Thursday, August 25, 2011

A moral victory

Since BAC was in-play due to the bailout by Buffet, most of the other major banking stocks were also quite active, as if it they thought they were also blessed by the Oracle.  BCS came up as a stock on my screens, and frankly, I really didn't like it much during the first hour.

The stock price was relatively low, which means the dollar moves aren't that big, and it's one of those ADR stocks that act sorta different.  However, the price action didn't seem as noisy as BAC or some of the other stocks, so I kept watching.  I ended up taking 2 setups.

BCS - Sell below 14th bar - Beyond the FE setup. Fibs over opening 20 min range. Scratched the trade. But in theory, I should have stayed in.  The price action made a new swing low, and therefore, it was not as likely to take out the prior swing high, which was the high right before my entry bar.

BCS - Sell below 12:00 red shooting star - Beyond the FE type setup. Fibs over 20 min opening range. Took profits at the 200% FE target.

BCS - 5 min
I consider this a moral victory of sorts, since I was very focused this week on following my plan, and after passing up so many setups, I consider these relatively good -- although definitely not a grade A setup, perhaps a decent B.  They weren't big winners, but what's most important to me this week is that I followed my plan.

I won't be trading tomorrow due to non-trading related plans, but will likely peek-in to see what's going on in the afternoon.  Good luck to all!

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