chart, but that setup was hard for me to find and i seemed to miss moves in the charts i was already watching. I was thinking about also using TL's as S/R but now im going to FOCUS on using TL's as S/R because they are easy to draw and i can get into much bigger moves. Bigger moves and easier research.