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:

General update

So I signed up for some Big Trends services including the Grand Slam Options and the Options Sniper. GS is handled by Bob Lang, and OS is handled by Price Headley. They take different approaches. I am still figuring out Bob Lang's approach but he is incredibly basic in his approach. He uses RSI, MACD, Volume, %R, Bollinger Bands and MAs...Most on standard settings...but he does fire a lot of trades off...so much so that I can't keep up with it all on the blog if I am to trade all these things.

The Sniper service takes an approach based on multiple time frames but mainly the hourly chart to come up with signals etc. However, I have noticed that he deviates from his own "plan" relatively often. I see many stops that simply get ignored, or I see stops not get violated and then him putting out exit orders anyway.

I guess I should blog on these trades if I can because in the end I have a subscription to these services for 3 months. If I decide to go for the whole year they will have to pay for it with trades. So far Bob is doing a better job in this rally than Price...but it's just a matter of luck, they can't both be trading the same stuff and some trades are going to work out some are not...Price has just been on the not working out side. C'est la vie.

Nonetheless I wanted to explain the lack of blog entries lately, I have been trading a lot with these guys just not documenting the trades all on the blog.

I am going to try to get better at that, but because these guys provide nightly emails with the summary of their thinking and include charts most of the time...its a bit superfluous to blog about it.

This is my journal to document trades first and foremost, so if that is done in emails from Bob and Price then I don't need to do it here.

Perhaps the approach I will take is to post when I think they have deviated from the plan. This is easier to do with Price than with Bob because Price is straight forward about what his plan is based on, but I will get to the bottom of Bob's brain as well.

Anyway that's it. I also decided that I am reading a lot of shitty economics lately so get ready for some economic jibberish from me in between all this trading.

Mahalo