Trade Recap - 7/19/2011

Decent day with just under $300 in total gains. I missed two very good trades which I will show along with the trades I did take. After missing the two others, I decided to stop for the day. After all, I was up nearly $300 by $10:16AM. :)

$3.99/share move after trade alert:

Long WBMD $33.34 w/a stop @ $33.13 Hit a high of $37.33 ($3.99/share!!!) w/out ever coming near my stop! This was just amazing today. I can't believe I was all out by $33.81 with only $152 in gains! I originally had my sell order on my last bit for $1/share, but I settled for .47/share at $33.81. Well, it was probably the trade of the year for me in terms of gain potential. All this with only a .21 stop loss. I will probably be talking about this trade for the remainder of the summer, lol.

I also missed a pullback on WBMD after the first run. It gave a clean pullback on 5s with a narrow doji-ish candle. I missed the $34.75 entry by 4 cents! By the time I had my buy/stop order ready to go, the price jumped to $34.79/.80. I really don't like to chase as it is one of my rules. If you miss the trigger price, you missed the trade. No need to chase it. In this case, it would have been ok, lol.

Long HOG $45.14 w/a stop @ $44.95 High a high of $45.58 (.44/share) before hitting my stop. I liked the look of this chart on 5s. It had a nearly $4 gap up today and an initial pop right at the open. Gave a clean pullback and narrow 5s entry. I also liked the support it had around the whole # $45 area. Didn't run all day, but gave enough pop in the first 5 min to take profits off the table. I sold 1/2 initially then another 1/3 to lock in $100+. Got stopped out even with my last bit.

The other miss was SCO on the pullback. It gapped down today and sold off a bit at open. It finally gave a close above the 8ema and a decent pullback. I wanted it long at $45.40 with a stop at $45.28 (only .12 risk), but I decided to pass on that trade. It ended up hitting a high of $46.075 (.675/share). Plenty of time to take profits on that trade.

This was a slow day and I still nailed the entry on a nearly $4/share move! Just wait until the market isn't taking crazy pills and we REALLY start making some moolah! Follow me on twitter or join my chatroom for real-time trade alerts and ideas.