My Trading Room

The new website is up and running at www.slytrader.net

noreply@blogger.com (txtrader) — Mon, 31 Oct 2005 00:01:00 -0500

Ok, it's official the new website is now up and running.I will no longer be posting here anymore and all new posting will be done at www.SlyTrader.net

Thanks to all that have been regular readers here and I hope that you make the transition over to the new site as we continue this journey as traders.Thanks also to TraderEyal and TraderMike for any and all help they have given me in getting started and also making the transition to my own domain.Much appreciation!I also ask those that may have me in there blogrolls kindly change they're links to me over to the new site,thanks to those that have and thanks in advance to any that will. I will still leave this site up for now until I am done moving any old material over to the new site,but any updates and new material will be done at SlyTrader.net

How Much Is Your Blog Worth?

noreply@blogger.com (txtrader) — Thu, 27 Oct 2005 00:41:00 -0400

This was kind of interesting and fun.What does it mean to me?Absolutely nothing at the moment unless someone comes along and wants to buy my blog. ;-)Maybe in the year 2014 when the Google Grid comes it will mean something,when everyone is a freelance writer.Just a thought.

My blog is worth $3,951.78.
How much is your blog worth?

Lack of Volume

noreply@blogger.com (txtrader) — Tue, 25 Oct 2005 11:04:00 -0400

This market seems to be holding up by a thread right now.I just don't see the volume needed to sustain this move up.I've been having some computer/dsl issues last few days so I haven't had much time to post.The new site is up and running,I'm just trying to get some of the basic material from this site on it,and then I'll start posting to the new site.I'll let everyone know when that will be,most likely next week with the other issues I have to deal with for now.

Visit the new website,home of my own domain. :-) SlyTrader.net

Thursday 10/20/05

noreply@blogger.com (txtrader) — Thu, 20 Oct 2005 18:29:00 -0400

What a move right back down today in the futures and indices.A total retracement of yesterday's up move.Big moves of this type usually portend a bigger move coming,the question is in what direction.I'm hearing everything from big liquidators to options expiration,Oil,it really doesn't matter why,what matters is that as traders during the day you are on the right side of the moves.I chose to sit today's session out and get some much needed rest,as I've been under the weather with the a cold.(No not the bird flu.)Just my bi-yearly chest cold due to higher allergens in the air.I hope everyone had a good trading session,remember tommorrow is expirations so be cautious.

Wednesday Trading 10/19/05

noreply@blogger.com (txtrader) — Wed, 19 Oct 2005 15:53:00 -0400

Wow,what a reversal to the upside.The S&P futures came off that low of 1174,closed the morning gap and just took off.I'll bet that surprised some shorts.I did manage to get a couple plays off to the long side there,but nothing like I should have on a 24 point swing like that.I guess eventually you have to start paying attention to some of the good news going around.

Trades Today

NEW short at 31.76 covered 31.28,30.99,30.85,30.80 for +.48,+.77,+.91,+.96

Had a few winners and losers in SYK,but they were pretty meaningless.

NEW long at 32.00 sold at 32.20,32.25,32.30 for +.20,+.25,+.30

NEW long at 32.40 sold at 32.65 for +.25

Those last two I really should have capitalized on a little better,the market was running hard and so were the stocks.All in all it was a good day.The bulls really took over on that one!I think the Oil report had a little to do with things,but that doesn't really matter now does it.Trade what you see!! Good Trading all!

Wednesday 10/19/05

noreply@blogger.com (txtrader) — Wed, 19 Oct 2005 09:59:00 -0400

The S&P futures have gapped down as yesterday was a very weak close.I have to think a lot of bulls might throw in the towel here for a capitulation down,but we'll have to wait and see if we get back above the gap or not.

Trades Today

NEW short at 31.76 covered at 31.28,30.99,30.85,30.80 for +.48,+.77,+.91,+.96 That's more like it. I don't usually take trades this early,but this one was calling my name and I had to execute.The specialist showed up right above me after I entered so I had more of an escape exit than thought at first.Then the orders started coming down and as it thinned out I took my exits.Good Trading all!

I'm still working on the new website,but if you want go ahead and take a peek here: SlyTrader.net

Update:11:00am NEW made a nice reversal back up.Looked ok long at 31.35 I just didn't take it unfortunately. Oh well can't get em' all.S&P futures have filled the gap with a little help from the EIA statistics on Oil inventories which came out with a supply above consensus for crude.

