Trade – April 28, 2016
WOW! What a wild end to the day. Some news on Apple took it down south and dragged the SPY down with it. I was monitoring FCX, AG and BCEI before noon when I had to leave for an appointment. When I got back, the damage was done. Everything played out so nicely but I wasn’t around. Hoping for some rebound and another kick at the can. I only tried one play and it didn’t work out this morning. Here is AG.
This is a very frustrating day. I mean, I traded this properly given my start. But, I missed the boat…twice. So, I saw this pre-market and absolutely loved a short. I wanted to make sure it didn’t run a bit first thing before I entered. I wanted anything around $10.15-$10.05. I was willing to add anything under $10.30ish because I felt that high from a few days ago would hold. What happened at the open. Small pop and then fade. Perfect to pounce, right? Well. Yes. Had I been awake! I worked last night and passed out until about 9:40am! FUCK! OK, so I still liked the short based on the action and I grabbed some around $9.98. I got some moves but they got accumulated in the low $9.90’s and it rose. I wasn’t going to deal with this so I killed it for a tiny commission loss. I knew that it could have enough oomph in it to test that high around the $10.30’s. I wanted this to happen quickly so I could play. Unfortunately that didn’t happen. It was rising but was still on the way up when I had to leave. By the time I got home I could see that I could have easily been short mid to low $10.30’s and had a nice 20-25 cents per share. I know that’s not huge, I’m just mad because I could see it all playing out in my plan. I guess I should be happy about that.
I also watched FCX and wanted that early $13.30’s high to hold and play off that as risk for a short. Same thing. When Apple took the market south I could have banked. Probably would have exited before it hit $13 to be safe. BCEI I had played a couple times this week and felt good about. Big high off the morning, but I was looking for the grind to set in and play off whatever high that grind was resisting off of. Sure enough, there was a beauty setup for a short with a small risk. Crappy.
Oh well, I am happy that I am getting better at seeing these charts and making good reads. Even when I am wrong my entries are allowing me some wiggle room and I am able to walk away from the trades without much loss. Lately my losses have been at scratch, which I absolutely love! I would be happy being right only 25% of the time if all my losses were only a couple bucks. Tomorrow should be interesting to start off! As usual, I will try to resist the start and wait to see how things settle. Then, play off any ranges built in from there. Small plays. Small risk.