Friday, November 21, 2008

Day Trader Market

I know my posts have slowed drastically recently but that is really because there isn't too much to say. Even after the rally today we remain in a bear market where strength can simply not be trusted. Really the only way to have any success in this market is to be patient for very good opportunities with extremely short time frames. I had tried to post some day trade ideas in the past but I have found that it has been more detrimental than helpful so have refrained since. Instead I will try to post some of my trades and what I am looking for in a quick flip. I'm sure to the day trader type this might be common knowledge, but have found recently that it helps many. So I would appreciate some feedback if this helps any one or if I'm just wasting my time. I have posted today's minute chart below of UYG along with my buy and sell points. I have tried to be as thorough with my thought process as possible I hope it helps.



I decided to hold onto the final third over the weekend in the hopes of another gap open to sell into off of possible C news. Keep in mind while I'm showing one successful trade here, many result in quick stop outs that can nick you up rather quickly. So I try to remain very selective and look for opportunities that I am willing to get aggressive with over a very short time period. A nice gain here, around 20% in less than a hour. Have good weekend guys! Get away from the screens and enjoy a cold one.

3 comments:

Anonymous said...

Not a waste of time!!!! I'm just now trying to learn about trading and this is good stuff. To see a pro at work really helps. Thanks!

Jax said...

Not a problem. I will keep it up then. Good to hear from you.

Unknown said...

Jax; Thanks for the clean, clear,logical insights. I'm looking forward to more lessons,,I need 'em. This is a tuff market.