The first day back is the easiest when you’ve only been averaging one day’s work a week. It’s no different to the rest of the summer. As my niece said to me after her first day back at school this week, “The real work starts tomorrow.” The second consecutive day in front to the screen is when you know you’re properly back to work.
On Tuesday I kept to the core stocks list because I’m lazy. On Wednesday I took the time to build a proper watch list. This effort was rewarded with a number of trades, two of which I am posting here.
First along was Z. I don’t like single letter symbols. No idea why, there’s just something about them that bugs me. Anyway, I’m not going to let such a foible stand in the way of a potential trade, so when this popped up I was all in:
It was a classic set up and a simple entry, with the pattern offering clues to a potential exit. The price dropped right through that exit, volume evaporated, we started rising again, and so I took the exit on the way back up. That netted $580 in a trade that lasted less than ten minutes.
Here’s another that came a bit later, on FTV:
The stock gave us a lovely set up pattern, all the ducks were in a row, and when it went it did so quickly. The second bar shows there was a pretty epic battle raging between buyers and sellers, and it closed more or less where it opened. That battle — and the loss of momentum — was the signal to get out. And so out I got, with a shade over a grand for my trouble. Again, the trade lasted less than ten minutes.
Unlike my niece, my second day back was all done by lunchtime. So I cannot really complain about getting back to ‘work’!