DSX Quick Trade

I got in on DSX a little too early. I didn't plot out the resistance and got in just under it. When I bought it is when I decided to draw the resistance lol, which is the top red line on the chart. Then it made sense as to why it was struggling to break those levels. Had a quick dip which is when I should of gotten in as it bounced off support but what's done is done.

 

it advanced up to a peak of 63 which was my target but once I saw it hit that level, I'm like, "oh, it'll keep going" Wrong, it dipped again and seem to struggle at the resistance line again so I dropped my target to 42.90 which was the new top of the down trend line. I wasn't going to miss this again so I put in a limit order to bail out at 42.90. It hit my point and I got out.

 

Since then, DSX seems to have pulled back slightly, it could keep going higher but I don't know if it has the strength to break 43 and keep going. I mean, it's already up about 8% which doesn't mean that much but considering the environment I think that's a substantial gain and profit taking could be happening later today but I don't know.

 

Couple Scalp Trades

Went short this morning by buying SDS at 50.36 and got out before the market started reversing again at 50.43 Very small trade like the last few I've made.  I feel really really confident making these scalp trades.

 

I feel my risk is a lot lower compared to holding a stock overnight, or weeks or months. Plus I lower my risk even more by accounting for the volatility in the stock and adjusting my position size accordingly. So my risk is very very low compared to my reward. This fits in with my personality as I'm a relatively impatient person but I've developed the patience to wait for opportunities now.

 

The volatility right now in the markets make what I'm doing fairly easy in my opinion. I just ride the waves up and down, trying to make a little cash in a sideways environment.

 

 

I went long on SCON right after I went short. The market started turning and the stocks I have in my "hot seat" watch list were starting to turn tot he upside. I got in on SCON at that moment. Got in at 13.20 and got out at the top of the candle at 13.60 which seemed to be the high for that time and about 20 minutes after that.

 

 

I'm probably going to call it a day as I'm low on buying power and I can't keep buying the same stock over and over (SDS) even though I want to keep going short on these small dips. So, we'll see what happens. Maybe a rally will happen at the end of the day.