Monday, July 8, 2013

Update...

It's been a while since I've blogged so I thought I'd give an explanation as to why as well as the latest update with my trading.

After violating the PDT rule at my previous broker (SpeedTrader); I retarded-ly did the same again at my current broker (MBTrading) Friday before last. So as of the last Friday in June, I haven't been able to initiate new trades.

I've held onto my long position in $REGI ($13.98 avg.) and don't plan on selling it anytime soon. This is the only position I'm holding.

My plan is to switch to a prop firm sometime next month to avoid this cursed PDT rule. However, my plan will be to draw off my profits (if any) at the end of each month and save my way to the $25,000 minimum hopefully by sometime next year.

Not going to force any unrealistic goal on my self thereby making a way for poor trading. Just going to focus on trading to the best of my ability and it is my belief that I will get there soon enough!

Friday, June 28, 2013

Current positions and some ideas for next week!

OPEN TRADES: $REGI ($13.98) $NXST ($34.40) $IRBT ($37.85) $SPWR ($20.98...added today)

Here are a few ideas I have on my radar:





Monday, June 24, 2013

Update and watches for tomorrow...

Today was not a particularly good day for my trading account as I was forced to take sizable losses on the open in $ACAD, $FXI and $IYR. As I had lamented in my previous blog post, I thought I might have gotten a bit too aggressive with my long exposure on Friday and the market proved me correct this morning.

So after today's close I'm down around 7% off my account high but still up around 5.5% since my account's inception this year. A 7% draw-down is way too steep and unacceptable on my part. I hate taking more than 3% draw-downs as in the past it has affected my psychology and caused me to revenge trade. However, I more aware of this weakness now and will attempt to slowly claw my way back. After all, I'm not running a race!

After the markets bounce attempt late in today's session, I got back into $ACAD for a swing and so this is the only position I'm holding at the moment. Although I was wrong about getting the bounce today, it is now even more likely that we bounce tomorrow and even higher that we at least get a violent 1 - 2 day bounce this week. So this is what I am positioning myself for. If it starts unfolding tomorrow; I will be looking to add longs from the list below along with my $ACAD position.

WATCH LIST: $PRLB, $AMRI, $RH, $XONE, $SCSS, $YELP, $NXST, $FNGN, $DDD, $INFI

Sunday, June 23, 2013

Trading update and watches for tomorrow

Although the markets are in still in a correction in my view, I turned short term bullish on Friday and positioned accordingly. I bought shares in $ACAD as I really like the set up and think that it can push to $20.00 next week if the markets bounce. I also added long positions in $FXI and $IYR via call options looking for mean reversion plays.

I might have gone a bit too heavily long on Friday especially since the close on Friday was not as strong as I was expecting. Plus the after hours price action in futures is also not very encouraging at the moment although there is lots of time for this to turn around before tomorrow's open. I still firmly believe that we will get a bounce, even if not a powerful one, based on the following evidence:

While the Russell has made 3 successive lower lows with a bullish doji on Friday, the McClellan Oscillator has made 3 higher lows! I think this will likely result in a 1 - 2 day bounce:





So despite being in a correction; I do not want to initiate short positions here. Further although I will be looking to make long plays; I have shortened my time frame and consequently my profit expectations. Instead of looking for 3 to 5 day plus swings and trading off the daily chart; I will now be looking to make over night plays to 2 day swings at most off the 15 minute chart while also using tighter stops.

Here are my top watchers for tomorrow: $XONE, $PRLB (3-D Printing), $TVL, $NXST (TV-Broadcasting), $INFI, $ACAD, $AMRI (Bio-techs), and $STAA

Sorry I couldn't post charts tonight but I'm really pressed for time.

All the best with your trading next week!


Thursday, June 20, 2013

Trading update...

Coming into the day, my account was 100% cash.

The huge gap down on the open had me hesitant to add short exposure as the uptrend in 2013 has conditioned one to expect a bounce after such huge gaps down.

Not getting short turned out to be a mistake as the bounce never came and the selling in the markets was unrelenting.

So on the weight of this evidence, I took a sizable short position in $GILD at $49.62 about 1 hr before the close. I have almost 100% of my account short $GILD. So if it follows through I'll bank some nice coin. But if it doesn't; I take a quick loss as I'm using a tight stop.

**At some point, I believe the markets will bounce but I believe any bounce is likely to be tepid. It's going to take some time before the damage in the markets is repaired. So for the foreseeable future, I'm short biased and will be staying away from longs like the plague!

***If you're a swing trader, my advice is to please stay away from taking new long positions until we start a confirmed uptrend!!!

Hope this post helps!

Wednesday, June 19, 2013

Trading update and my best swing ideas for 6/20/2013

I sold my two overnight positions early in the session and went to 100% cash. $VSAT I took a flat on after being up nicely at Tuesday's close and $TSRX I took a loss on. I decided to stay in cash until after the FOMC minutes were released and ended up touching nothing for the entire session.

After today's session, I definitely can't see myself going long stocks. I can't say that I'm an outright bear at this moment either but I think the risk/reward at the moment favors shorts especially after the market's reaction to continued fiscal expansion by the FED today.

Tomorrow, I'll be looking to add the following shorts to my portfolio: