Wedge Buster - ATHN

5 Minute chart

Set Up

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Stock: ATHN 5 minute chart

Entry Bar: 4
Entry Green Line:29.64
Stop Red Line: 30.39
Result: .74 to 1.92
Setup Grade: B
Notes: Scale as you go, larger stop so buy less shares. Would have been stopped out at even with remaining shares missing a nice gainer. It happens, all part of the game.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Away for a Couple of Days

Will get back to posting sometime this week. Attended the NY Traders Expo. Mob scene full of snake oil salesman selling every product you can imagine. Some good some bad.

Still these are valuable to attend. Great to talk with traders and get new ideas. Nothing like going to New York, especially walking Central Park.

Wedge Buster - PNW

5 minute chart

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Stock:PNW

Entry Bar: 4
Entry Green Line: 29.32
Stop Red Line: 29.48
Result: .16 to .55
Setup Grade: B+
Notes: I just missed a huge winner as I was stopped out by a penny after scaling out and bringing my stop to entry. Should have left my stop at entry but left it at 29.25 and walked away. Taken out at .26 then it dumped. Oh Well and the damn thing is still dropping as I post. Has been that type of trading week.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and Go Short 15 minute - COP

Daily Chart


5 Minute Chart

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Stock:COP 5 minute chart

Entry Bar: 5
Entry Green Line: 43.99 short
Stop Red Line: 14.15
Result: .16 to .48
Setup Grade: B-
Notes:Breaking down on the daily, Market it just a mess. Scaling out you grab a nice profit and then stopped out at entry...just missing a big gainer as it dumped all day.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Great Movie scene - Inspirational

Not the best movie but a great scene. A little long but gets good about the 3 minute mark. The movie is Facing the Giants.

Double Dynamite - EQIX & see notes

5 Minute Chart

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Stock:EQIX 5 minute chart

Entry Bar: 5
Entry Green Line: 52.93
Stop Red Line: 53.52
Result: .43 to 1.02...last quarter stopped at even
Setup Grade: B
Notes: Not the best setup for Double D but the market was so week and so was the bar. I actually missed this trade with my hand on the trigger because I was on the phone with Schwab over a screwed up order....

I placed a trade at 9:35 for a gap and go short. The order read it was open with no confirmation that I was in the trade. It would not let me cancel after I should have been filled. I called my broker and they didn't know if I was actually in the trade. Schwab was having a delay in trade execution. So here I am with no idea if I am in this trade and no way to get out if I was. The trade was set to have a .20 cent stop. I informed Schwab that if I am that my stop is .20 (at the time I inform Scwab I am .10 in the hole).......

So an hour later they finally get there orders in line and its confirmed that I was in the trade and now .80 cents AGAINST ME LATER. Like a 4R loss. So they are still trying to resolve the issue as there is no way I should have to be responsible for anything over the .20. Never had a problem like this before. To be continued.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Interesting Read

Received this interesting Email on the presidential race.

INTERESTING FACTS
Some unreported statistics about the 2008 election:
Professor Joseph Olson of Hemline University School of Law, St. Paul , Minnesota , points out some interesting facts concerning the 2008 Presidential election:

-Number of States won by: Democrats: 20; Republicans: 30
-Square miles of land won by: Democrats: 580,000; Republicans: 2,427,000
-Population of counties won by: Democrats: 127 million; Republicans: 143 million
-Murder rate per 100,000 residents in counties won by: Democrats: 13.2; Republicans: 2.1
-Average SAT scores-by States-won by Democrats: 1080; Republicans: 1280
-Illegitimate birth rate per 100,000 residents in States won by Democrats:1790; Republicans: 62

Professor Olson adds: "In aggregate, the map of the territory Republican won was mostly the land owned by the taxpaying citizens. Democrat territory mostly encompassed those citizens living in rented or government-owned tenements and living off various forms of government welfare..."

Olson believes the United States is now somewhere between the "complacency and apathy" phase of Professor Tyler's definition of democracy, with some forty percent of the nation's population already having reached the "governmental dependency" phase.

