Thursday, August 4, 2011

Watches for an epic bounce tomorrow!

So today I manage to draw down my account 30% from losses and commissions trying to scalp the triple ETF's $TNA and $TZA. At the start, during and at the end of the day, I think I had the right idea but my execution was poor, poor, poor! First off, I am used to using the 5 minute chart to time my day trades and not the 1 minute chart...way too random unless you're only planning to be in the trade for a few seconds which is not the case for me. Secondly, I was buying mostly off hope and not solid technical set ups and I went in large, way larger than I should have been. So at the end of the day, I paid the price and got hammered. Lesson learned: DON'T EVER DO THAT SHIT AGAIN....STICK TO UR TRADING PLAN! LOL.

On another note, I think we get an epic bounce tomorrow. Here's how I would like to see this play out tomorrow: we get a flattish open and then a panic drop in the morning session then a bounce and green close in the afternoon. This may not happen so if we get a gap down, it would have to be really huge for me to get bullish otherwise I think we will sell off again. A gap up may be bullish too but I think a gap up leads to a a consolidation day which is not the best for day trading stocks. Hence the reason why I like scenario one best!

With that out of the way, here's what I will be looking at tomorrow:


There are a few other stocks that I did not include in the above list that I will be keeping an eye for over night/swing positions if we do get a bounce tomorrow; will mention them on twitter if things play out according to my plan.

Good luck and good trading!

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