Recap on the week

First week using esignal was a great learning experience for me.  I added to my knowledge of pivots and now have to learn more about Vwap since I found custom formulas online for both of these indicators (as they aren’t part of esignal originally).

On a recap I made a mistake with AIB.  I was too focussed on looking for my magical Fibonacci retracement price that I didn’t pay attention to the correlation with the markets.  My short was up almost $400 until the next day when I got stopped out for a loss of $250.  It could have been a little less of a loss if I had respected my stops.  Several times this week I did not respect my mental stops showing me I am not yet of the caliber of mental stops.  I have to put in my stops and let them run.  Also the lesson here is in allocation.  Had I taken even half my profit I would have been in the green.

I made a good moves on CPST on a gap up using my market scanner.  My goal in the next month is really hone in on this strategy as it can be quite profitable.  The problem is I thought CPST was going to rise into earnings which it did but not significantly.  I ended up selling CPST for a 20% profit and then the next day doubling my position near the high of the day.  I gave back about third of those profits and am holding my original position’s size into tomorrow.  Looking back at the last earning CPST did not do well the day of.  I will try to sell on a pop in the morning and buy back on Tuesday if things look right.  Again an allocation problem – something to work on.

Other than that I did alright with FAZ but I missed a banking rally.  BAC going up two days around 6-9%.  Silly that I didn’t get into it.  I really thought that SPX was forming a head and shoulders, and although it seemed to be true at first, it was totally denied and formed a wedge pattern instead posting 6 month highs piercing through the head and shoulders high of the week.  I *Still* think that the markets will have some down days in the near to intermediate future.  I am now honing in on certain stocks that I will pickup when that happens.  I am writing out the scenarios as I think they will happen and my reactions to them.

So unfortunately I ended the week slightly in the red, but I learned a lot and upgraded my knowledge of things.  I’m still up well on the month, next week I hope to do better.

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