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.

Twienth: Flying Saucer

Summary

The flying saucers are coming to the rescue. I am strictly joining the trends of the trade because it seems the charts fight for me when they do that. Even when I go in the front side of a bearish move, the support from the long term chart comes in to turn the bearish move to a bullish move.

Ticker: MEIP

This chart broke out and the saucer seemed confirmed with a nice target. It can potentially go higher as I expect some kind of gap this week.

I missed the initial move so I waited because I didn't want to chase. I waited patiently for the break and I got it. I did not draw the second uptrend line so I did not get in at a better price. As soon as it looked like it was going to reverse, I bought it which was $2.30. I wanted to buy more, but decided to wait until tomorrow.

Note: I should constantly be updating the uptrend lines so I could get better predictions of when I could buy in. I participated in the front side of the move when I should have waited until it held support.

Note: Even though it worked out, it could have been better.

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.