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Tuesday, May 12, 2015

Trading Recal 5/12/15

Well, summer has started and not in a good way, unfortunately. I tried getting filled on a few plays I liked (CMCM, NES, OCN). One of them would have worked great, one would have got me flat, and another would gun my stop and have me sell for a decent loss. Guess which one I got filled on? But that doesn't matter though, just funny how that works. I am close to losing margin on my suretrader account. If I do, I will try borrowing money.

White arrows are entries and exit.

OCN: I saw OCN gapping up and I know this has a history of making decently sized moves. I also saw that it has a tendency to dip a little then go up, which is what happened here. There was also an ABCD pattern forming. I entered around 11.13 and my risk was to 11 over/under. I should have sold when there wasn't any follow through for close to flat but I wanted to stick with the plan and with my risk. Unfortunately, 11 cracked pretty quickly and I waited a little to see if that was just a flush and we would reclaim support since there was heavy volume. Unfortunately, it didn't and I sold out around 10.83.


Things to work on:

1. I am not sure if I did anything wrong persay. I would have still tried this trade out if I could if I didn't get filled on the other others. Maybe I could have sold earlier but that is more hindsight.

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