Thoughts:
In an intra-day time scale, shorting seemed like a good idea, but in a multi-week, YTD time scale. It's better to be long. Biotech's as of late hasn't been holding their gains well though. This stock will prolly go up once the overall market regains itself from the recent crap in greece/china. I really need to watch the market better in the morning in order to spot those nice collapses and avoid trading mid day since there's crap volume.
May 22 Article: http://www.thestreet.com/story/13161361/1/synergy-pharmaceutical-sgyp-stock-gains-after-coverage-initiation.html This set a 11$ target price from 4$.
June 17 Article: http://www.insidermonkey.com/blog/hedge-funds-were-right-about-synergy-pharmaceuticals-inc-sgyp-shares-soaring-by-the-minute-up-65-today-354426/
What's with this stock? I still can't find the exact news for the catalyst for the gapup/spike on June 17. Whatever it is, There's trials on the 3rd quarter that might spike it up even more if the trials go well. This needs to go on my long-term watch list.
DANG - Staircase breakdown known chart but with a premarket news of a going private at 7.81price. Prev. close was 6.5 and today opened at 7.25. If i saw the news, this would've been a GO for shorting, yet again, I need to be setup prior to the market to have a gameplan ready and setup scanners for news/stocks. I shorted at a bounce mid-day and covered for a small cent gain when its consolidating. Gonna watch for afternoon action, might go long if there's strong buyers since it's still a dollar under its target price and possibly hold over night if it closes above its intra-day high. OR short if there's a nice afternoon fade since it's 30cents above yesterday's close and cover prior to closing bell.
Thoughts:
Research'd the stock, so this is a chinese company play >_> that's going private. Completely understanding the play now and this would be a real play if i had an account. Also, my first trade on the paper accnt that went according to hypothesis and made a profit.
**** YahooFinance:
E-Commerce China Dangdang Inc. operates as a business-to-consumer e-commerce company in the People’s Republic of China. It primarily sells books, periodicals, electronic publications, consumer electronics, and audio-visual products through its Website dangdang.com. The company also sells general merchandise products, including fashion and apparel; beauty and personal care products; home and lifestyle products; baby, children, and maternity products; apparel and accessories; and footwear, handbags, and luggage. In addition, it operates the dangdang.com marketplace program, which enables third-party merchants to sell general merchandise products. The company was founded in 2000 and is headquartered in Beijing, the People’s Republic of China.
AMCN - Weird stock, i don't know the catalyst's yet but bought in a dip and sold mid-day since it was sluggish for a few cents-gain. Research'd the stock.. This is yet ANOTHER chinese company, Anyways, was at $2 in apr, to a high of $7 in june, dropped 50% june12-june18 due to something i've yet to find out but currently has a class action lawsuit against them. http://finance.yahoo.com/news/securities-alert-rosen-law-firm-214100657.html . blah blah blah, so this company crashes to some misleading/fraudulent crap + chinese market crashing. Nice gap up on the rebound. Possible buy in the short-term til it hit's its last top at 5$, and another buy on the break-out. However the deadline for the class-action law-suit that looms over it is at aug. 24, gotta keep that in check. For the long-term, my guess atm is that the price is still trying to consolidate somehwere between $2/$3 to $7.. 2dollars is support since it's the previous lows, and 3dollars is support since it's previous highs prior to april before this misleading crap started. It can be anywhere in the low 4's or even bounce/breakout the 5$.. but what ever it is, it's the price action that prevails. I'll be watching this one closely till the end of august.
**** YahooFinance:
AirMedia Group Inc. operates out-of-home advertising platforms primarily in the People's Republic of China. The company operates a network of digital TV screens on planes operated by seven airlines; traditional media in airports, such as light boxes, billboards, and painted advertisements; and gas station media displays, as well as other outdoor media displays out of the air travel advertising sector. It also displays non-advertising content, such as weather, sports, and comedy clips; and television programs, including documentaries and hidden camera type reality shows from other third-party content providers. In addition, the company holds concession rights to operate various traditional advertising media comprising billboards, light boxes, and other media platforms outside the air travel sector. As of March 31, 2015, its programs were placed on digital TV screens on planes operated by 7 airlines; and it operated 454 light boxes and billboards in 7 airports. The company also operates approximately 22 unipole signs and other outdoor media in locations throughout Beijing; and 6,966 tablets on high-speed trains in China. AirMedia Group Inc. was founded in 2005 and is headquartered in Beijing, the People's Republic of China.
