Fast's Journal ($3,000 to $300,000) OR ($3,000 to $30). We'll see! - Page 3

I find it utterly amazing how frustration can play such a major role in the stupid decisions I make.

I just placed an order to buy 130 shares of BAC.

No, it’s not part of my plan.  I don’t have the right tools for the job.  I’m still not fully prepared.  I’m underfunded.  And, it’s apparent that I’m not doing anything particularly constructive to solve the issues.  That's not even the crazy part.  I actually believe that I have a plan that will work.  I'm just not in a position to implement it.

If you’re thinking I have no business in trading, you’re probably right.  I’m ashamed, and I’m embarrassed.

Good morning traders,

Just droppin' a note before the morning bell to say that the order I placed is a limit order to buy at $7.50.

The following is a copy of the commentary I provided in the thread about BAC (post 6349):  I thought I'd share it here since I am in.

This stock has some promise.  In fact, I’m in.  I got in a little late at $7.50, and it’s currently at $7.90.  My biggest concern is that the dominant energy is still down, as indicated by the downward angle of my intermediate term trend indicator, but there is a lot of good signs on the charts—at least that is so in accordance with my interpretation.

My short term cycle indicator is overbought, but it’s still angling up.  Not only that, my longer term cycle indicator is also angling up—but not overbought.  I do expect a hook down to occur in the very near future (on my shorter term cycle indicator), but I’m not too overly concerned with that because my short-term momentum indicator is still angling in the direction of my trade on both my short term chart and higher term chart.  Another interesting observation I’ve made is that my longer term momentum indicator isn’t showing signs of flattening out—and it’s still angling up.

One of the things that stood out to me is the fact that the short-term momentum indicator showed a higher low back on 6-5-12, and my short-term momentum indicator is a leading indicator of price, giving me a bit more confidence in my trade.  My longer momentum indicator is a lagging indicator, and I think it’s still on track for continuing upward.

When I take a look at my longer term timeframe, I am pleased that both my cycle indicators are still on an upward trend; however, my short-term cycle indicator is sitting slap dab on 100 with absolutely nowhere to go since it’s a bounded indicator, but my longer term cycle indicator isn’t overbought and still moving up.

I don’t give too much credence to my cycle indicator when it gets stuck in the overbought territory, but the best news of all to counteract that reality is that the short-term momentum indicator (an unbounded oscillator) is still (and I’m glad) angling up, so all in all, I suspect the price to put in some higher highs.

There are still some issues, however.  BAC has hit some resistance on both my short-term chart and my higher term chart, and it’s strong resistance, and even just over that is some more resistance (the 100sma), but I believe momentum is sufficient enough to pass through that resistance and provide support.

The next obvious resistance after that would be the cycle high price on 5-1-12, and the high for that day was $8.40, and that falls just shy of the low number StockJock-e pointed out ($8.50).  The next cycle high after that is at $9.17, but I certainly don’t hold any hopes for that to come about.  In fact, if anyone is in, I’d keep your finger on the trigger as it approaches $8.37—three ticks before the cycle high of $8.40 that falls just short of the $8.50 estimate.

Personally, I’ll probably be in and out (too early to say) unless I see a major shift in the intermediate trend.

Anyhow, that’s my two cents.

I just entered a sell stop market order for BAC at $7.70

BAC

Sell 130 Shares @$7.70 stop

Things are never easy.

I tried to submit a limit order to sell 65 shares of BAC at $8.00, but that didn't work, so I cancelled my previous stop order and entered an advanced order.  The order type was a bracket order, and what I instructed my broker to do was either sell 65 Shares of BAC at $8.00 (basically a sell limit order) or sell 130 shares at $7.70 (basically a stop loss order), whichever comes first.  It may work.  It's under review.

Just an update:  The order to sell 65 Shares of BAC at $8.00 per share was executed.  That leaves 65 shares still on the table.

I just submitted another order (advanced/bracket/one cancels the other)--whatever ya wanna call it:

A) sell 65 shares of BAC at $8.31 (basically a sell limit)

or

B) sell 65 shares of BAC at $8.00 (basically a stop loss)

So, my cash balance when all is said and done should either be 5% or 7% higher than the $1,000 I started with.

I was stopped out with the $8 stop loss I set—even though the price was actually $7.99.

At any rate, between three commissions ($4.95 a piece), a couple of other fees (two cent and three cent), and an interest credit (two cent), my final cash position is $1,049.47.

So, that’s one win on the books.

I just placed another order to buy.  I placed a stop order, so I suppose we can call it a buy stop market order.  The idea is for the order to execute at the market price only if the price climbs up to and touches (hence, it doesn't have to go through it) my buy price.  Anyhow, it's a buy stop for 130 shares of ETFC at $7.65 a share.  I'm a bit leery since the current ask is above that.  Oh well, I guess I'll open myself up to learn the hard way.

The order executed.  I bought 130 shares of ETFC at $7.83.  Yeah, eighteen cents higher than I would have liked.  Of course, I could have placed a hold limit (or a buy stop limit order), but then, I wouldn't have gotten in, but in this instance, my fill was more important to me than price.  Ordinarily, getting the price I want is far more important, but there are two reasons for my choice.  One is not a good reason, and the reason is that I don't yet have the tools to enable me to pick and choose as I would like.  That'll be fixed with time.  The other reason is that I am anticipating an actual trend reversal and not merely a retrace in a downtrend.  I'm not overly confident, but for what it's worth, it stands as the basis for why I was using a market order (or what turned into a market order) to get in.  Despite my belief, I do plan on adjusting my cost basis in the trade.

I just placed a sell limit order to sell 65 Shares of ETFC at $8.30 a share.

After reviewing my chart, I realized I goofed.  I thought I was in a seven wave downtrend, but techncially, there's only been five waves.  The cycle low before the last one wasn't a wave at all; it was a failed 5 since that particular cycle failed to break the low of the cycle before that.  Oh well, my long-term momentum indicator still has good divergence.

I cancelled my previous order to sell half of my shares.  Then, I placed a market order to sell them all.  I guess I'll see how it turns out in the morning.

Today (July 18^th), I sold 130 shares at $7.97 a share.  After a one cent interest credit, a three cent fee, and $4.95 in commissions, the Total Account Equity is $1,057.74.  It’s a small win, but hey, I’ll take it.

Sloppy trading, I know, but it'll get better.

Quote:

Originally Posted by Crankndapot 

your still in the green bud!  keep it up

Thanks, but my favorite color is red, so let me see what I can do about that.

7-20-12

I just placed two orders.

The first order was to buy 100 shares of AMD @ Market

The second order was to buy 70 shares of XRX @ $7.20 Limit

Well, that didn't take long.

I bought 100 shares of AMD @ $4.59 a share, and I bought 70 shares of XRX at $7.07 a share.

I definately need to put a leash on my trading behavior.

I placed a market order to sell all open positions.

When I get my act together, I'll be back.