Friday, September 01, 2006

Trade of the Day - TODCO (Public, NYSE:THE)

THE gapped up on the open and tried to break resistance on the second bar but pulled back in. As soon as the third bar showed me some continuation, I went long. I booked 50% of my profit after a 1 pt. gain and sold the balance into the close. Thanks monkeydust!

AKAM traded up slightly in the pre-market. The long entry was a break of the pre-market high. After consolidating just above yesterday's high, it rallied sharply mid-morning. I locked 50% profit after a 1 pt. gain and I was stopped out on the balance. AKAM closed near its highs and the daily timeframe looks well positioned for further gains next week.

6 comments:

monkeydust said...

Well, I lost all my profits for the year due to emotional stupid margined trades. I have to take my money out anyway due to buying a new condo. On the bright side, I don't have to worry about filling out a Schedule D this year.

Glad you made money on THE. Hell, I took a loss on a THE trade on Friday (imagine that). Most of my losses came on NVDA. That just goes to show the MM's control wall street.

Jamie said...

Margin trading puts added stress on the emotional side of trading. Sorry to hear about the lost profits :(
Well, at least the condo is a much safer place to put your savings. Hope this doesn't mean that you are quitting trading altogether.

monkeydust said...

Well, I will still manage my 401k. But, at this point, I don't even feel like looking at that. If I do put my other money back into the market, I'll have to switch it over to a cash account because the lure of margin trading is just too great. My 401k is doing quite well without me daytrading it and certainly doesn't give me the same emotional distress.

Good luck to you.

Anonymous said...

Jamie,

The two blue lines in most graphs, are they yesterday's ranges or fibonacci intra-day retracements?

Thanks

Jamie said...

The two blue lines are usually support /resistance lines. When I use Fibonacci there will be price points attached to the various lines.

Anonymous said...
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