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Online Day Trading Recap – Sep 1st

Today’s day trading started by me waking up super late since I went to sleep at 5 in the morning working on things with my travel blog.  Sometimes you just get ahead of yourself and I completely lose track of time, thats exactly what happened with today’s day trading.  As I was writing a post I was glancing at the market and saw T1 & T2 setup.

They were as picture perfect as any trade could be

I put in an order for both with 2 pt fixed targets and kept working until the market opened.  Once the market opened I took somewhat of a good trade at T3.  I don’t think it was as conservative because I normally dont take trades that have the kind of consolidation that occurred before the trade.
Click on any of the charts to maximize them.
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Online Day Trading Recap Sep 1st 2011 Chart 1

The market still continued the trend up so right after it stopped me out for a full 5 ticks I decided not to take any shorts because we didn’t have a convincing break to the downside.  Sure enough the market ran back to the upside and I was ready for another trade up.

T4 caught me by surprise

I had my order waiting for this trade and the market moved so quickly to the downside that I wasn’t able to cancel the order.  I was stopped out quickly for another 5 ticks and then T5 set up at 1218.25 (Two arrows directly to the right where 1218.25 is written).  With the strength that the market had down I knew we were going to get a nice run so I decided to hold the trade for 3 pts.  Could have held for more but I prefer getting out and back in.

I’m a scalper at heart

Label T5 is actually T6 and this ladies and gentlemen is something that you should NEVER DO.  It was a mistake but luckily the stock market gods saved me.  I entered the market with a preset 2 pt target and the news (surprise) came out early again.  The market hit my target and I was out with a 2pt gain and the market forgot to take it’s Xanax as it flew to the upside.  I could have been stopped out for a few points with that spike.  Thank you stock market gods.

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Online Trading Recap Sep 1st 2011 Chart 2

Day Trading Chart 2 above shows some of the losses that I had for the day.  T7 I wasn’t completely comfortable with due to the consolidation.  Since the market has so much strength to the upside I decided to go for it and this time the god’s returned the favor with not only one loss, it gave me three losses in a row.

Three losses in a row is very rare

T8 was an exceptional trade that just didn’t work out and T9 was an aggressive trade long.  Sometimes I do get overaggressive but that’s part of day trading and it generally works out in my favor.  T10 was magical, take a look at the box labelled orig target.  This is the area that I was looking for but I forgot to cancel my preset 5 pt target and I was out at 1219.50.

I took T11 with a lot of strength down which didn’t work out and I took an aggressive T12 to the upside for 2 points.  This is when the market dynamic started to change as it started to respect the trend line areas of support and resistance instead of our areas.  I took two more trades, T14 and T15, that were both losses.  I probably would not have taken T14 anyway but looking after the fact T15 is a trade that I could have reasoned not to take.

Either way I decided to wait until the market showed me it was going somewhere

At T16, the market made a new low and a lower high at the previous pivot high.  You can see the yellow trend line was lining up directly with the outer band and with the strong run down I decided to pull the trigger.  Good thing too because this is when the market started moving nicely.

T16 – T19 were picture perfect trades.

Online day trading results Sep 1 2011
Online day trading results Sep 1 2011

Day Trading Results for Today

  • 21 total trades available
    • 11 out of 19 winners
    • Lost 8 trades
    • 2 trades missed – no fills
    • 3 trades were questionable

Click here to see the complete list of Market Recaps

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