Thursday, November 16, 2006

Today's Action..

Today was a fight. A big fight actually. I fought the hard battle for every dollar earned.

I started the day off terribly, getting killed by a trade in Rambus Inc. (RMBS). The trade lost $1,350 in less than 5 minutes. Whew, yea you bet your buckle I was pissed. Most people don't make that much in a day, and I lost it.

Well off to the more positive news, of being a dedicated, knowledgable, and disiplined trader. I dug myself out of this hole, and quite well may I add.

Gross Profit: $2,845.87
Net Profit: $1,558.87
Trades: 20

Not too shabby considering I was in awe of my horrible decision to trade such a volatile stock that in my terms should be labeled, "No Mans Land".

So here's a good short I threw in today on SanDisk Corporation (SNDK). I saw a nice long candle on the opening bar, hitting yesterdays high to the cent and decending all the way to the bottom of it's range, almost breaking the opening range low. When I saw the break of the opening range low, I went short ($47.10). This stock was incredibly weak thereafter and made a nice free-fall for some good profit.

Another nice short today was Encore Wire Corporation (WIRE). It took out it's opening range low (opening range breakdown), busted through it's lower Bollinger Band, cleanly broke it's trendline, while tearing through it's 50% Fib retracement level, so I got short. *Notice* I covered my position at the 50% Fib Extension. Net points 0.47 (lotta technical indicators huh?) Click each for info!

Here is a cleaner chart for the more simplistic view of the trade, and how it ended throughout the rest of the day.

Clear Channel Communications, Inc. (CCU) was a GAP play that slowly tapered off it's high, I wanted a piece of that pullback, so I got short, again.


JP said...

Nice blog you got here, iam also a college student who daytrades and swingtrades on the side. It seems like you are making more then you would be even after you graduate ha.. why not drop out and do this full time? im not at that $1k+ point yet so i cant.


Cal said...

A College Degree is needed to get into hedge funds, trading floors for Investment Firms and such, so they know you're not stupid. I study the markets on the side, and Love it.

I never thought I'd be making this much money from my own choices..