Scan week ending 29 August 2008

Hi everyone

My scan showed a stop out of UGL. It's in profit about $400 so that's not so bad, better than a loss!

Move stop on IVC to $6.53 and WES to $38.45

Got no short signals and 3 long signals SPT (industrials), BBG (consumer discretionary) and APA (utilities). The indices are still below their 30WMA so they'll all be ignored.


have a good weekend
Sharon

Market open 25 August 2008

Well, I just simply followed what I said I was going to do on Friday.

Stop out PBG for a loss of about $330.

Changed my stop to $8.56 on GUD.

Shorted TSO risking $500.


It'd be nice to get stopped out of something for a profit for a change! However remember the golden rule of trading.... Let your profits run and get rid of losers real quick!

Day trading may be a little more interesting, fun and exciting. However, I'm in trading to make money which is why I'm sticking to my long term trading plan. I have no interest in day trading because it doesn't suit my personality.

The reason I started my internet business was so that I wouldn't be tempted to entertain myself by micro managing my open trades.

Anyway, back to my internet business (which, by the way, I find interesting and fun).


Sharon

Scan week ending 22 August 2008

Hi everyone

How's your trading going? Remember, stick to those trading plans!

TSO has come up as a short today and it's in the financial sector which is still trading below its 30 week wma.

DOW came up as a long but the industrial sector is below its 30 week wma so that's a no go.

I'll exit out of PBG on Monday because it's at a 12 week high.

Will move my stop on GUD to 8.56.

Also got a signal to move my stop on WES, but I won't because it takes me further away from the price action as per my trading plan.

Got automatically stopped out of CSR today taking a loss of $400. Better than $500!

Will write another post after market open on Monday.


Sharon

Market open 18 August 2008

Had nothing to do this morning after the end of weeks scans showed no change to any stops and no new entry signals.

Scans week ending 15 August 08

Well, absolutely nothing to do for this week.

NO stops to be moved and NO signals.

I was a bit nervous at the end of last week. I was sooo tempted to close out a few positions because it all seemed to be going against me. However, I resisted the temptation and that was the right thing to do. My heat position meant that I could not open any new positions which was a good thing for my blood pressure... BUT I should be experienced enough by now to not let things get to me.

Afterall, thats exactly why you need a trading plan that includes risk handling. This means that the potential on the upside is unlimited, but should everything turn pear shaped you're not going to lose everything.

Remember, the main goal of trading is to survive to trade another day! No money, and you can't play.


happy trading
Sharon

Market open 11 August 2008

Moved stop on GUD to $8.89

Not opening any new positions today because my portfolio is almost at maximum heat. Just opening 1 new position would take me above it.

I must admit to feeling relieved that I have this excuse not to open any new trades. All the signals I got I didn't really feel comfortable with because they were all vacillating between support/resistance - very high risk in my opinion.

I'm thinking about how I can change my trading plan so that I reduce the number of first signals I get.


happy trading
Sharon

Scans week ending 8 August 2008

Hi everyone

Got 6 signals this week.

3 to go short - OST ERA and CXP
3 to go long - RMD JBH and BKN

RMD will be ignored because the health sector is below 30 week WMA
JBH will be ignored as the consumer discrection sector is below 30 week WMA
BKN will be ignored because the industrial sector is below 30 week WMA

That leaves OST, ERA and CXP. Problem is that taking all those signals will take my heat up higher than my trading plan allows.

I need to generate fewer signals. Will ponder this dilemma and come up with a solution before placing any trades on Monday.

Will need to move my stop on GUD to $8.89.


enjoy the weekend
Sharon

A stop is hit

OOOOOOOOh trading can be so frustrating! Got stopped out of RMD for $500 loss.

That's $1k realised loss over the past week.

Honestly, sometimes I feel like giving up BUT I won't. And nor should you if you are trading to a strict trading plan. Cut your losses (which is what happened with RMD), let your profits run and don't become emotionally involved with any of your open positions.

If you need help with writing a trading plan have a look at Guide to Writing a Trading Plan. It's currently $19.95 with bonuses. I haven't personally seen it, but I know there's a 60 day 100% money back guarantee, so if it's not helpful, just ask for a refund.

If you do buy it I'd be interested in what you think. Just reply to this post.

Anyway, I'm going back to banging my head against a brick wall. Only joking of course, but it does feel like that at times.


until the next post
Sharon

Market open 4 August 2008

Moved stops on ALL, GUD, ILU and XDJ.
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Shorted LEI, risking $500

DO NOT trade any instrument without a trading plan. Download my trading plan to see how I make decisions on what to buy/sell and when to move my stops. Free when you join The Sandpit.


Until Fridays weekly scan.....
bye for now
Sharon

Scans week ending 1 August 2008

Only one signal this week to short LEI. The industrial sector is below its 30 week WMA so that's a goer.

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Stopped out of AWE yesterday for my full $500 risk. HATE it when that happens.

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Stops to be move on ALL, GUD ILU and XDJ