OSG Bull Trap

OSG displayed a nice bear trap. I also traded SOLF but my broker couldn’t locate a short and only traded 100 shares at the open. Made .32 in a few minutes so would’ve been a nice trade.

As I trade these setups I feel more and more proficient, although still way too early to dedicate too much capital. One learns by doing, not reading or testing. The track record actually shows a different story, I’ve traded these setups 19 times, with only 7 wins for total profits of $-3.34. I’ve been having issues on the entry, so I started utilizing a 15 minute VWAP at the Open to enter trades. I was very anxious in a number of the early trades and began entering pre-market, almost all of those turned out to be bad ideas. Since I made those changes, 6 winners, 4 losers for $0.55 but I expect the trend to increase…

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~ by largecaptrader on March 5, 2010.

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