Good short term setup, bad trade idea. COH was talked about in the DEH. When I brought up the chart, I jumped in thinking it was a good long but if you look at the daily chart, it was a good short. I got out making a couple of pennies playing the wrong side. Then the stock collapsed turning out to being a great short.
My favorite steel and it had given me a short term buy signal. It turned out to be false and I got out before getting hurt. The little scalp trades in the steels, I give little time to work. The stupid thing is during the base I have 3 buy signals and did not get long. The stock then ran 75 cents with out me.
This is the type of trade that really pisses me off. I buy the breakout and the stock starts to run. Thinking I had a good winner, I place a stop to make sure I have some profits. The stock has a 1 minute pull back hitting my stop before running off again.
Another breakout play - the type of trade I do not like doing often. Again I buy the BO and it starts to move and because it is late in the day, I have a close stop (too close) that gets hits.
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A review of my main trades today - good night.
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