One Good Trade – Inside the Highly Competitive World of Proprietary Trading : [PDF Download]

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“Amen Corner often offers the most exciting holes of golf at the Masters.* On April 9, 2009, 18.25 in WFC was our Amen Corner for WFC. There was an easy short below this level when WFC was in an intraday downtrend. There was an easy long when WFC held above this level when WFC was in an intraday uptrend.

Let’s discuss. As intraday traders, we must be mentally agile. I couldn’t care less where WFC finishes. When WFC is in a downtrend, then I look for opportunities to short. I shorted some WFC at 19 when it was clearly in a downtrend.

I shorted some more when WFC broke to downside after consolidation at 18.50. I shorted some more when 18.25 sold a massive amount of stock. But then WFC’s pattern changed near 17.50. The offers lifted quickly above 17.50. I had not seen offers lift quickly the entire downmove.

Also, WFC stuck near the 17.60 level and did not make a new low. I had not seen this during the entire down move. So I covered”

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