AVXL- 5000 Buy Entry .76, Exit .84.. Gapped up and panic'd .. bought on last day's close sold on Multiyear-resistance after breaking HOD. 400$
NYMX- 1000 Buy Entry 2.9, Exit 3.15.. Spiked up from 1.29 >_>... small position since i'm chasing... bought on the breakout from previous HOD. sold on level 2 resistance on new HOD. 250$
Gonna watch NYMX for late day entry? ABCD? Support at 2.4?.. we'll see, ill set alerts/stoplimits..
Stoplimits dinged.. orders filled.. watching stocks now...
AVXL- 4000 Buy Entry .855? wth.. Exit .89. bought at breakout HOD Sold under resistance >_>. this is scary that there's so much weight overhead.. 140$
NYMX- 2000 Buy Entry 2.53. 1000 Added at 2.6 (first was dip buy, 2nd was my stoplimit) Exit wrongly at 2.58.. Thought the support was at 2.6 when it really was at 2.55.. (Playing without Level II is blind.. the paper trading level 2/bid+ask is a few mins behind.. useless pos...) 80$
3000 Buy Entry 2.58, Came in again.. Exit 2.63, lower lows.. I shouldn't be in this stock midday.. Shouldn't be scalping either -_- smh... 180$ . This does look like an ABCD intraday.. its alrdy up 100% though.. Setting a stoplimit buy order at HOD and if it doesn't ding.. I'm done for the day.. back to studying..
Nope, fell asleep.. NYMX broke past 3 but didnt come close to it's highs.. will be watching these two stocks again tonight for breakouts.. AVXL is a slow climber though and has major resistance at 1$ from 3yrs ago.. There's so much risk, will only buy on breakout past 1$.
Sigh, I'm scalping again BUT.. i'll work on it since IU has good strategies and i'm seeing how scalping works.. Drastically huge difference on how i trade now vs 2wks ago..
5 trades.. 6 entry, 5 exit.. 100% Rate, 1050$ Profit.
There would've been another nice trade on the midday breakout 2.80 and cover at 3.. but i really need to pay attention to these intraday-sideways action/scalping.. these are not my strongest plays.
Goals for the week: Be prepared PRIOR to market open !! Do homework/scan stocks !!
PS. Playing around with ThinkOrSwim Software... I'm droooooling atm.. It's that good... Where Suretrader only had 1 window open... Behold TOS.. It's just sad that i won't be using Ameritrade.. Hopefully I'll find a platform just as good...
I'm at a crossroads atm, Tim skyes strategy is alot about due diligence on the specific strategies, but i've been seeing calls where even though the catalyst is positive, the price action begs to differ.. I'm starting to see it more of how Tim Grittani/Investors Underground of doing things where you trade the ticker and not the company.. I'll be doing a little bit of both.. For fast moving stocks breaking out, ill trade the ticker.. and once it dies abit i'll do my DD for future breakouts.. IU does alot of scalping however, i really need to see plays where they mess up on so i know what to look out for and avoid. That IU community though, Goal is to finish sykes/tim g's vids and start learning IU's strategies by Oct.
It's funny.. I was looking up more info between the spatter between sykes and modern rock about what started the asian rascist comment squabble and what ensued after. Sykes covered of a loss and he always preaches about #1 rule cutting losses, Modern rock comes in saying hey a covered loss still means your wrong. Although sykes was technically wrong on the trade, his action of covering for a loss required discipline. One MAJOR rule and if not the #1 rule being said by Sykes, Tim Grittani, Modern Rock, Nathan Michaud and ALOT of other successful traders in Investor's Underground is the fact that they #1: Cut Losses Quickly. I love how these guys posts/talk about their biggest losses and it was mainly because of not cutting losses quickly, and confidence in their belief of what the stock should do instead of listening to what the chart IS doing. "Don't use Beliefs, Use Convictions" Convictions has the chart/facts to back it up - Derrick Leon
- Kaizen
