I watched the market a little yesterday but didn’t trade which allowed me to clear my mind.

Last night there was quite a bit of bullish sentiment on various stock blogs which was backed up by some decent looking charts. So my bias was towards the long side today which was confirmed by a nice showing this morning in the NASDAQ.

There were three plays I wanted to execute today: FXI, FSLR & QLD. The latter I never took.

Let’s start with the FSLR trade. It ran up at the open then pulled back to the 50 MA on the 5 minute chart. I bought in and it bounced. I was very happy with how much patience I showed with this trade, letting it run all the way to its highs from the previous day before hitting the sell button.

The FXI trade is one that I considered holding over night as there is lots of support in the low 140’s but the day trader in me wouldn’t let that happen. I jumped ship at the 8 am (11 am est.) candle when the main indexes looked like they may break down. I wanted to protect the $200 profit but in retrospect I maybe should have waited for a confirmation of a breakdown.

MA trade was a pretty quick one as I wanted to take profits around 204 because I felt there was a cluster of resistance at around 205.

Overall, I’m quite happy with my day. Here is the recap:

$42 in commissions left me with a nice profit of $1344.06 on the day.

Now for the daily self-evaluation:

Pros:

1. The thing I’m most happy with today is the fact I let FSLR run when it had a clear path and bailed when it approached resistance. I need to let more winners do this when the opportunity presents itself.

Cons:

1. See my comments in the recap regarding FXI. Not that big of a deal as taking profits in the market should never be frowned upon. However, I should have waited for it to actually break down before panicking out.

On another note, this is sooooo true. Even more on Cramer’s nonsense over here. As my two year old son says “Funny stuff dada. That’s so funny.” Enjoy the weekend.