All posts tagged MRCY

Swing Trades

Two trades closed today. WYNN closed for a 1R loss, but MRCY was closed at +7.82R!

Four swing positions were opened out of six trades framed for possible execution today. The only ones that were filled were those that were market buys at the open. That brings the current portfolio to 28 positions showing -.16R.

Long: AA(2), AAPL, EEM(2), EQR, EWG, ILF(2), INTC(2), KR, LRCX(2), NKE, RL(2), SBUX(2), XLF, XRT.

Day Trades

It finally happened.

I knew that once I started reporting my trades here, I would eventually have a loss greater than 1R to report. I missed the initial short today, so tried to pick the bottom. I ended up with two positions long and was not able to reverse quick enough because it has not been my practice to place my orders ahead of time. The market dropped through my reversal point and with the fills I received, those opening longs were closed at -1.96R and -1.56R.

I was not happy with this, but continued to trade, eventually placing 27 trades today and achieving a +1.53R return. The volatility of the market and those first two trades left me on edge, so I played more hit and run, grab what I can, and get out. I had to reverse directions three other times. One of those was potentially premature because of the morning experience, but I was keen on not repeating my earlier mistakes.

I expect to write another post about picking bottoms soon because that was one of my ah-ha moments from reading Market Mind Games by Denise Shull.

Swing Trades

Today I framed three possible trade targets: BMY, TSLA, and MRCY. I was filled on two of the three. After a nice short trade in BMY, I am short again:

Also short MRCY:

Four swing trades closed today.
GRUB had a nice large pop yesterday that finally gave me confidence to move my stop up to NLD2 (No lose plus dinner for two). I had been patient with the trade, but the new stop got hit today. Net: +.22R

One other winner got closed out today, MRK. This was a breakout play from a pinch condition. I started moving the stop up after price made it to the +3 Bollinger Band and sold off yesterday. Final result: +1R.

Two trades closed at losses today. I believe I should have exited these sooner. The market has been in a sideways state recently, so I let my patience keep me in these trades that were either not going strongly my way or working their way against me. Short THC closed at -.8R and Long NKE closed for -.57R.

For the day, I have 2 less swing positions open, so a total of 24 positions currently at +22.2R.


Day Trades

I was once again able to watch the market for the first 60-90 minutes and made 15 day trades. Net result was +1.88R. There were several order entry mistakes that got me into positions in places I was not planning on entering.

I primarily use the BookTrader at Interactive Brokers for the Dow Mini Futures when I day trade. My preference is to have the order transmitted as soon as I click on the appropriate spot. I’ve gotten stuck in the past when IB asks for confirmation, so this morning I went to put an order in ahead of time so that I could make it through the IB prompts before I wanted to be in the market. Unfortunately, I entered a Stop order instead of a Limit order, so it filled immediately. While I could have chosen to exit as soon as it filled, I decided to stick with the position and worked my way out of it. This did however shift my emotional state, and I ended up making 2-3 more order entry mistakes again as I either clicked on buy when I meant to sell, or submitted a stop order instead of a limit. Today was a sideways quiet sort of day, so I was able to work my way out of some of these mishaps, but I also stuck around too long and gave back gains that I could have had in hand.

Not my best day trading, but I’ll pat myself on the back for staying collected while fixing problems.