Welcome to my blog. A lot has changed since I started this thing. I'm now trading live after about a year of paper trading and studying. Originally I had planned on starting part time and slowly growing my account but life has a funny way of changing your plans. I found myself at a crossroads of sorts and quickly realized that I was being given a once in a lifetime opportunity to pursue my goals. I took the leap and I'm not looking back. Follow me here and see the triumphs and the losses.

Updated (08-10-16)

I tend to look for momentum trades that I can hold for anywhere from a few hours to a few days. I usually take positions of $5k to $10k in size to allow larger gains on smaller percentages (it's easier to hit a 1% to 5% gain vs a 10% to 20%+ gainer) and I like to use a trailing stop.

This blog is a way for me to log my progress and to aid me in learning, I hope that you find it useful. Financial freedom isn't given, it is earned. So plant the seeds of education and grow your pennies!

Friday, May 27, 2016

Friday's Trading $ASX $PRGN

Yesterday I had placed a trade in $ASX shorting it from $5.75 with a hard stop at $5.91 just past the resistance level at $5.90. We had a morning spike instead of a panic and I was stopped out for a loss less than -3%. It did eventually fade back down to $5.78, but just not worth the re-entry at that point.

I didn't see much the rest of the day that I liked or if I did see something I was already past a decent technical entry.

Then I checked an old watch list and found that $PRGN had cracked the $1 level this week which was a major resistance level both technically and mentally. I found a decent breakdown level to enter and place a fairly large short position for over the weekend. That is a bit risky since it is a holiday weekend and sometimes news the following trading day can be a little crazy, but with this cracking the $1 level and now showing resistance at the $0.90 level I feel pretty good that this will continue to drop.

I still feel that it may fade back to the $0.25 level were the supernova started from, but not sure it will be a quick journey to get there so I'm looking to lock in profits and move on.

I'm giving this a little more breathing room and have a hard stop set a little above the $0.90 resistance at $1.05.

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