Aug 10 - RIMM

Traded it like 00NR7 and DayTrader. No need to post one more chart with this one. I also traded CNX off 2/15, but had to scratch the trade after the bear engulfing bar (7th bar).

Aug 5 - JPM (bull flag)

This is exactly how I want to trade and I really, really hope I can keep this up. I am saying this not because this JPM trade was such a huge winner in dollar value, but because I think I executed according to my plan and my rules. I did not enter too soon and I did not exit in a hurry. I may have given up too much with my final exit, but I hope to keep improving there as well.
The rational for this one is simple and it matches my bull flag setup parameters:
- Initial decisive move with good volume.
- Orderly pullback (bull flag) on declining volume
- A bullish candlestick resuming the move up. That could be a bullish candlestick formation such as an offsetting bar, a hammer, etc.
- The bullish candlestick finds support from the rising 5EMA
- An IB after the bullish candlestick is a plus

Jamie: Your NR7 post is helping me a lot in defining trading rules. Thank you!

Aug 3 - SLB

SLB gaped up into the PP and I was hoping for the second bar to be an IB, but it broke above the PP with a bullish candle so I jumped in. I took a partial at the next PP level and was ready to wait for consolidation before the next leg, but I exited after a bearish long wick candle that touched the $56 number.
At the moment I exited I realized I exited too quickly and that was a mistake for the following reasons:
1. At the point of my exit SLB was still printing higher lows, which means that the trend was instact.
2. I did not give SLB time to rest/retrace/pause before the next leg up.
3. I was operating out of fear. And fear and greed are the main enemies of a trader.

So while this was not a great trade in terms of results, it has helped realize the type of rules I need to define in terms of trade management.

July 30 - CL (ambush trade)

CL was an earnings play and an ambush setup. There is a decisive first WR bar on high volume, a decisive move to the 50% % RZ (no choppiness), a reversal candle formation at 50% zone (a hanging man candle), a red bar that breaks the low of the hanging man confirming the reversal, and a NRIB to trigger the entry. I exited my full position at the ORL.

July 27 - AKS (Failed trade)

The first chart shows AKS trading in a box for the past 6 days.


The second chart shows how I executed the trade. The first and second bars were WR and had nice volume. Bars 3 and 4 were IB with declining volume, so I thought that if sellers were able to break the second bar low, they would be able to break out of the box. I placed my stops 0.02 below the 2nd bar low and I placed my stop a few cents above the PDL and 0.01 above the second bar high. Unfortunately I was taken at both ends and AKS traded in a range for most of the day.
If you had any thoughts about why this trade fail, please go ahead and post. My two thoughts are: 1) The lower range of the box should have probably be $18, since the PP was closed enough and round numbers always provide some support/resistance. 2) The stop loss should have been 0.02 above the second bar high and that would have saved me.

July 27 - AXP (Failed trade)

With this trade I paid the price of anticipation. The correct bar to enter the trade would have been the next bar after my entry. I entered early and I got stopped out :-(

Stewie's Trading Service

About a month and half ago I decided to join Stewie’s Trading Service and now I want to review it to share my experience.
If I had to summarize the service in one word, that word would be WOW!!! Stewie is a great trader. He is passionate about trading and equally passionate about teaching people what he knows. He is a straight forward person, honest and 100% committed to his members.

I would like to split my review into the following brief areas:

Performance. This is for me the most important point of the equation because I want to learn from people that have a proven track record. Stewie calls his entries and exists in real time, so you can see right away what the trades are, his entry and his stop loss. The performance speaks for itself. Simply look at it on this page.

Setups. Stewie explains his setups and the reasoning behind each trade either before or after the trade is made, so you always know the reason behind each call.

Questions. Stewie responds to people’s questions right away. I only asked a few questions since I joined the service, and they were always answered within half an hour.

Education. If you want to learn from a successful trader in real time, this is a great opportunity. Also, Stewie sends updates about how he sees the market throughout the day and he is available most of the time in the members-only chatroom.

Cost of the service. The cost of the service is $50 a month, which is my opinion a very reasonable price, considering that if you had followed all of his live trades, your account would have grown 25% in 12 weeks, which I think it is a really good return.

The last thing I would mention (simply for the sake of full disclosure) is that I do not take all of his trade calls (unfortunately!) and that the trades I post at my blog constitute the bulk of my trading. I do not take all the calls simply because many times I do not fully understand the logic behind each trade and it is hard for me to blindly follow anyone on anything. But I definitely hope to pick up a few things from Stewie’s trading, particularly the Overnight Hold strategy.

Last but not least, the service has a three-week free trial, so I think it is worthwhile to give it a go. If you do, I’ll see at the chat room!