Today's Trades:
SGYP
- Bought 9.05 Sold 9.18
- *Bought 9.16 Sold 8.79 *Bought into the bounce breaking up thinking it was uptrending BUT it's still down in the day CRUCIAL Mistake
- Bought 8.82 Sold 8.99
- *Bought 9 and 9.05 Sold 8.98 *Same stupid mistake even worse since it was alrdy a lower high/lower low on the bounce, i finally learned this needs to be a short
- Short 8.72 Cover 8.71
- Short 8.63/8.74 Covered at 8.87 my memory is failing me, this is the scenario from up top
DANG
- Bought 6.94/6.86 Sold at 6.84 *Bought into the bounce breaking up thinking it was uptrending BUT it's still down in the day CRUCIAL Mistake
- Short 6.80/6.81 Covered 6.79
AMCN
- Bought 4.66/4.73 Sold 4.75
Not including the SGYP trade where i wasn't watching.. 6 good trades/ 5 bad trades. Not bad for OVERTRADING. Thing i need to keep in mind:
1) Stocks downtrending and DOWN from OPEN, WHY did i try to go long on those 4 trades. If it wasn't for this CRUCIAL mistake, i would've only had 1 bad trade today.
2) 930-1030 is the power hour.. opening strategies start to fizzle once it gets close to mid day. I gotta make a chart on my monitor that Keeps me in check on Morning/Midday/early afternoon/lateafternoon or just REMEMBER TO LOOK AT THE CLOCK, #shorttermmemory.
General Thoughts: @1pm Since there's been a crash, and today was a good rally for the chinese markets, I'm wondering if i can organize a strategy around the chinese rally. These are chinese companies that are being traded on the US markets, if i can find out which ones they are, i might b able to make nice gains due to the rally.
@1:45pm Tim's comment: "I don't see ANYTHING worth trading, it's okay, it happens during the summer, just don't force trades." Yep, yesterday was watching up to 16symbols, made lots of mistakes, today just focused on 3 but even then. My strategies for the day have been mostly intra-day/short-term and the gains are on avg 2-5% profit plays to 5% on the downside. Although, im getting good probabilities on scalping.. and alot better than majority of the traders in the chatroom. I can see why tim always complains of scalpers, and if apply his rules to the teeth.. i'll prolly trade EVEN fewer but my probability of being right will skyrocket even more so on how i'm scalpng. That and my risk reward ratio at best atm is maybe 2-1? while the ones i've seen him do have been at the lowest 3-1 up to 5-1 plays. The market is slow atm, the only reason why im forcing trades is that so i'll have experience, but slowly, maybe in 2weeks.. I have to adapt from this style and more towards Tim's Strats. @315pm.. calling it a day.. Both DANG and AMCN are just fizzing out.. SGYP had a nice drop from 8.93-8.63 before fizzing at 8.70. I didnt catch it in time, ideally i should've shorted at 8.79 at the 2nd bounce, My entry ws at 8.73 on the 3rd bounce and exited at 8.7 just cause im tried of jst watching this crap... Started using alerts instead of watching the damn screen.. Since volume's dying out.. i really won't go in unless it goes below it's day's lows for both SGYP/DANG. Neither of these two are afternoon chart plays, in the future, unless it's close to the day's highs/lows.. prolly won't bother watching. @sometime before the close.. DANG Alert came off.. nice fade breaking the afternoon low but wasn't close to the day's low. Shorted at 6.81 Covered at 6.78 for 3cent share profit. SGYP Alert came off, faded close to the day's low, but did not break it.. Will neither be shorting SGYP/DANG overnight.
******* Good stuff though.. Michael goode's Alert in the classroom at 3:32 PM (While i watching SGYP/DANG) about TRUE should've' set me to watch TRUE.. It went g/r at 3:42 from 11.10 > 9.89 for an 11% drop.. Even if i missed the beginning, I would've shorted on the bounce at 10.45 and it closed at 10$ for a 5%. This is a late game panic chart/play with news, year low breakdown, multi-year low. I need to watch the chatroom for the admin/mods alerts and have a system where i can scan news/search a stock's profile in less than 3mins. Few people in the room ever caught on until around 3:45ish.. If i had been watching level 2 on it, i would've seen it coming as it was breaking out.
http://www.autonews.com/article/20150709/RETAIL/150709862
https://twitter.com/jasonstein/status/619226689751674880
^Hindsight review July14: I'm an idiot for not watching the stock the nxt market day. Obviously overtended and was due for a bounce which it did the next market day.. gg.
- Kaizen
