With options expiration today and the VIX above 70, I was only going to trade pristine setups. This setup looks even better now than it did realtime, but two things that would have made it even better would be more price contraction on the third bar and if it were fully inside of the second. I was also looking at trading the ABX symmetrical triangle but it broke out too quick and I usually don't trade before 10:15. Looking back over this week I was probably a little too picky in choosing setups. There were many potential setups that were less than perfect that ended up working out.
Friday, November 21, 2008
Friday skipped trade - KBH
With options expiration today and the VIX above 70, I was only going to trade pristine setups. This setup looks even better now than it did realtime, but two things that would have made it even better would be more price contraction on the third bar and if it were fully inside of the second. I was also looking at trading the ABX symmetrical triangle but it broke out too quick and I usually don't trade before 10:15. Looking back over this week I was probably a little too picky in choosing setups. There were many potential setups that were less than perfect that ended up working out.
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2 comments:
Do you always pick just one stock to trade in any given day?
It depends on the conditions. In the future I might make two or three trades in a day but the fast moving news driven environment we've had lately doesn't suit my style. I'm making a third of the trades I was making in May. If the volatility continues I will have to adapt but I've been sitting on my hands a lot lately.
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