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NRG Trading Results 3/02/09

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Trades closed today

PDN @ $2.94

CSL @ $35.4845

WPL @ $35.27

Updated results sheet attached, have nearly made back all my drawdown with 2 trades still open.

Having a bit of trouble getting any good winners in this environment, seem to be getting stops to breakeven or just above and then getting stopped out.
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Updated 4th-February-2009 at 11:44 PM by nomore4s

NRG Trading , NRG Results


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  1. nomore4s's Avatar
    New trades taken today

    BHP short @ $29.90 w/stop @ $31.61 x 150

    WPL short @ $34.85 w/stop @ $36.01 x 200
  2. peter2's Avatar
    Swing trading is very hard atm. I do not know your setups or trading style so these are general comments only. Your entries must be more aggressive to increase the chances of a reasonable reward. Waiting for confirmation will only delay your entry. Once your entries get more aggressive then you must also exit asap. You cant afford to give any trade some room to move. Price should go your way or you are out. This will decrease your W% but will improve your W/L. You should only be interested in your expectancy. Have noticed that current swings only last 3 days?
  3. nomore4s's Avatar
    Peter, thanks for the comments.

    My entries are very aggressive atm, along with my trailing stops, if the trade doesn't move very quickly I look to either exit if trade is in loss or move the stop to b/e if in profit.

    I have actually been getting quite good entries atm, prices taking off in the right direction straight away but not much follow through after that. The fact I have been able to nearly pull back all my drawdown in the last 4-6 weeks is a good sign.

    I have noticed any sort of stalling in the current environment is a very good sign to be looking to tighten stops or exit the trade all together. I have been a bit slow to do this a couple of times and it hasn't done me any favours.
  4. peter2's Avatar
    Checked BHP and WPL charts. BHP is very hard to short term trade because of the o/n gaps. Stops cannot be placed close if holding o/n. You have to rely on general market swings to profit. WPL great entry! Trade going well and looking good so far. If you are stopped out at 35 tomorrow then be happy as you gave yourself a good chance of a higher than average win.
  5. nomore4s's Avatar
    Re: BHP - Always a calculated risk when trading BHP because of the gaps, and will wear the slippage if it gaps up but I'm looking for a move back down to $24 with this trade as there appears to be some weakness in the chart atm, fingers crossed.

    Re:WPL - Sometimes you just get lucky , has moved more than 1R now so will move the stop close to or to B/E now and see where it takes me. Would like to see it break and close below $32.90 in the next few days.
  6. nomore4s's Avatar
    BHP stopped out at $31.62
  7. investorpaul's Avatar
    Nomore - what do you hold at the moment
  8. nomore4s's Avatar
    CTX long @ $8.30
    LGL short @ $3.03
    WPL short @ $34.85
  9. kennas's Avatar
    LOL, I just bought LGL at 3.04 as longer term buy...
  10. nomore4s's Avatar
    lol, ah well one of us will make money hopefully.

    I'm actually pretty close to closing the trade as it is just refusing to move atm.
  11. kennas's Avatar
    I'm buying a few gold companies at the moment as I think POG has broken what was a downtrend from the peak. Holding above $860 I thought was the key, and it's looking pretty resiliant right now. Tomorrow may be different....

    Holding AZM, LGL, NCM, PRU, and looking to add on weakness and proof of support.

    I think golds just about the only thing worth tampering with other than short term trading right now.
  12. nomore4s's Avatar
    Stopped out of LGL @ $3.17
  13. MRC & Co's Avatar
    Looks like Kennas wins!

    ha ha. Tough trading hey boys! Markets are damn unpredictable ATM!
  14. kennas's Avatar
    This wasn't a short term trade for me though and I would have held and topped up on weakness. I wouldn't be surprised for failure at this resistance area, but I've just wanted to get set in some goldies and add, expecting a strong push in POG. I think nomore might have put the short on because of LGL approaching the resistance area which I think was a smart short term move. Would be a shame if he's closed the trade out too early..
  15. nomore4s's Avatar
    lol, ah well.

    Was a a set up based on the bar from 28.01.09, this sort of set up is a very aggressive but high reward type play.

    Will be keeping on my watchlist for a future crack at the trade - $3.40 might provide some opportunities if it gets that high.
  16. Iron Man's Avatar
    I am long CTX @ 8.77 x 182
  17. nomore4s's Avatar
    CTX trade had a good day today, was nearly stopped out yesterday and the Chartist had a short set up on it which was triggered yesterday as well but was stopped out today. My stop is now at B/E, as a close under $8.43 is bearish in my view.

    $9.60 is a critical level according to my analysis and any rejection of this area and I will tighten my stops right up and could even end up going short depending on the price action around those levels, as I think we could see a retest of the $6 level if $9.60 fails.
    But if price moves up through $9.60 with any sort of strength I will add to my position as we could see prices up around $14.00.
    Of course neither of the above might play out so DYOR.
  18. Iron Man's Avatar
    nomore4s- one of the hardest things for me is when to take profits. At the moment its in a good up trend, but i am a swing trader mode and will sell on any weakness. That weakness could happen if it breaks down today as its hit a resistence level at 9.16 with the next major resistence at 9.38. Oh my G-d it just dived as i am writing this to 8.79. lol
    will exit on the way up - I am avoiding the the words of death " what happened".
  19. Iron Man's Avatar
    sold at 9.05 = 28 points up.
  20. Iron Man's Avatar
    CTX dropped 36 cents in a split of a second?
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