R&R: 1/29/15

TICKER: EXEL

What a day it was. Today was my first day shorting after joining SureTrader and it was an awesome experience. My first short was on EXEL and it was such a mess. I lost my money overall and made some horrible mistakes. However, it was just a warm up for my second trade. Hopefully I get better over time. 

Looking at this chart, there were two options. It would either break $2.08 and just shoot up strong or it would go over and under that amount and just turn red just like how it did in its pastimes. So, I was looking to short over and under $2.08.

It went straight down so I became patient. I really screwed it up though by panicking too early and fell into a bear trap. I shorted @ $2.02 after its first lower high thinking that it was definitely going down, but encountered a slow grinding action upwards. After the second lower high, I was sure and shorted some more @ $2.00. However, I thought I saw higher highs and it going from red to green and covered @ $2.04 for a small loss. I was stupid and did not let it test the previous highs and just covered. After an awesome conversation with SureTrader, I shorted more @ $1.95 and hoped for a flush which did happen. However, I was looking into a one day swing and just disregarded it. I did not notice its previous history and almost got squeezed.

Note: Remember to take a look at the history of the chart to see if it has any special characteristics like closing strong. It could make you want to short with a shorter time frame in mind. VinnyB reminded me what over/under meant so that is useful. If a stock does not keep up with the support after breakout, then it is most likely fake. 

Note: Remember to take profits when you are up. You can always re-short later. I need to either work on swinging or daytrading.

TICKER: GENE

It was my first time shorting something this big. I made a lot of mistakes and only hope to get better as time goes on.

I really wanted to buy in earlier, but I missed a lot of bearish signals and cues. It was moving so fast that I didn't even know what to think. So I purchased in @ $4.25 after a triple top and I noticed lower highs on consolidation. I covered as soon as it hit the bottom of the channel. I re-shorted $3.90 because I thought it was going over and under $3.80 and it would just break, but covered @ $3.85. After the lower high, I was trying to sell out of my EXEL position and got distracted. I immediately waited for it to re-test the resistance and shorted for an average of $3.75.

Note: It formed a a descending wedge and although it looked weak, this thing could have squeezed tomorrow. Next time I plan holding something overnight, I need to put in a smaller size. My plan for tomorrow is to sell out immediately in the morning if it is strong and re-short when it is at its highs. 

Note: I need to take smaller positions for holding overnight and I need to work on the differences between swinging and daytrading. I need to figure out the fine line and how I will play each stock.

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.

Review: 01/06/2015

Ticker: SCRC

 

This was my first trade of the new year. It was a stock VinnyB recommended in the morning at 11:30am on 1/05/2015.

I took the trade because it broke through previous resistance @ $0.17. I thought it had potential to make a move like it did in February. I wanted to sell out around $0.19-$0.20.

I BOT @ $0.1775 because it broke $0.177 which was the intraday's resistance. Since I wanted to swing it for the next day, I think I should have waited a little longer to make sure it didn't fall right back down. As long as it stayed about $0.17, it was a buy.

I SOLD @ $0.1925 because I thought the move was over based on volume and L2s, which it was. My mistake here was just focusing on the 5 minute charts. If I saw the big picture on the 15 minute, I would have known that it had another shot up. I got out because I didn't want it fading on me.

Predictions for tomorrow: I think this chart will hit $0.20 and maybe even higher tomorrow morning. This is because it stayed above yesterday's high with good volume. After that, this chart is already overextended so I am expecting a flush once it hits next resistance. I wish I could short it.

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.