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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: TREND1 who wrote (24029)	8/15/2001 12:21:21 AM
From: mishedlo	Respond to of 30051

Larry I am a piss poor trader. Or at least I have been historically. I am finally learning to take profits when offered and be happy with them no matter what they are. My positions are also smaller so if one goes against me as did NVDA I can ride it out or double up. Shorting NVDA at 82 did not seem so brilliant. Doubling up at 88 when it went to 90 was not exactly brilliant either. When it fell to 84 I had enough sense to take it all off the table for a profit on the position. Reshorted double position at 86, again not best as it rose to 88. Covered 1/2 today at 85 when I could have covered at 84, again not best either on my entry or my exit. Decision to hold 1/2 thru earnings looks silly as well. My reasoning was simple. Blowout earnings and it gaps up 2-3 points. Any sign of weakness at all and it drops 10. I see that I pay off. Same thing with HD. I was short from 49. There is a huge CALL position at 50. I assumed correctly that worst I could do was lose a point. Well I lost that point but am only down 30 cents from my short entry. MU is another story. If I had any brains I would have doubled up my PUTs at 44 instead of just doubling up my short. Also note that I took my profit on my overall short position as soon as I got it. At that time the channel was heading down so after having weathered the up storm I was too quick to cover. Yet, having covered I was in a position to short higher like I did NVDA. On NVDA it worked out well, on MU it did not. In both cases I have profits so I guess that is what counts. I closed my short of BRCD today picking up only 1 1/2 points instead of nearly 3. I had to go to work (ng) so I took profits off the table. Maybe this means I have learned something after all and my confidence is up. I do not want to go nuts however. MU is horribly oversold here. A point from which it has quickly bounced 98% if not better of the time. Perhaps I should take the profit and run if it opens up. Hopefully the gap Gods have pity on me and open it up flat followed by a big selloff. One thing I am convinced of is that if MU breaks 35 on a closing basis, it is headed lower.... MUch lower. ggg M