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Hi y’all,
Sorry guys haven’t updated this site for like forever, but I have started a new blog at http://ibankcoin.com/dchsn6/
Feel free to view it and comment on it.
If you would like to follow my trades on twitter. Follow me @dchsn6
Have a great weekend guys.
Thanks.
Month of November has rather been challenging month for me, especially with my CFA preparation going on in full throttle to get all the readings done. (I started my CFA readings on Nov 1, 2010, honeslty, I am struggling right now, let’s see how things shapes up).
On the trading front, a lot of opportunities came around the European markets throughout the month, however, I hardly traded around those hours, cause of busy schedule ( I am not making excuses, just being honest about it).
The month started off well, with some good trades, however, I breached my own rules a lot of times during the month and honestly, trading in the short timeframe, you NEED to stick to the GAMEPLAN. I personally was rather disappointed with my numbers managed to get a profit of only $512.30. Even though in percentage terms a gain of 15.13% ($512.30/$3386.34) might look quite a bit for a month, however, in reality with the leverage provided in Forex the returns are pretty small. A lot of my trades, which were profitable went on to be great runners, if only I would would have held on it longer (I know it sounds like an amateur trader, however, in the short timeframe I am trading at, I am rather quick to take my profits off the table 
)
Hopefully, I should get some good trading done starting 2nd week of December.
The markets are still down for the day, however, both of my stocks have reached their respective price targets. Earlier in the day NYSE:SWN and now NYSE:IP .
No more stock calls would be made until second week of December. I don’t believe in fundamentals, however the ironic part is I am writing my CFA level 1 in December. Wish me LUCK
Markets have been pretty bearish for most part of the day, however, NYSE:SWN took the bull by its horns as expected and hit my price target of $37 . NYSE: IP is till under watch.
As most of you readers know, I have been looking for investors to provide me with a buying power of atleast $100K for daytrading on equities based on my trading strategies. I have been to several discussions with the potential investors, however, no deal could have been made until now. Therefore, I have decided to raise the capital all by myself by trading currencies (which is my FIRST LOVE ).
My goal is to convert $3K into $100K.
Pair traded is going to be EUR/USD.
Risk: $3K Return: $100K
I will be posting my month end balances and the list of trades made during the month, I do understand with Christmas nearing the volatility will die down a bit, hence I might even have months where there is no trading at all.
Last week has been pretty eventful for both the stocks.
NYSE:IP is really close to its target of 26.50 ( On Nov 5, 2010 it went as high as $26.49)
NYSE:SWN is looking really good as well, $37 take profit still applies and will be keeping a close eye on it.
Current stock in play is NYSE:IP
entry price: $23.64
Take profit:$26.50 region
Stop loss:$20.50
currently on both daily and weekly charts, its trading at 200 day moving average, which is proving to be some kind of resistance, however, based on candlestick patterns in the last previous sessions and based on momentum indicators, there is still a bullish side to this stock.
EUR/USD: In the previous posts, I had mentioned about looking for short opportunities in EUR/USD. Well I was pretty accurate about that, a couple of reasons why I had mentioned that was because of technical reason than anything. Once I saw the bearish piercing pattern on October 15, 2010, I had my crosshair looking for short opportunities in the lower time frames like 4hr, 1hr and 30 mins. Yesterday, I saw a perfect opportunity to short EUR/USD at open of 9pm candle and had a rather successful trade. Even though I was only able to take only 60 points off the table on each contract, the EUR/USD went down close to 220 points.
Currently, I have no currency positions open and currently I have neutral opinion on Eur/Usd.
NYSE:ENZ was my first small cap play in the stock markets and a profitable one. I had buy NYSE: ENZ around $4.13 region and had a price target of $4.55. The price did reach $4.55, however, it was trading on thin volume and couldn’t get a fill in. Hence, I had to settle for avg price of $4.42.
The price target $17 was successfully hit. Currently NYSE: SWN is under watch for price target of $37
