Summary for the Week of May 2, 2008
This has been on my most active weeks in a long time, thought I should summarize some of the activities and lessons.
This was a bull-week, if your too stubborn and didn’t cover your positions your account is probably hurting a bit right now but hang in there, you could recover some of it over the next few days when the market chews up the recent up move. (I’m not predicting).
The table on the right is the summary of my trades between April 28 and May 2nd, 2008, boy, I’ve been 
busy…
Overall a very good week, risk under control (1.3% of capital), good Risk-to-Reward ratio (2.2) and nice Win%. The Win% doesn’t mean much as we all know… big help from the major markets over the last two weeks… you really have to try your skills during downtrends…
Looking at the list of trades below, the P/L% simply reflect my trading method/style, quick in-and-out trades (5-10 days max on average) — I’m comfortable with it. I believe one of the key factors in becoming successful at trading is to feel comfortable with a specific trading style. I’ve tried intraday trading and it was too stressful… I now make a lot more just capitalizing on the small swings… I’m not in a hurry to make a lot of money.
My best trades this week
Weston (WN) - I saw the pop on big volume combined with the previous trust from Mar-April. Entered and exit at the end of yesterday, nice 5.4% in one day - zip-zap.
Canadian Pacific (CP) - probably the best of all, +4.2% just today. On this one, I noticed the push above the 200dma in Feb-Mar, then another push about a week ago… the action on 04/28 was the confirmation and trigger, +3.9% 1 day. I will be back in this stock.
These too are shaping up like good trades to be closed next week:
Gildan Activewear (GIL) - punished with a 30% drop because of production issues. I saw the volume diminishing day-by-day and entered today. I’m up 3.3% so far and it looks good for a pop on Monday. This is not a long term trade, should be closed in 2-3 days max.
Yahoo (YHOO) - I know you are probably laughing now about this whole story but I’m guessing MSFT has no choice but purchase this company (do they have a web strategy?) — and wait until Google offers to strike more partnerships with Y!… mamma mia… so far the trade is going well, 3.99% so far, stock is trading at $29 after hours. Note how it went above the downtrend line…. hummm… we shall see what Monday has in store for us, in any case stops in place…
Commodities
Gold - The bullion has been suffering quite a bit it looks like is being sucked to the $800 level…
Crude Oil - has been strong but not my type of coffee in terms of patterns…. $105 would have been a fantastic level to get in, I didn’t …
Currencies
USDCAD - US dollar ready to jump above the Canadian dollar (I enjoyed my super-loonie times don’t worry) — look at that green bar today, $1.04 could be a target.
EURUSD - Note how my system gave the heads up that the currency was going up on "RED" zone… more downside ahead in my opinion…
That’s all for today folks, good luck to you!
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