Prospectus's Post
WENT short WU at 21.71, scalp--stop at 21.84
20 Replies:
I mean WU
WU looks dangerous to hold short beyond 21.50 considering it's already down now 4 days. Just my 2 cents. Always trade according to your plan and not other people's opinions, including mine.
Yeah, it's a daytrade. Thanks for the caution.
Covered at $21.66. Should have covered at 21.58 for almost 1R, but since I held out for more, I only got 0.33R :p Dumb.
And now I'm out of daytrades for a few days. Oh well.
Give yourself credit for being on the right side of the market and intraday trend.
IMO if you think to yourself that you are scalping, you really shouldn't have any thoughts about holding out for more. I would have been out at .66 the first time it got there, and got stuck, personally.
like, I just took MNT from 43 to 43.11. It doesn't matter to me that it eventually made it to 43.20.
Richard, what would you have used as your stop on this play?
i don't know. I wasn't watching it until after you said you were in it.
If you don't mind, look back at the 1 in chart around 11:40 am. My stop was at 21.84, my entry at 21.71.
see, I don't use the charts for my entry...
How do you choose a stop?
There's a strong downtrend line on the 5 min chart
well, I'm usually only going to get in if I think it's about to run at least a few cents, so my stop is usually the size of the spread, and I try my best to never let it go below b/e, though sometimes that's impossible. I trade enough shares that I make a tiny profit after commissions on a 1 cent gain, so it doesn't bother me to just grab 1 cent and move on.
So you'd have a $0.01 stop? That's what the spread was at the time. Basically, you're saying that you will bail at the first hint of a loss, with no fluctuation room, and you'll take the profit as soon as the motion stalls?
more or less. if there's size on the bid when I'm down 1 cent, I try to wait to see if it will recover, but if the bid starts getting thin, I just get out.
Do you only scalp long?
as long as most of the winners are 5 to 15 cents, then they cancel out a lot of 1 cent fake-outs. So, I'm slowly getting more and more loose about plays I will try.
no, I go long and short.
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