Thursday, December 20, 2007

QID- Went Short Again

Still sick, and still going short. I didn't trade yesterday because I felt I just needed to break away from the pattern of me making a trade everyday which I think might be making me a little gamblistic, if that's even a word. If you don't know what my new made up word means, means I might be getting in a gamblers mind set. So I had to stop for a day, take a breather, and realize what the hell I'm doing. I focus way more on the possibility of something happen and not enough on whether the probability is even likely. Also, I'm going to focus more on perfecting my decision making process instead of trying to perfect my outcome.


I went short this morning. Main indications that gave it off were, before we opened the Q's were already up in R2 land. The Q's will get there but rarely and even more rarer that they get there pre market and continue to rally. So I went short when I saw that. TRIN was in an up trend and VIX was declining which told me that support/resistance would of held up more. I should of bailed once QID touched that support level but I didn't and held out for a decline before I bailed completely. I'll try not to make that mistake twice.


What else, well, I got in at 39.31 about 5 cents higher than when I saw it but logging in to my broker, filling out the order form, haha you know, excuses, excuses. My stop was at 39 even and my exit target was 40.00 which I thought was do-able maybe even more so if the VIX was running wild. For the first time in a trade I asked myself if I was wrong about the trade. This was after I saw it peak and then decline a little, looked a few indicators and said, probably, and sold out at 39.39 nothing exciting but better than taking a loss. Seems like I've been making one step forward, two steps back.


qid trade chart 5

Related Posts by Categories

Widget by Hoctro | Jack Book

No comments: