Thursday trade - SU

I was seeing a lot of good setups today--it was hard to choose. I couldn't resist these two really negative candles (almost a tweezer top) at the PDL on high volume in SU. One negative was that there was a lot of congestion between 30 and 30.5 so I was expecting it to stall at the ORL at 30.4. It did stall there but on fairly low volume, but I didn't like how much relative strength SU and USO were showing. I tightened my stop to BE plus a little extra for my efforts and got stopped out for a small .46R winner.

Setup: 65

Wednesday missed trade - MS

While the rest of the market was rallying in the morning, financials were going sideways and XLF printed a series of negative candlesticks. This trade was more instinctive, I just had a feeling that if MS broke 29, it would go down for a while. I waited for a break of 29 and then entered a limit order at 29. If I put the order at 28.98, I would have been filled...

Wednesday trade - POT

I traded this as a bullish pennant. The setup was nice and the breakout occured on pretty strong volume. I was really on the wrong side of the market though. After entering the trade I looked at the market internals, which were awful, so I tightened my stop aggressively to 104 and got stopped out for a .45R loss. We're entering summer trade, so I'm trying to be more selective and only trade stocks that are in play.

Setup:65

Friday trade - DRYS

DRYS was showing a lot of relative weakness today compared to the market and DSX and EGLE. It was bouncing off of 8.3 on very low volume midday. I shorted on the break of 8.3. The breakout bar was a nice WRB with high volume. I was holding out for 7.5 and kept tightening my stop. It ended up bouncing off of 7.6 with no real indication it was about to turn around so I got stopped out at 7.85 for a 1.9R trade. Lately I have been getting faked out by something I see on the tape so I didn't tape read today and I had a more relaxed state of mind.

Setup:65

Monday trade - ACAS

I was planning to trade this as an OR breakout. My broker won't let me place stop orders within 10 cents of the ask price, so on low priced stocks I have to use limit orders and enter manually. I jumped the gun on this one when I saw some strength in the tape and entered early. It ended up breaking 4.25 in the afternoon after I had scratched the trade for a small .33R loss. Today's action felt very fishy as financials were the primary mover. There was a noticeable lack of herding. But I was on the right side of the market, in the right sector so I'm patting myself on the back for going with the flow and not trying to stubbornly short today.

Setup:60