NRG Trading - Pending Set ups
by, 25th-September-2008 at 01:33 AM (2508 Views)
I have decided to keep track by using a dummy $25,000 account, but I will be trading these set ups myself and using my entry & exit prices. Will keep a spreadsheet for this blog.
I will be using a max of 1% (not including brokerage) as my risk for position sizing but I may risk less on certain trades for various reasons.
I will be using some margin/CFDs but to make it easier for this blog I won't be taking interest costs into account.
My normal brokerage is $10.00 but due to recent events it will be $20.00 for the next 30 days or so.
Alright my first set up is CTX.
Now this is quite an aggressive set up but I'm looking for some follow through tomorrow.
Entry is on a break above todays bar @ $11.91 with a limit set @ $12.01 & stop under todays low @ $11.21.
CTX @ $11.91 x 250 w/stop @ $11.21. Target is $15.00 (slightly optimistic I know but will intially be looking for a break above $13.00 and then will try to prymid if price action is favourable).
A few notes - if no follow through tomorrow but an entry is triggered I will look to tighten the stop to reduce some risk. Once stop is moved to break even stop will be left to trail a bit to give it room to try to capture as much of the move as possible (provided it does move in the right direction) but I will be looking to take profits @ $15.00.
I'm reducing the intial risk due to the aggressive nature of this trade, but will look to prymid as stated.
All other pending trades won't be this detailed - will just list the code, entry & stop price, the amount to be brought and a target.
May go into more detail with the trades if they are triggered and move in a favourable direction.
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