Intraday Trades & C and FB

2014.01.06[20.28.53]_TC2000 ®

More interesting and a lot less challenging than picking off intraday moves was the surge in FB off the 20day.  This was easy to spot given the weakness in tech and the strength FB showed early.

2014.01.06[20.26.53]_TC2000 ®

Also C cleared it’s horizontal resistance today.  I took most of my position off at 54.  Why and why the justification?
The justification comes because the chart looks freaking awesome for a measured move to at least 58-60 and in this market it’s usually incorrect to take the whole thing off at 60.

Why limit myself now?  Well firstly I could be wrong as always.  Without the aid of hindsight why did I do this?

-Daily extended
-Can easily get back in intraday
The best trades show themselves and let you get big on constructive pullbacks or consolidations… not chasing because some level taken out
-sometimes you will have to eat that last bullet in the face and watch the stock run without you.  It happens.  However the best way to get killed is to get really big in an extended stock.   Great patience is hard to find, find it though and you’ll make a lot more $$$
-retracing broad market

On a negative note I feel silly for even spending energy on this AAPL trade.  The idea was flawed to begin with as I wanted to see a triple top develop back at 575 then have a breakout… but
– heavy volume on the slide Friday
– nasty close
– there’s already a significant lower high
– earnings…
While I did asses risk @ 1/5 of a percent instead of more (e.g. 1%) it would have been better to research other trades and concentrate on some new inflow

2014.01.06[20.50.17]_TC2000 ®

Stay patient, judge risk well


Intraday activity

I had no expectations of trading the S&P today but it was just served up with a lovely two way trade to start off the first full week of the year.
I’m sure most traders did very well today.

Found a short in ES / SPY after the initial consolidation which was a pop to screw over any chasers then back down to advertise new lows.

Speaking of advertise there was a point today where SPY was making new lows and advertising lower ES was still hitting the current LOD.  The timestamp was right around 11am.  It was good for 3 ticks, not sure what size you could’ve gotten on.

Anyway 2 shorts, 2 longs in the SP500 with most of my risk for the day coming in on the short side.

short 1 on the double test and failure above 183, short 2 or ADD back to short 1 on the advertisement of new lows

2014.01.06[20.27.45]_TC2000 ®

long 1 – I used to short these consolidations – I think it is in human nature to want to keep doing what you are doing when it is working and expect the pattern to repeat.  These consolidations have a different flavor and you can see demand showing itself at (slightly) higher and higher prices.  Anyway it was a quick move and a small trade.

2014.01.06[20.28.17]_TC2000 ®

Another small trade that was a consolidation following the surge above 182.50.  Nice beginning, not much meat though

2014.01.06[20.28.00]_TC2000 ®

A surprisingly great day in the S&P.  I’ve found the best performance trick is to not expect the same thing back to back.  A novice gets excited in the action in one instrument and sticks to it.  Tomorrow I’ll look elsewhere.


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