Twenty Fourth: Step Back

Summary

A chart that just failed. I also have to be more quick and remind myself that small profit is better than a loss.

Ticker:  LOOK

Target was $2.10 after I recognize a small ascending triangle. It also broke out of the long term downtrend line. After it broke $2, I thought it had strong support. It did not and I should have recognized that as a signal to sell.

Note: The risk was 9 cents and the reward was 17 cents. Almost 9:17 which is 1:2 ratio which is better than yesterday.

Note: When it broke the uptrend line and channeled, I should have immediately sold out as this was a sign of weakness. It also broke my second "imaginary" stop @ $1.99 which should have been my signal. My stubbornness cost me the small win.

Note: The second thing was I sold early @ $1.90 instead of my stop @ $1.84. I did this to protect myself from further losses. In hindsight, I should have left it be because that was low of day and it could have bounced a bit which it did later on. I guess this is in hindsight so perhaps I should think of a better plan for stops.

Prediction: CRNT

My prediction was correct with a failed follow through and a drop today. The volume was halved yesterday and today was a complete tank.

Note: I was right, but I want to get better at predictions. There was no news and it tanked. No continuation.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.

Twenty Second: Curse Continues

Summary  

I was not on time this morning to get out of this position since it flew by my stop. I think I figured out why I am losing big time from these potential breakout stocks. 

The curse continues. 

Ticker: MEIP

My stop was $2.18 and I thought yesterday was a consolidation before another push forward since it held above $2.19. I took a risk and got in @ $2.23 before the end of day push. Unpleasantly, it tanked today and went through my stop. I suppose I could have got out at a better time, but I just didn't like the situation.

Note: I bet that this stock would have continued if there was good news supporting it. This push was based on the chart and once it broke down, there was nothing left to support it. I noticed the stocks that I pick to continue are the stocks that have no news or bad news. 

Note: I need to play stocks that have good news on the day it breaks out so that it would continue. 

Prediction: CRNT

The news was posted on April 14th, but there was a breakout today. There was nothing else.

Prediction: This was only a technical play and no news means it will have no support tomorrow. I predict that this will go red tomorrow with a possibility of a consolidation for another push.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.