What Does a $5,500.00 Win in $EBIO Mean to You?

Yesterday I entered a position in $EBIO to catch an afternoon breakout and hopefully a run into the close. I nailed the entry and was in right at the $1.85 breakout level and watch it rise to the $1.90 to $1.95 ranges. I started to lose some strength and I decided to exit... but the limit order didn't fill by the EOD and as the price faded I was stuck with an overnight trade.

I was prepared to exit as soon as the market opened and just take the loss.

But then the overnight issue became a blessing in disguise and it gaped up in the morning. I then started moving my hard stop loss line as the price moved the stock higher.

I was eventually stopped out at $2.40 but that left me with 29.73% gains and $5,500.00 profits on one trade.

Of course, we're talking paper trading here so I'm not actually $5k richer.

But with that said, this trade does hold a lot of value for me because it confirms that having financial freedom is truly possible.

I attempted another trade today looking to catch an afternoon breakout in $CLF at $1.65. I was able to get a good entry and it appeared that the breakout was going to take shape. It did pop to $1.69 briefly but then quickly fell and triggered my stop loss. In all, the trade was well executed and I cut losses with about a -1% loss.

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Looking for my Groove $CLF $IMNP $EBIO

I'm finding myself in a bit of a dilemma. Getting into a position at the EOD and holding overnight is a great way to avoid the PDT rule, but I'm not seeing a consistency with those trades. I don't like how you basically are losing control of the trade because any number of things can take place overnight.

That leaves me with a couple day trades a week if I want to stay away from violating the PDT.

The first hour of the trading day and the last hour of the day are were most of the action is. On the west coast that's a schedule of 6:30am at the open and 1pm at the close.

My family schedule doesn't match well with the opening and I'd truly need to stay up throughout the night to ensure that I don't miss it.

I also drive my oldest son to school in the morning, start work at 11:00am, and spend most of the trading day on my mobile.

I'm going to try this method for a bit:

7:30 -8:00, scan my watch list for any plays that are moving and if there is a solid entry ie breakout

8:00 - 9:45, monitoring trade on mobile while taking son to school and errands

9:45 - 10:00, chance to check trades on ToS with indicators

11:00 - 1pm, I'll be mostly on my mobile at work and if I don't have a trade in play by 11:30 I may look for an afternoon position.

I don't plan on holding overnight and I'm looking for smaller percent gain to increase my odds of walking away with a profit. I'm going to start with a goal of 4% to 8% and taking positions of roughly $10k. That will allow the smaller percent gains to mean more.



I have no idea if this will prove to be helpful with creating some consistency with my trades but I just don't feel like the overnight hold is working for me.

Stay tuned!

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Time to Eat Crow Pie $CLF $BOSC $IMNP

I made a few stupid mistakes today and so now I'm going to force myself to eat a little crow pie.

My first mistake was with my entry in $BOSC on Tuesday. I really should have waited until closer to the EOD before deciding to go long or short. The fade into the EOD should have been a big red flag for me not to go long and to maybe consider a short play instead. The second mistake with $BOSC was that I neglected to set a GTC stop loss knowing that catching the opening hour is difficult for me because of my family schedule.

I wasn't thinking about that and logged on to ToS at about 7:30am... and saw that my position had not closed... it was sitting on a +20% loss and roughly $2,700 of a hit on my paper account.

But that wasn't enough for me. I then attempted a short on $CLF with a position at $4.03 thinking that the morning fade was going to continue. It reversed on me and I didn't cut losses as fast as I should have and took a -6.7% hit with a loss of $675. I then made a bit of a revenge trade and attempted to short it again, and again it reversed. This time I had a hard stop set and was knocked out with a -2.38% loss and roughly a $250 loss on the paper account.

I was reading the chart all wrong and looking back now I should have been going long with watching the break out levels

My last trade went better and I was happy with my entry and the position of my stop loss. I took a long position in $IMNP at $0.39 and a goal of hitting the HOD of $0.50. I have a hard stop set at $0.34 and had originally wanted to exit the trade near the EOD. My limit order wasn't executed fast enough and so I wasn't able to take profits on the 3% to 4% gains.

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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.

Watch List for 05-27

ASX ~ 18% EOD, I’m short on this overnight from $5.75 with a tight stop set at $5.91 ($0.16). This had some merger type news today and climbed throughout the day. It has been in a sideways channel for a while however with the top at $5.90. That top level has now been tested 5 times with today’s failing to hold. My goal is to catch a fade tomorrow to $4.89 or even $4.40.

NERV ~ 233.33% EOD, Had positive phase 2 testing and gapped up in the opening before further climbing during the day. Has shown some fading into the EOD and A/H. I’m short bias and think this could come back down pretty quickly.

SGY ~ 36.73% EOD, This has had solid gains for a few days now and is showing signs that it may breakout over a multi-day level of .68 to .70.

HUSA ~ 31.60% EOD, Financials out, breaking out above .22 and could test .27 range if we continue to see momentum. I’d watch key resistance levels before going long as this could just be a dead cat bounce.

SKIS ~ 27% EOD, Financials and upgrade new, tested the resistance level at $4.56 but faded into the close. This could go either way but I’m more on the short bias side for it.

EBIO ~ 24.77% EOD, No current news to justify the move up, but had a nice run today breaking past the resistance level at $1.30. This may be a decent momentum play if the $1.30 continues to act as a support.

GLRI ~ 21% EOD, Financials, This is a former runner with runs that reached .38 and .66. The spikes are always short lived so this could just be a pop & drop. Either way may work but I’d be very cautious here.

ARP ~ 20.33% EOD, Financials, this has had several days of gains. There are several levels of resistance starting at $0.366 and going up to $0.60. I’d wait until momentum is confirmed by breakouts and solid supports.

GOGO ~ 16.35%, Contract win with airline, This had a nice move up on volume and the contract win as a catalyst. It does have some strong resistance to chew through at the $11.75 level which it tested at the HOD. If it isn’t able to crack that level it will likely get slapped back down to the $9.95 range before reversing and going to the retest.

Happy Trading
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@AirplaneJane is a Loser & You Should Be Too!byPaperAccount

Okay that title is meant to be click bait... @AirplaneJane is not truly a loser, she appears to be the opposite to be honest.

The reason I used that as a title is that why reviewing her trades for this month I noticed a commonality with her losses. The majority of them are less than -1%. I think that is a big deal considering this month so far she has had 35 losing trades!

Basically if your losses don't look like this... You're truly losing.

She does have one big loss, but she explains herself in the exit comments and admits to breaking rules.

ps. Jane, Thanks for being transparent with your trading and a great inspiration to others.

 

Happy Trading

 

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Watch List 05/25

FCX ~ 4.86% EOD +0.43% A/H, Long overnight after being alerted to the mid-day breakout at $11.58 and getting in at the multi-day breakout of $11.68. Looking see this test resistance at $11.98 and or crack $12.

NM ~ 51.04% EOD, Earnings winner beats by $0.29. Near a breakout of the $1 range with triple top resistance at the $1.68 level. This could run up between those two levels for a nice gain.

INNL ~ 47.82% EOD, news on two phase 3 studies as a positive catalyst. Next big resistance in the $13.90 range. This could gap up in the morning so if I were to go long it would be after the morning run and I’d look for a setup on the min to

PEIX ~ 20.56% EOD, Earnings news and just broke out from the $5.85 range with multi-day run up. If momentum continues a play to $7.68 to $8 range could be do-able.

Happy Trading

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