Did a couple of day trades today, both on the same stock, SINA. This stock is a China stock that moves nicely intraday.
Trade #1: This trade was entered in the morning, after the opening action. The stock made a nice push on a large green frame to start the move, then pulled back and reset. I entered on the first yellow arrow, and the two blue arrows are my exit. The second exit was based on the expectation that once it passed the $86 area, it would test the gap at $87.60 or so. So I put a limit order just below the gap at $87.50 and moved my stop up to $86.00, my previous exit point. Worst case I make $1.60 a share, best case I average out to $2.40 a share profit, which is what happened. Probably one of the more satisfying trades I have had lately. But then I put a small ding in it with trade #2.
Trade #2: This trade, quite frankly, should have been entered on the frame before I entered. There's a little green candle, almost a doji, a couple of frames prior to the large green frame. The frame after entry was a flag pole and red frame closing on lows with a flat ema, so I cut it loose for a loss of 7 cents. Probably should have accepted the fact that I missed the optimal entry, but it feels good to be in cash and have a good day.
I'll have my weekly review of the market over the weekend. Till then, be merry.
