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Dec 21

full time trader log 2012 12 19

full time traderUnderlying Stock : BIDU

Strike : 100 Put

No. of contracts : 5 contracts

Enter/exit price : 1.20/1.45

Holding time : 9 mins

Net Profit : $119

 

full time traderReason to enter trade:

Again, this was a technical charting play. Market was lingering at opening bell, searching for direction but I felt it poised for a pullback. Did I just use the word “felt”? $BIDU was up some 2.5% the previous trading session and continued its uptrend before I opened the position. I was contemplating whether I should open a long or put position. But market was moving towards south thereafter and I thought I saw an opening; and I took charge! But $BIDU was rather strong and went against the DOW to move higher after I entered the position. It almost hit my stop loss price before its reversal. Huge relief to see the long red candlestick. $BIDU then continued its downward trend for a few more minutes and I closed off the position to make some $119 in 9 mins.

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