Tuesday, September 23, 2008

Tuesday trade - DRYS

This was an ok trade considering today's chop. I felt like commodities and oil were going to take a breather today (backed up by their charts of course). The breakout of the inverted C&H was fast and furious, but then it slowed. Once I saw the ascending triangle shaping up, I set a stop at 47.2 in case DRYS broke out of that pattern. It did break and dealt me some slippage. In retrospect I should have just exited the trade when I spotted the pattern but I was encouraged by how linearly POT and USO were moving down. I'm starting to rate my trades from a scale of 1 to 100. I've seen traders use a lettering scheme (i.e. A-, B+), but I think in numbers and this will let me calculate an average setup figure each month to indicate how selective I have been.

Setup: 75

No comments: