Back from L.A.

I’m back from L.A.,California,man was it nice there.Just going to post one of my entries from a trade early on today.I’m keeping a regular journal again on trades and want to add them here so I don’t lose track of them.It also helps to keep me from overtrading,which has been one of my worst demons to overcome as of late.So down with the demon of overtrading and in with self-control.Here’s the trade,no chart on this one just my journal entry as follows.

SU (Suncor Energy Inc.) : I noticed yesterday’s strong close.Added to watchlist for today,was watching SU at the open,and noticed the wide range open off the chart.Missed the 1st entry around 77.80,waited patiently for another entry.Took the push above the opening range at 78.00(I don’t usually like to buy the O’s,but it was acting strong.Had a target of .50 on 1/3 of position and 1.50 on remaining(top of the December/Jan congestion zone.)The stock traded .01 penny from my first target,also showing resistance at the bottom of that previous congestion zone,and I immediately exited the entire posion without a second thought.I was just about to put my trailing stop in at the time if it traded above that first target of .50,but the stock showed it’s hand and I acted(pro-actively).The entire position was exited for a +.46 cent winner,traded back to the averages,and my original entry,and at this time has now tested the last of those averages.Markets may be rangebound here as they were yesterday on this pre-holiday trading day.I followed all my rules in this trade which is a huge win.If the market shows me rangebound activity then I will apply the last rule,which is :If there are no good setups don’t trade,plain and simple.

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