[2009 TRADING AND DAILY ACTION]
Happy new year to everybody.
I got back from my holiday refreshed and ready to take on 2009 with my trading. While I was away I read 2 excellent books "Trading in the Zone" by Mark Douglas and "Learn to trade.." by Toni Turner. Douglas' book is brilliant, as I know I have to work on my mental attributes as a trader and this book should provide my with a good start. I'll be buying his first book in the next few days.
The Toni Turner book was a bit more simple in it's content but I really liked it. I was well written and full of quality information, a lot of stuff I didn't really even know about. Hopefully I can apply what I've learned in these books into my trading.
I've also spent the past while checking out my old posts etc, and have now formalised a concise and full trading plan with rules for me to follow. It's mostly trade management based, but also covers position sizing, risk (and accepting it), regularity, entry rules, profit taking, record keeping and a few general principles about the mental parts of my game.
I've also subscribed to iqfeed for quotetracker, and I'm currently trying to learn the features of QT.
Anyway I've been going through some stocks and doing some quick TA. I'm basically looking at a core list of 11 stocks that I'll be trading for the foreseeable future. For reference they are AA, AMZN, AXP, BAC, C, MON, RIG, DRYS, RMBS, TSO and X.
Anyway I'm just going to post the more interesting dailies;
This is the Alcoa chart (AA). I'm writing in my journal that I will consider an entry here at the green horizontal support area of $10.80 if some volume comes in. I would like to see the volume decrease with a pullback to this area before moving off the 20MA. My initial target is $12.
I'm looking for some volume in X before it breaks out above $40 either off the 20MA or the short term trend line. Potentially forming a C&H. A good R:R ratio is at around the $30 area.
I got back from my holiday refreshed and ready to take on 2009 with my trading. While I was away I read 2 excellent books "Trading in the Zone" by Mark Douglas and "Learn to trade.." by Toni Turner. Douglas' book is brilliant, as I know I have to work on my mental attributes as a trader and this book should provide my with a good start. I'll be buying his first book in the next few days.
The Toni Turner book was a bit more simple in it's content but I really liked it. I was well written and full of quality information, a lot of stuff I didn't really even know about. Hopefully I can apply what I've learned in these books into my trading.
I've also spent the past while checking out my old posts etc, and have now formalised a concise and full trading plan with rules for me to follow. It's mostly trade management based, but also covers position sizing, risk (and accepting it), regularity, entry rules, profit taking, record keeping and a few general principles about the mental parts of my game.
I've also subscribed to iqfeed for quotetracker, and I'm currently trying to learn the features of QT.
Anyway I've been going through some stocks and doing some quick TA. I'm basically looking at a core list of 11 stocks that I'll be trading for the foreseeable future. For reference they are AA, AMZN, AXP, BAC, C, MON, RIG, DRYS, RMBS, TSO and X.
Anyway I'm just going to post the more interesting dailies;
This is the Alcoa chart (AA). I'm writing in my journal that I will consider an entry here at the green horizontal support area of $10.80 if some volume comes in. I would like to see the volume decrease with a pullback to this area before moving off the 20MA. My initial target is $12.
I'm looking for some volume in X before it breaks out above $40 either off the 20MA or the short term trend line. Potentially forming a C&H. A good R:R ratio is at around the $30 area.
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