Wednesday, October 6, 2010

Some more exits today

So we exited NVDA and QLGC from Grand Slam today...perhaps the first looser we have had in this service in a long time.

NVDA...BOT for $3.05 sold for $1.98...across 17 contracts that's a $1819 loss.

QLGC...BOT for $4.60 sold for $4.40...across 15 contracts that's a $300 loss.

Now I am really feeling like a stooge for not taking that profit on TSL.

I am still holding TSL...today it went down again and found again support...this could become another NVDA type situation but I am thinking it wont.

The charts show some key resistance and support levels in this range it has been tackling since it retraced the breakout.

On the daily chart the %R retest low continues to hold.

So based on this information I think the supports will hold. The one thing that I don't like is that TSL didn't do much during Tuesday's festivities. Energy and oil are doing quite well lately and TSL should be following oil.

Anyway those are concerns.

The other thing is the time stop. I still have until the end of the week to see if the time-stop, my money management stop, or some of these technical stops get taken out. Next week is expy and theta will start to take its toll. So Friday is my day to get out of TSL unless something else forces me out prior to that.

One thing is clear. I should have gotten out on day 2 and called it a day. I wouldn't have to be writing all this bullshit...and I know that this already looks like me justifying staying in a looser...one that was once a winner...but I haven't broken any rules yet and trading based on shorter time aggregations has taught me that at times you need patience.

PS..I see that head and shoulders top looking thing in the hourly chart...today I thought that we were retesting the neckline and going back down...then the key support 28.20 held...so this is probably a minor consolidation and I think the daily chart prevails...But Friday is the drop dead day...so it better prevail soon.

Charts:

Hourly:


Daily:

No comments:

Post a Comment