Bought XLE - Trading-Lab

Leth · #1 12-29-2007, 04:30 AM

Ok guys...this is the only time i will ever post one of my personal trades (not that anyone really cares). Everything you could ever want to know about my method and psychology has been posted in various places on TL. Anyways, here is what my personal chart looks like. Im sure most of you seasoned traders have seen a chart like this before.

xle2.jpg

As you can see...XLE hit a new EOD high for me on 12/05/07 closing at $74.42. Later that evening I purchased 12 contracts (6 month calls) to be processed at the next morning's open, at the market. On 12/06/07, it opened at $74.44. On 12/28/07 which is today (actually yesterday since its after 12AM Saturday at the writing of this thread; im a night owl)...it closed at 80.37.

I dont know how long the price will continue to go up or even if it will. I never know. All i know is that if the trend continues in my favor...i'll ride it to the moon; when the price touches my trailing stop...im out. I never get emotional about a stock; adopting William O'neils old addage, "all stocks are bad" has helped me a great deal over the past few years. In this case though..its an ETF.

You can look at my chart...but you'll never get my rules!!!

Goodnight everyone and have a great weekend!!!

daytraderB · #2 12-30-2007, 06:07 AM

interesting trade. let's see how it pans out. thanks for sharing that with us. I like your not setting profit targets. that helps you stay in the trade and most importantly keeps you focused on the trend.

keep them coming. it's not my intention to steal your rules.

Leth · #3 01-10-2008, 06:38 PM

XLE ended up hitting my stop loss a few days ago, so i had to exit. I did take away a small profit though..which is better than no profit. Looks like I'll have to catch it again at the next buy or sell signal.

ProTrader · #4 01-11-2008, 08:31 AM

there's nothing wrong with taking a profit. at which price did you get out?

Leth · #5 01-13-2008, 03:59 AM

trailing stop was hit on 1/08/08. exited next day at the open on 1/9/08 @ $75.85

still in on my longer term system though.

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#1 12-29-2007, 04:30 AM
Leth Super Moderator Join Date: Oct 2007 Posts: 621	Bought XLE Ok guys...this is the only time i will ever post one of my personal trades (not that anyone really cares). Everything you could ever want to know about my method and psychology has been posted in various places on TL. Anyways, here is what my personal chart looks like. Im sure most of you seasoned traders have seen a chart like this before. xle2.jpg As you can see...XLE hit a new EOD high for me on 12/05/07 closing at $74.42. Later that evening I purchased 12 contracts (6 month calls) to be processed at the next morning's open, at the market. On 12/06/07, it opened at $74.44. On 12/28/07 which is today (actually yesterday since its after 12AM Saturday at the writing of this thread; im a night owl)...it closed at 80.37. I dont know how long the price will continue to go up or even if it will. I never know. All i know is that if the trend continues in my favor...i'll ride it to the moon; when the price touches my trailing stop...im out. I never get emotional about a stock; adopting William O'neils old addage, "all stocks are bad" has helped me a great deal over the past few years. In this case though..its an ETF. You can look at my chart...but you'll never get my rules!!! Goodnight everyone and have a great weekend!!! __________________ Nothing is more difficult than the art of maneuvering for advantageous positions. - Sun-Tzu Trade with the trend, Ride winners, Cut losers, Keep bets small, Use Stops - Old School Last edited by Leth : 12-29-2007 at 05:10 AM.

#2 12-30-2007, 06:07 AM
daytraderB Member Join Date: Jun 2007 Posts: 63	interesting trade. let's see how it pans out. thanks for sharing that with us. I like your not setting profit targets. that helps you stay in the trade and most importantly keeps you focused on the trend. keep them coming. it's not my intention to steal your rules.

#3 01-10-2008, 06:38 PM
Leth Super Moderator Join Date: Oct 2007 Posts: 621	XLE ended up hitting my stop loss a few days ago, so i had to exit. I did take away a small profit though..which is better than no profit. Looks like I'll have to catch it again at the next buy or sell signal. __________________ Nothing is more difficult than the art of maneuvering for advantageous positions. - Sun-Tzu Trade with the trend, Ride winners, Cut losers, Keep bets small, Use Stops - Old School

#4 01-11-2008, 08:31 AM
ProTrader Senior Member Join Date: Jun 2007 Posts: 109	there's nothing wrong with taking a profit. at which price did you get out?

#5 01-13-2008, 03:59 AM
Leth Super Moderator Join Date: Oct 2007 Posts: 621	trailing stop was hit on 1/08/08. exited next day at the open on 1/9/08 @ $75.85 still in on my longer term system though. __________________ Nothing is more difficult than the art of maneuvering for advantageous positions. - Sun-Tzu Trade with the trend, Ride winners, Cut losers, Keep bets small, Use Stops - Old School