Will post a few trades each week from ideas I post pre-market. I only take 1 or 2 trades from the idea's and sometimes just sit on my hands and go back to bed after 30 minutes if nothing set's up, the scanncers are dry, and look at some 30 minute charts later on in the day. Today missed a trade on AMAG on a pop above the VWAP and 9 and 20ema at 6:55am.
In: 44.35 6:40am
Stop: 43.95 - placed stop below the whole #
Result: sold half at 1R (44.75) then screwed up my order and sold remaining at 44.80 when I meant to type sell- 1/4 at 2R (45.15)- would have sold remaining 1/4 at 44.60. Was asked my biggest weakness at a trader - its stumbling and cursing my way out of bed 5:55AM WCT and then trying to get to 100% sharp by 6:30AM when the market opens. Grumper then Archie Bunker on his worst day! Posting and typing out my gap ideas has enhanced my sharpness forcing my body to wake up quicker, but still like today slip up with missed placed orders and missing trades.
Note on the trade: Nice gap on the daily chart and trending flat pre-market followed by nice 5 minute pop at the open. Left side is 5 minute chart (light shade is pre-market) - right side is Daily Chart with no resistance.
IWM with IRA tracking account- still holding, hit target area of 150 and now trailing with stop below yesterdays low - next target area 155 - will sell half Friday going into the 3 day weekend. Weekly chart on the left - Daily in the middle and 60 minute on the right
IRA Account Tracking UPDATE
(Current Trades and results- click below - vs S&P 500 Index)
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.