ZenMachine

QQQQ went up at the open as I had hoped, but quickly came down to just above today's open. Looking back, that resistance level (42.87) should've been my target, not 43.00. I moved up stop loss to today's open. -z

You are right, Gabe. Thanks for the correction. Update: I got in before the session closed, but the quick move I was anticipating up to my profit target did not happen. I stayed in and revised the target to 43.00, stop loss to 42.31. -z

QQQQ has been testing 41.48 four times since late yesterday, while coiling up tighter. I placed a buy stop at 41.49. Stop loss will be 42.32 or 42.36, with profit target 42.60. -z

I am interested too! (Especially your stock swing trades... if I may ask) Thank you! -z

Well, this was another interesting trade. I decided to put a buy stop at 42.15, with stop loss at 41.78 and sell limit at 42.57 (for half). Of course, it gapped up and my entry was at 42.32. It reached 42.57 without much trouble. I had planned to play cute and manage the other half, thinking it might want to keep going up, but I ended up not being able to manage it until the end of the session, and turned the second half into a loss. :crap: -z

It started moving and inched up until almost the end of the session. Unfortunately, I couldn't get to a PC until it started declining. :doh: I wish I had placed a sell limit order, but I had no idea how high it would go (or not). Exit @ 58.24. -z

It gapped up but stalled. Entry @ 57.79. Stop loss move up to 57.50. -n

Another interesting formation ...

QQQQ is forming another triangle, and looking to test yesterday's high. I was long but chickened out (or got smart depending on your POV) and exited before the end of today's session. I got out because the reason I went in was not sound at all, and I was almost certain that I would get slapped hard tomorrow morning (when weekly jobless claim is out). I might put a buy stop order above 42.15 with a tight stop loss instead. -z

I feel the same way, but perhaps we can start a trend and see more stock trades. -z

Looks to me it's going to break above 57.50 soon. Put a buy order @ 57.51 with a stop loss @ 55.73 -z

It did break above that level this morning, but without much volume and didn't go anywhere. I didn't enter this trade.

Beautiful! This is the way it's supposed to be! :applaud: -z

OK, this is really horribly stupid... :doh: QQQQ gapped up and reached target 2 quickly. Then it started consolidating. Now, I should have taken exited the trade there, but instead, I ADDED to the position. I set the stop loss at the level of target 1, then I had to run out. Of course the price came down and I got stopped out for a net loss... :crap: I should've taken profits as I had planned. Just because the price moved quickly and looked like there was still more move, I shouldn't easily deviate from the plan. Especially more so, if the "new plan" is so sloppy (add without waiting for the breakout, set stop loss and leave the trade). -z

Here is a 60min chart of ININ (Interactive Intelligence). It broke above the down trendline from last week. I think I'm going to go long if it goes above 19.44 tomorrow. -z

Price poked above 41.39 for a minute, but came back down and continued to form an ascending triangle. Probably not the best practice, but I entered long at 41.23 without waiting for the break above 41.40, with a stop loss order below today's low (40.83). I entered early because I thought that there were more elements suggesting an upward move from here (daily trendline, ascending triangle), and was afraid that I may not have time tomorrow morning to watch the market. If price gets knocked down at Target 1 in the chart, I will exit the trade there, but otherwise I plan to hold this position for several days, or even longer until it reaches Target 2 or even to 43.1. -z

Hi Forrest, I am looking at QQQQ and thinking to enter above 41.39. It's just bouncing off the trendline in the daily chart and looking to move up. -z

Hi Thales, I have not been able to contribute to this thread lately, but have been following this. Your examples and insights are truly inspiring to me. It's rare to see someone as competent as you showing your mistakes and explain them in detail. There is so much to learn for a beginning trader like me from such examples. Most educating is the attitude you have with such failed trades. You're not upset, and have such willingness to review your mistakes in order to improve. As for the reason you made such uncharacteristic mistakes, perhaps is it because you took somewhat similar pattern(an early impulsive downward move reversed up after brief congestion) yesterday to profit? I've made the mistake myself many times, insisting to repeat successful past patterns when they're not really there... Anyway, thanks again. I hope you get some rest.

Price moved below trendline. Exited at 34.99. +12 ticks.

Moved Stop above Entry.

Hi folks, I'm back from summer break. It's great to see a lot of activities and great insights in this thread. I am so inspired. Long AMT. Entry is 34.87. (Waited a little too long for the price to move above 20 EMA) Stop 34.69. Profit Target 35.55.

Interesting... but why specifically 34? Why not 20 or 30?

Thank you Thales. Yes, looking back, I was puzzled myself why I ended up with the idea that it was a good support (I meant to say "good support" not "resistance" in my previous post. Sorry for further confusion). I was picking entry points based on boxes drawn around consolidation areas, and if the price goes outside of it, it's my signal. (see attached chart. Blue rectangles are what I considered consolidation, and blue arrows point to possible entries) In doing so, I was losing sight of larger swings and this caused me to pick the "middle of nowhere" as S/R mistakenly. :doh: (I am not trying to justify my thought, but this is just an observation of what I was doing)

It broke down the level which I thought was a good resistance line, but would not go down.... It didn't move as expected and I exited at 1.4400. Oh well.

Just entered short EURUSD. Entry @ 1.4390 Stop Loss @ 1.4431 Target 1 @ 1.4334 Target 2 @ 1.4278 -zen