Tuesday Trading 10/18/05

noreply@blogger.com (txtrader) — Tue, 18 Oct 2005 15:59:00 -0400

Looks like the bulls ran out of steam or maybe they're just full of it.(just a joke)The S&P futures broke through the 1189 level to trade down to 1181.70... Not the kind of action the bulls would like to see.

Today's Trades

NEW short 32.91 covered at 32.60 +.31
HIB long 28.78 sold 28.75 -.03 (that's what I get for trying to play long)
HCA short 49.24 covered at 49.15,49.17 +.09,+.07
NEW short 32.37 covered at 32.11,32.16 +.26,+.21(that's more like it)
ASD short 36.52 covered at 36.40 +.12 (terrible exit,traded down to 36.02 with huge orders chasing down,very frustrating to let that one go)

I'd be very surprised to see anyone trying to step into this down move in the next few days.But then again the market is always full of surprises.A good shot above 1189 in the S&P futures again would get this thing back up,otherwise I'm looking for another continuation down a little further. Good Trading all!

Tuesday 10/18/05

noreply@blogger.com (txtrader) — Tue, 18 Oct 2005 10:28:00 -0400

The S&P is in a range this morning of 1192.60 to 1189,we'll have to wait and see which way this thing plays out.It is options expirations week,so be cautious out there we may see a lot of whipsaw action.I've only had one trade thus far in NEW short at 32.91 covered at 32.60 for +.31 winner.I'll be light on posts this week as I'm working on the new website.Good Trading!

Friday Trading 10/14/05

noreply@blogger.com (txtrader) — Fri, 14 Oct 2005 16:05:00 -0400

I had a few more trades today,but nothing significant.The SPZ5 finally got above the 1185 area and trended higher through the afternoon to close at 1191. That's what the bulls needed to see to step in,who knows how long it will last.

Todays Trades

RIO short 39.75 covered 39.75 for a flat.
RIO short 39.68 covered 39.54,39.45 for +.14,+.23 (great entry bad exit)
RIO short 38.01 covered 37.83 for +.18
RIO long 38.85 sold 38.95,38.10 for +.10,+.25 (great entry bad exit)
RIO short 39.57 covered 39.68 -.11 (ouch,but had sized down,no real damage)
RIO short 39.65 covered 39.41 for +.24
Had a few more,but they really had no effect on my day,and I have to leave. Hope everyone had a great week,and enjoy the weekend.I'm hoping to work on the new website this weekend.
Good Trading all!

One more thing...

noreply@blogger.com (txtrader) — Fri, 14 Oct 2005 11:38:00 -0400

I may be starting a new website where I can actually organize the postings better than I can here on blogger.If anyone has any suggestions on names(I'll have to change the name) I'd like to hear your input,or anything else you want to suggest,if anyones intersted that is.

Todays Market 10/14/05

noreply@blogger.com (txtrader) — Fri, 14 Oct 2005 11:29:00 -0400

SPZ5 futures hovering around that 1185 level that we need to get above for a short term bounce/rally.My trading has been pretty mediocre this morning.I had a great entry short on RIO covered for a flat,then re-entered short at 39.68 (the top) covered at 39.54 and 39.45 for +.14,+.23 . Then it drops even more,and I totally miss it,so I short one more time at 38.01 covered at 37.83 for +.18 . I should have captured that entire move easily,but I just wasn't focused.As traders we must leave everything else in our life at the door when we walk into our trading rooms.We'll see what the rest of the day has to offer,even though I'm up it's still frustrating to have missed all that free money. :-) Good Trading.

Thursday Trading 10/13/05

noreply@blogger.com (txtrader) — Thu, 13 Oct 2005 16:13:00 -0400

I had quite a few trades today so I won't be listing them all.I shorted PII this morning at 44.21 and covered at 43.89 and 43.83 for a +.32,+.38 winner.I then went long at 44.60 and sold at 44.75 for a +.15 winner.Next was NEW long at 33.25 sold at 33.44 for a +.19 winner.Had a small loss going long in RIO for -.03, then I went long at 39.06 and sold at 39.20 and 39.25 for a +.14,+.19 winner. Long RIO at 38.57 sold at 38.75 for a +.18 winner,then short at 38.50 covered at 38.38 and 38.36 for a +.12,+.14 winner.A(agilent) caught me again today short at 30.40 covered at 30.41 and 30.50 for a -.01,-.10 loser(yeah that one pissed me off).I won't be trading A anymore,officially.Smack me if I post anything about A anymore,terrible fills on that thing now.To wrap it up I had a good day all in all,there were a few more trades here and there,just small scalps.Looks like the bulls tried to make a run at it in the late afternoon.Again unless they trade the SPZ5 above 1185 I would not expect much.

