Wednesday, April 25, 2007
R - 2 min chart
My day was similar to yesterday. I worked on finding some key levels on my trades and using the tape to see if those levels would break with volume. I had some good trades in R. This would probably be one of NYSE Scalper's bread and butter setups. A break out of the figure with momentum. I kept my losers small and took profits whenever I can.
I practiced with a dummy trade in KMT but was stopped out with a $50 loss. I entered on the break of the 4th bar high at 41.50 and was stopped out at 41.25. I guess with these type of trades I need to be more selective. Like wait for a ABC correction.
KMT - 30min chart
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.