Shared by
KeithL_BOWS
Quick scalp with a tight stop. Was a slow mover, so not much risk.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-05-28 10:34:57 | MHR | buy | $7.790 | long |
| 2014-05-28 10:39:30 | MHR | sell | $7.850 | long |
| 2014-05-28 10:43:04 | MHR | sell | $7.790 | 0 |
Comments
KeithL_BOWS
2014-05-29 19:05:21
You have really gotten good at scalping. Your setup and thoughts on it are great. And more important.....it works for you.. Keep up the good work.
Once i get back into a profitable comfort zone... i think i will take some of your ideas and give them a try.
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Nice scalp Keith. You got 5 cents a share, which in my book is just fine for a scalp. P&L in this case has more to do with the size of position than the amount of the move. And you locked in profit at the perfect time, and stopped out at your entry price - textbook stuff.
I'm getting more and more cozy with scalps - and when I look at my P&L, my average scalp win is higher than my average win on day trades. Today I did day trades until 30 minutes before my EOD, then I looked for scalps for the last 30 minutes. And I made 25% of my profit today from scalps in that last 30 minutes. My scalp success rate since I've been on the sim is almost 90%. Really making me think about my strategies.
YMMV, but one thing I've learned is that I usually get more bang for the buck with scalps on lower priced stocks. This mostly has to do with the fact that I can get into it with more volume, but I also find lower priced stocks are a little easier for me to predict the scalp-term moves (within 10 minutes). My sweet spot is $2-$5 stocks, though I venture up to $10 or higher sometimes, if the stock moves a lot within it's range.