Gap and Go Short 10 minute - HNZ

5 minute chart


10 Minute chart

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Stock:HNZ 10 minute chart

Entry Bar:2
Entry Green Line:35.68 short
Stop Red Line: 36.57 or 36.00 depending on risk
Result: .20 to .99
Setup Grade: B+
Notes: Could have managed this several ways. Placed stop using 5 minute chart resulting in more risk or leave it at high of the day on the 10 Minute. Depending on your risk after a small scale out would have been stopped out at entry for a small gainer. If you didnt reach your first target for scaling and held to previous stop then nice gainer.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Powerful Movie scene

A great movie scene. I cant tell you how many times I heard day trading is a joke, give it up after I failed year after year. Now I have a "trade" that I can pass on to my son. What ever your passion, go for it, and have the patience to let it happen. Never give up. If you keep failing break it down to its smallest matter and rebuild but dont quit and dont blame others. Keep going.

Gap and go - TSO

5 minute chart

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Stock:TSO 5 minute chart

Entry Bar: 2
Entry Green Line: 18
Stop Red Line: 17.80
Result: .19 to .83
Setup Grade: B
Notes: on the daily this has been on a tear as of late. Gap up hammer, would prefer more green.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Quote of the Week

"If you believe in yourself and have the courage, the determination, the dedication, the competitive drive and if you are willing to sacrifice the little things in life and pay the price for the things that are worthwhile, it can be done."

- Vince Lombardi -

Gap and Go Short 10 minute - TNA

2 minute Stop placement

5 minute setup confirm

10 minute chart - entry

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Stock:DLTR

Entry Bar: 2
Entry Green Line: 36.25 SHORT
Stop Red Line: 36.87
Result: 1.14 to 2.10
Setup Grade: B+
Notes:Nice bar on the 10 minute with confirmation from the 5 minute chart. Large stop and so using the 2 minute chart gets a more realistic stop but makes the trade more riskier. Scale out save some till close with stop at entry.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and Go 10 minute - DSX

5 minute chart


10 Minute chart

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Stock:DSX 10 minute chart

Entry Bar: 2
Entry Green Line: 15.00
Stop Red Line: 14.64
Result: .14 to
Setup Grade: B
Notes: Entered off 10 minute chart using 5 minute to confirm. Scale out, leaving for day with stop at 15.05 after scaling out a small gain and exit at 15.75. Dont have time to wait for this one. Exiting all at close if neither target is hit.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and Go - RIO

Daily Chart


5 minute chart

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Stock:RIO 5 minute chart

Entry Bar: 2
Entry Green Line: 15.43
Stop Red Line: 15.25
Result: .12 to .85
Setup Grade: A-
Notes: Scale as you go, nice break on the daily. Let some run all day and sell at the close, this is about an hour into the trade.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Transformers - Cant wait

Cant wait for the summer for Transformers 2. My boy loves this movie. Looks like a star wars trilogy much like the empire strikes back.

This is the Superbowl commercial.

Double Dynamite - MYGN

Daily Chart


5 minute chart

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Stock:MYGN 5 minute chart

Entry Bar: 10
Entry Green Line: 80.09
Stop Red Line: 79.35 larger stop very fast mover
Result: .85 to 3.61 as of 11:30 eastern time
Setup Grade: B+
Notes: stop to even then hold some all day until close or stopped at entry.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

30 minute outside range breakdown - CCJ

30 minute chart

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Stock:CCJ 30 minute chart

Entry Bar:8
Entry Green Line: 15.87 SHORT
Stop Red Line: 16.08
Result: .21 to .53
Setup Grade: B
Notes:Little late in the day but weak like the market with bearish candle at outside range. Nice stop above the 5 EMA. Scale as you go, hold on a little to some shares to sell before the close with a stop at entry. (last part stopped out)

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and go Short - X

5 minute chart entry


2 minute chart stop

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.Stock: X 5 minute chart

Entry Bar: 2
Entry Green Line:28.58
Stop Red Line: 29.03 (used 2 minute chart for stop)
Result: .38 to .85
Setup Grade: B+
Notes: On very large stops I like to scale down to a 2 minute chart to find a better stop placement and buy more shares. This takes practice and takes on more risk. I used the 2 minute as a stop because it was also above a whole number. Scale as you go.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.