- Position: Long
- Entry: 2.20
- Risk: 2.04
- Size: 500 shares
- Risk ($):
- Target: 2.35
Sizes into the morning dip with 4 x 100 shares @ 2.16 sold into strength shortly after.
Tried to buy a dip later @ 2.30 6:58, but stock crashed down, tested support at 2.20 and failed, sold for a small loss. Overall, a positive trade +17
I played this perfect until the crash. Buy the morning dip and sell into strength.
Since I had four 100 share trades & my account size < 25k, I believe I triggered the PDT rule.
Now, how to replicate this trade consistently.
- Perfect breakout after morning dip
- Daily Volume: 23.5m
- Average Volume: 3.1m
- Market Cap: 231m
- Sector: Biopharmaceuticals
- Position: Long
- Entry: 12.75
- Risk: 11.75
- Size: 150 shares
- Risk ($): 150
- Target: 14.15
Thoughts: steady fundamentals, strong long potential.
Sleepy, will continue updating post tomorrow (9:24 PM 6/27/17 – this is where I messed up…)
Stopped out for a $150 loss
- don’t place trades past midnight when you’re tired and not @ 100%
- do not trade before confirmation. Had thought positive PR was released about merger between Rite Aid & Walmart, next morning, negative news, market also finished in the red for the day.
- stopped out at risk level for a $150 loss.
Unrealized P/L: 78.45
Realized P/L: 0
Three trades, three wins.
I have not closed FOLD or IMGN because my targets have not been hit. I will cover half of my DCTH position (250 shares) to lock in profits tomorrow morning.
I plan on managing these three positions tomorrow and not jumping into anything new until Tuesday.
Part of me thinks this is beginner’s luck. The other part thinks I made the right moves and started to build some good trading habits.
What did you do well?
- sat tight and respected risk
- did not give into emotions
- prepared trade strategy the night before execution
- knew my entry, risk, target, source / catalyst & strategy for each trade
Areas for Development:
- focus on one or two strategies, be wary of “strategy hopping”
- be prepared for internet outages, like with T-mobile this week. You can’t be in the dark for any reason, it’s dangerous
- think about tightening your target / risk spread from entry
- keep watching HTMM, you’re still new, don’t let a few successful trades get to your head
- You are only as good as your last trade
- You are a retired trader, only come out of retirement for perfect plays
Size: 500 shares
Risk ($): 25
Target: 0.162 cover
Placed this trade, based on information from Tim Sykes video, DCTH is trash / a junker and is on the verge of crashing. Second half of a supernova. 5 cent risk reward spread on order.
3rd trade of the week, capped by PDT. Will close out my positions later today and do a week 1 recap.
Watched this video on the commute home.
- $DCTH is the first supernova we have seen in a long time
- My thought here is, this is going to crash because there is no catalyst
- The current trend (based on sykes) is Junk that Runs.
- Sympathy Plays seen in:
- IB has 550k shares of $DCTH available to short for 6/22/17. Question is, do I put in my last weekly trade as a short for $DCTH, say for 2000 shares?
- Potential trade:
- Entry: LMT Sell 2000 @ 0.25
- Risk: LMT Buy 2000 @ 0.30
- Exit: 0.15
- Loss / Gain Targets: $(100) / $200
- I’m only watching DCTH tomorrow, nothing else. Let’s fuckin get it.
- I’ll be looking to close my positions on IMGN & FOLD as well.
- Entry: 6.05
- Size: 100 shares
- Stop 5.50
- Target 9.1
- Risk / Reward: 1 to 5.55
- Strategy: 52W High, strong uptrend, potential breakout – next resistance at 9.1
- Source: finviz top gainers, average volume > 500k, biotech sector hot, touching resistance, new HODs
- Plan: strong uptrending channel, if can break above channel, target @ 9.1
finviz source chart
trading view w/ target & risk
2 day / 5 min IB chart
1 Minute chart shortly after execution around 7:45 AM
- Entry: 10.15
- Size: 100 shares
- Stop 9.15
- Target 12
- Risk / Reward: 1 to 1.85
- Strategy: Multi-day breakout
- Source: Turbobob profitly 6/20/17 watchlist. Price Action, Analyst upgrade to Buy by bidaskclub
- Plan: If can break 6/19 HOD (10.15) then target of 12
- Note: Human error, looks like I put in a MKT order instead of LMT, average fill price of 9.99
First trade with IB today. Used 33% of account, probably wasn’t a good idea to start with such large position sizing. Minimum commission is $1, 200 shares @ $0.005/share to optimize commission spending.
Respect your risk. Sit tight. Will deposit another $2,000.
7:50 AM tested yesterday’s HOD resistance, failed
Question: is 7:40 price action a result of 10.15 shorts covering or is it from bullish buying pressure? Or is it both?
7:58 AM uptrend, testing 10.075
Jesus, that 8:00 AM candle, drop from 10.06 to 9.9
8:05 AM Glued to the screen on my morning commute. Mistake
8:14 AM thought … look at sector, industry, capitalization performance YTD. Top down?
12:17 PM touched prior HOD then faded. Fuck. Touched 200 SMA and we’re dipping. Do I close my position, hold or buy more?
7:19 PM Faded and closed @ 9.55
- Potential morning panic tomorrow?
- Other traders locking in profits or buying to push higher?
- First red day?
8:01 PM I need to improve my knowledge of trading. I feel like I’m going in blind.
Current unrealized loss of $(44). First loser in the books.
Watching Timothy Sykes HTMM.