Trading results 3/1/10
March 1, 2010 4:55 pm Trading resultsOne trade today
I received a short signal with SNDK and shorted relatively strongly today. This was actually after it went a little above my entry point as I wanted to be conservative at least at first. I did short near the high of the move and it went down and as it came back I covered some and it kept going higher as the day went along. I shorted again and traded it as it moved back and forth mostly staying with the moving price. This cut both ways as it never really had a strong move up that could really be faded and yet slowly ground its way higher. This is about as bad as it gets for fading as it builds a lot of slow growth confidence in the stock and no panic sell offs to cover and take a gain with. I covered a lot of shares into the close so that I would not have a large exposure overnight but it also means my ability to regain equal ground with SNDK will be pretty small even with the expected retrace tomorrow. I also traded it a couple of times in after hours with a net smaller size and a slightly higher basis. All in all I traded it with larger size than I have been recently but I traded it well and was careful to follow the signal so I don’t feel bad about it at all. Perhaps the only move away from the trading plan was to cover a bit more to lower my risk which is good for a gap up tomorrow but also does lower the ability to make a gain with the trade overall. This same thing went on recently with DLTR. It took until today to make a retracement where I would have made the full target even after the trading adjustments along the ride. – 598
