Jan 31 Watchlist

Played golf yesterday so didn't get any trading in..on watch for today: nothing came thru on the ryoli or offshore scans, il daily longs: KERX, RIMM, MSON, TSPT, KBH, ECAU, CBMX il daily short: ECAU obviously I keep in tune for things moving premarket etc and add them to the watchlist as the day goes on.

Jan 29th watchlist

Here's the watchlist for today based on the scans.. Ryoli Scan (possible longs): NIHD, OPK IL Daily Scan (possible longs): SHLD, KERX, ACAD, DDD, TA (para s/s) ECAU, KERX, TA

Scanning the market for setups..

I'm still here trading away, hopefully people follow me on twitter as I post pretty much every trade I take (win or lose) on my twitter feed. I also post them almost immediately after I take them so hopefully that has enabled someone to make a few dollars following along with one of the trades if they want. So how do I decide which stocks I'll be looking to trade during the day? It is 90% based on market scans that I run prior to each trading session. 10% is based on what's happening during the day eg. if a news event comes out and causes a stock to move I might look for entries there as well. I have 3 scans I look at and pull stocks from them based on how the charts look. Once I have a list of stocks to look at during the day, then I watch the 1 minute charts for my preferred patterns to set up and if they do, it's action time :) Here's my scans for today, I hope to go into detail on what each scan is looking for in a future post... Ryoli scan (look for possible long patterns intraday): RSH, CPWR Offshore scan (possible long patterns intraday): RSH, OCZ, CHK, DECK, QLTY IL Daily scan (possible longs): CRUS, MLNX, MCP, UNXL (possible parabolic s/s): CIMT So those are the stocks on my watchlist going into the market open. Check out my twitter to see if any of them give a setup on the 1 minute chart during the day...time to focus!

First week of 2013

Well it's a new year and this week was a shorter one with the holiday on Jan 1. The u.s. news was dominated with the last-minute agreement between lawmakers which essentially avoided the 'fiscal cliff'. I'm not 100% sure what all this meant but I do know that the markets rallied once news of the deal passing came through. First week of 2013 was decent for me in terms of trading, I managed to finish every day profitable with the exception of Monday which was basically a flat day for me. Hopefully some people follow my daily activity on twitter as it is there that I post most of my entries and exits on trades as well as other thoughts. To check out my twitter click here. I am trading a bit smaller position size just until I am back in the groove of things. When I am trading full size I am comfortable risking at the most $300 per trade (my share size is obviously based on where I decide I am risking to on a trade). Right now to start the year I have dropped that down to $100 per trade. I will probable be upping in a week or two. Right now the plan is to be home in Bermuda for the next few months so I really will have nothing to do except trade and play golf :). Anywayz this weekend is for catching up on spreadsheets and going over account statements from 2012 (the boring tedious part of trading). I'll be back in action next week from Monday onwards! Just want to note a few things about some trades from the week. My 3 main setups occured during the week, however not in textbook form (they are open to interpratation). I guess the key point I would make about the week is that going into each day, I have a trading plan laid out on a few stocks based upon potential setups and I look for them to develop. Sometimes, as I mentioned above, they will not set up exactly as I plan but it is good to recognize when they may still work. Case in point: MCP from Friday, I had it on watch going into the open as I knew the $10 area was support and it was a relatively strong chart, plus the market was up so expecting a push higher on MCP. Ideally I was looking for a weak open, then maybe a push just under $10, then some gearing and higher lows for a push up. Take a look at the chart, MCP opened weak and put in a base just ABOVE $10, not below as I had thought. It then proceeded to gear a bit and drift sideways, but always held above that $10 base. It put in higher lows (the blue dotted lines) and then once I had recognized this, I should have put on a first position long around $10.05 (the first blue buy arrow) risking to just under the support at $10 (maybe $9.95). So lets say 500 shares long at 10.05 risking 10c ($50)...once MCP started to perk up and broke the upwards resistance (higher red dotted line) that was the add-in around 10.15 looking for the pop. Lets say another 500 shares so I would be in 1000 shares at 10.10 avg and risking to $10 now as I know thats the base ($100 risk). As you can see MCP popped to around $10.35 so I could have easily taken 20c or so out of it or $200. I did NOT grab this trade as I was waiting for a pop below $10 but it goes to show that it is important to adapt to what sets up and not be stuck waiting for an exact setup.

It's also important to stay in tune to the market (news, events etc). I missed a great sell on a chinese stock LPH on Thursday when I was alerted by another trader that a report came out accusing the company of fraud. I was alerted when the stock price was around $2.10 and could have easily grabbed a short but did not bother. LPH then proceeded to drop over $1.50 and is now halted. Coulda shoulda woulda. Ah well here's the LPH chart just so you can see what I am referring to.

Back

Back in Bermuda...had a great week in Trinidad for xmas except the travelling was a bit hectic (6 flights in a week including 2 red-eye flights :S)..just wanted to point out that going forward I will only update this blog on weekends to include trades from the week, thoughts etc...for an intraday look at my trades please follow me on twitter @BermudaTrader ...happy new year!

Still here..

Still here trading...had a few non-trading days as there was an election in Bermuda so I was a little involved with that (my Dad was running in one of the constituencies)..new Government in power here so let's see what they can do for the country in the coming years..anyway here's yesterdays spreadsheet, my broker Swiss America Securities/Suretrader got a new clearing firm anyway hope to be able to update daily but sometimes there is not enough time..next week I am off (going to Trinidad for xmas) so will be looking to get the groove going for 2013 once I return..

Ironing out some issues..

Had a few issues when I finally went live on the new platform which have now been resolved..I also had internet problems which meant that it wasn't until Friday that I was finally able to fire off a couple trades..

First trade was on ueps..has been running up and expecting a bounce back down ..the ideal setup is the parabolic push up and then build into a short..took first position on the run up and then added on the continuation move risking to the 50s..scaled out on the fade as it started moving lower..

Bit slow midday I eye'd a few trades but did not pull the trigger..then noticed the action on groupon it was hovering around the day's highs and grinding slowly but always holding the slight uptrend..another preferred setup as this usually leads to a breakout..entered a bit early and was caught in the grind a bit but then it started perking upwards and once the new highs hit, some volume came in pushing it up nicely..i took 20 cents but in hindsight could have held for more..then grabbed the parabolic move over 50s for a quick bounce back much like i used to do when scalping the euro..grabbed a quick 6 cents on that pull...traded with smaller size as still getting a feel for the platform but not a bad day..went out in the afternoon to run some errands and missed the huge fade off the big run in cbmx a couple friends rode it for over $1 a share ah well lol