Intraday Reversal

noreply@blogger.com (txtrader) — Thu, 13 Oct 2005 14:27:00 -0400

That's a fairly good intraday reversal in the indices SPZ5 made it up to about 1182.They're going to have to take this thing above 1185 to get any real interest and even then I expect it will be pretty short lived.Either way as an intraday trader you have to trade what you see.I decided to sit that little move out for now.

Todays Market

noreply@blogger.com (txtrader) — Thu, 13 Oct 2005 13:31:00 -0400

Today has also offered some good trades.I've been trading PII and RIO mostly,and a little NEW and A.Had some nice winners and am trying to stay focused on trading today,so I'll try and post the trades after the close.The SPZ5 is now sitting at 1174.50,it looked like it might take off earlier,but once again failed to gain any upside,just a steady drift lower.I think this would be the 8th consecutive down day if the bulls don't step in soon.Fear begets fear as Dr. Brett Steenbarger would put it.

Trade-Ideas Software: Strategy Session: in Play en Fuego

noreply@blogger.com (txtrader) — Wed, 12 Oct 2005 23:17:00 -0400

For any of the Trade-Ideas users out there.Great volume scan.
Trade-Ideas Software: Strategy Session: in Play en Fuego

Suggestions For This Blog

noreply@blogger.com (txtrader) — Wed, 12 Oct 2005 17:39:00 -0400

I have been adding a couple of things to the blog lately.If anyone has any suggestions,please feel free to comment.I would like to hear your input good or bad.I realize the site can get a little cluttered with too much,but until I can get one of those invites from wordpress.com it remains on blogger and I can only do so much with that.Unfortunately I had an invite that expired on me when I was out of town for the Hurricane.

Quick Review of the day.
I hope everyone had a good trading day.I've been increasing my size these last few days and am adjusting to it,although I gave a little back in A today. I made a few more trades in RIO and had a decent day overall.Word of advice, if a stock isn't making you money and just running up shares/commisions,then leave it alone and focus on the ones that are making money.Me and old A had a little duke it out session in the afternoon,and well of course A won.RIO got me back on track though.Looks like the market just keeps dropping steadily,has not really been a large capitulation yet.

Wednesday Trading 10/12/05

noreply@blogger.com (txtrader) — Wed, 12 Oct 2005 12:10:00 -0400

There are some nice moves out there today.I can't stress how important exits are.I was playing two stocks at once short NEW at 33.52 covered at 33.40, short RIO at 40.25 covered at 40.10 and 39.82. As you can see I exited NEW way to early only because I was larger in RIO.Bad reason to exit a winner.Nothing had changed in NEW and as I stated yesterday I thought NEW would go down to 33.00 and it was also trading below the 33.65 pivot point with good size behind me stepping down.I just had my focus on RIO because I had a larger position.Anyway I'll have to improve on that,and monitoring two positions at once.I get used to trading one at a time,but as every trader should do I need to step up my game.Winners were +.15,+.47,and +.10...had a small loss in A earlier for -.06 and another winner in RIO earlier for +.10 and +.18...Good Trading SPZ5 futures are trading in the 1185 to 1190 area below support.

Update: NEW finally broke down again shorted 33.03 covered 33.82 +.21

I'm very surprised this thing is still above 30.00,insiders have been selling hard lately.I think this company has a lot of problems that they try and cover up.Just my opinion.

Update: Wow,another early exit on NEW,that things just getting hammered.Couldn't get short that time.

Intraday Opportunities

noreply@blogger.com (txtrader) — Wed, 12 Oct 2005 00:25:00 -0400

Stocks I'll be watching for opportunities in are as follows:

A,ABC,GLW,NEW,RIO,YUM

With the exception of ABC these all trade an average daily volume of 1 million shares or more.I have been doing well in the 2-3 million range lately and it has enabled me to play bigger size and still keep my tight stops.It's getting harder to play any size in stocks below 1 million shares average without getting whipsawed,so I will be playing the higher volume stocks as it is working.

