-----------LOSERS-----------
------------UYG--------------
Entered: at 9:53 at $5.57
- I was watching mainly the price action. the morning gap down was filled then the price consolidated at the daily high..so I entered the position in anticipation of further move higher - like what happened the day before.
- I was a little concerned, since the volume has been very light comparing to yesterday's morning up move. The stock reversed back right after I entered...thought I'd give it some wiggle room...but it broke out of the morning wedge on heavier volume...so I had to pull the trigger to get out. But right after I sold it, the stock shot right back up..which was very frustrating to see...but I had no idea at the moment and thought that the market was gonna reverse any minute...I had to keep the loss to a minimum.
- right after the stock reversed, I thought maybe that was a head fake, so I got in again after it made another daily high..this time on stronger volume.
- man did i get fooled again...I thought I'd give the stock some room to consolidate after it's new high..but it reversed right back after consoliating..at this point the stochastics was overbought and hooking down..so I had to bail...sensing that sellers have become more eager...the stock moved higher after...but I was too shaken to enter again...just too choppy for me.
- I should never have entered this position. I failed to notice the negative divergence on stochastics of today's higher high.
- volume was too light.
- formation of the setup was very choppy and not orderly.
- I was too eager to get into action than waiting for the right setup...was too concerned about missing the move.
Entered: @2:05 at 69.88
- GS had a really tight consolidation throughout the day just below 70.
- XLF was making another high
- MS, WFC, JPM, C were all moving higher...with MS and WFC just broke out consolidations with strong volume.
- GS was the laggard..and it was my sympathy play...I thought it would catch up sooner than later.
- man I was watching all those financials popping ever higher..but there was just this constant seller at the 70 level...and finally at 2:30, it popped through with strong volume..I didn't take profits because I thought it would definately have more room to go just like the other financials...however it stalled and just crashed right back with constant selling volume..at that time, other financials are already showing signs of topping...So I had to pull the trigger...just before it crashed all the way to 66 at the lowest...again..I always try to keep losses small...while giving it as much wiggle room as possible..
- when a weak player has a break out...just take whatever it gives you...it is the laggard, so don't expect the same level of performance
