Trade – April 28, 2016

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.

ag-april28-2016

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.

trade-april28-2016

 

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