Not much going on today. The Dow was stuck in a 50 point range for about 5 hours as buyers and sellers fought for control. Brokers were mixed most of the day, and for once GS was the weak hand in that sector. I had my weekly piano lesson today so I was only able to trade the morning session.

I had an awesome trade in FRE right about 9:30. I saw that FRE sold off early in the day and then put in a bottom. We saw about 20mins of sideways consolidation and I noticed a wedge forming with positive divergence on MFI. I waited for the pattern to tighten and break out planning on getting long 400 shares or more. As FRE broke above 24.40 I took my first 200 shares and waited thinking it would pull back a little and give me a second entry. Well, that never happened and I quickly became frustrated. FRE shot up .30 and I never added my other shares. Aggravated at myself, I bailed on the trade at 24.60. FRE never looked back until it got to 25.75. Had I followed my plan and added quicker and set my trailing stop, I could have made $400 or so. Even worse, I was stupid and bailed on the 200 shares that I had instead of trailing the position which would have netted me a little over $200. Take a look at this chart.

After this disaster of a trade I decided to punish myself by trying to short BIDU. Of course, as I predicted I lost all of my FRE gains and a little more on that POS stock. I then moved on to FSLR. I had been watching the 5min and 1min charts and noticed some negative divergences followed by lower highs on price spikes. I got short at 272.50 and set my original stop (yellow line) above the previous high. Once FSLR moved down I tightened my stop two more times (green and red line). I only had 100 shares, but this was enough when selling picked up below 272 and I exited at 270.27 for a nice $220 profit. Done for the day! Here’s the chart.