Trades in NEW 10/11/05

noreply@blogger.com (txtrader) — Tue, 11 Oct 2005 19:08:00 -0400

NEW offered only a couple good trades today.The first trade was a short at 34.29 off the 5 period sma.When it finally broke down I covered for two reasons,one being a counter with size down around 33.92 and the first penetration back through the 5 period sma.I covered at 34.00,for a +.29 winner.The second trade was another short at 33.90 after watching large size come down I managed to get short again off the 5 period sma.I covered at 33.67 after a swift move down to 33.60 a known pivot point was at 33.65 which I stated earlier today.This one was a quick .23 winner.I try and trade what I see in the moment and don't like to give too much back.On the chart above you can see my reason for exit was the first penetration of the 5 period sma.Some could have waited for the 15 period ema (the dark blue line) to exit and stayed in much longer than myself.Being somewhat of a scalper I like to keep my exits very tight and move on.Notice the 15 period ema was not penetrated back through until 33.77 after an even lower move down to 33.50.Yes I might sacrifice some profit,but at the same time I'm not giving up a quarter profit by holding on.These averages make great exit points,but must be used along with each traders own risk tolerance.

Market Close 10/11/05

noreply@blogger.com (txtrader) — Tue, 11 Oct 2005 16:06:00 -0400

Well the market closed near the lows once again today.The SPZ5 futures closed at 1189.50 which leaves it sitting right on the minor uptrend line of the weekly chart.If the bulls don't do something soon they may just get capitulated.Volume was pretty thin today seems to me that more of it was on the sell side today although it was somewhat light.I'm sure many institutions are trying to absorb the data from the FOMC minutes,so we'll have to see what happens in the next few days.Trade what you see not what you think!

Tuesday Trading 10/11/05

noreply@blogger.com (txtrader) — Tue, 11 Oct 2005 11:47:00 -0400

The market is in a small range still and a break below 1190 will probably create another flush down on the S&P.NEW is below that 34.50 area,and not looking good on the weekly chart.I'm short right now at 34.29.Looking for a move down to 33.00 if the market breaks.Short term if it breaks down it may pause at 33.65 and 33.30 where there are pivot points,so I may cover down there.

Update: I've covered my NEW short at 34.00 looks like it has stalled out for now and got some counters down at 33.92 and up.I will look for a break below that to re-enter if I can.Also futures are holding up for now.

Update: I shorted NEW again like I said at 33.90, covered at 33.67. I need to see some more big orders move down before I short it again.

Don't Neglect Your Exits

noreply@blogger.com (txtrader) — Sun, 9 Oct 2005 20:49:00 -0400

I found this posting a little interesting "Don't Neglect Your Exits" By Chuck Lebeau. It's somewhat old,but has a few good points.I'll try and come up with more on exit strategies later this week.Good Trading all!

Links

noreply@blogger.com (txtrader) — Fri, 7 Oct 2005 18:55:00 -0400

Here's a few links I found interesting,some old some new.

In these 6 stocks I see what every daytrader loves

Adapt or Die!

Want to improve your trading every day? Try this...

Trading Elements: INTELLECT (Part 1) I like this one from the t2w board, written by Joe Ross of TX.

Just to acknowledge,a couple of these I found through TraderMike,so you may or may not have seen them already.

Trade Reviews 10/07/05

noreply@blogger.com (txtrader) — Fri, 7 Oct 2005 18:04:00 -0400

Had a few more trades today even though there was no real direction in the market today.The S&P hovered around the 1196 to 1201 area throughout most of the trading day.There were some good scalping opportunities still out there,you just had to keep it very tight and use a little caution.I had the two shorts in NEW early on then a long later in the day and A finally had some movement with a couple of good scalping opportunities.NEW had some really good volume today,looked like some big players may have been re-positioning themselves at this critical level.Next week should be interesting.Again I waited for volume to prove itself in both stocks,although A was a little light it still offered some good trading.This week went well with my new focus on stocks trading at or above there average daily volume.The trade-ideas scanner is also working well at alerting me of opportunities in stocks with my volume criteria.As I stated in a previous post I am trading a few different stocks now,but at the same time I will not completely throw out my regulars.I just keep them on the back burner until they start trading well again and still keep them on my radar.An example of that is NEW,I had been trading that quite frequently and layed off it for a while,but I still watch it.There is one I have set aside for now,that is WLT,it's just to hard to determine your exit in so I most likely will not trade it anymore unless it's characteristics change.Good trading!

NEW Update

noreply@blogger.com (txtrader) — Fri, 7 Oct 2005 12:29:00 -0400

Just made one more trade short in NEW at 34.61 covered 34.36 . Looks like they took a shot at the 34.50 area sooner than later,we'll see how it closes today.I would be watching it next week for more shorting opportunities if it closes below 34.50 (weekly low from the first move down off the neckline of H&S pattern).