Hi everyone!
Well, today was a crappy day for me. No other way to put it really. I didn't lose much but I am pretty mad at myself! My plan last night on LPI was to buy $15.20-$15.30 for a run to $16-$16.30 with risk down to $15. I followed it exactly, buying into the morning panic at $15.22, and it fluctuated around $15.20 for quite a while as XLE found its footing. My mistake on this was like an idiot I TOOK IT OFF at $15.23 because I got impatient waiting for it to bounce! I told myself I would rebuy it lower but after I took it off I wanted it to crack $15 so I could buy it on the panic under $15 but it never did...it bounced off the lows and went red to green all the way from $15.05 to freakin' $16+! So that was a huge miss for me and there is no excuse for it other than I was too impatient and didn't follow my plan. This should have been a huge trade but it was worthless (literally) for the simple reason that I didn't follow my plan. So anyway that was a big fat miss...then I also kinda got the shaft on CCIH. I noticed the big volume spike at 10:30am and grabbed a small piece at $15.01 and was in profit for a brief moment, but then the volume just vanished and the stock tanked for some reason. It went pretty quick so I let it get away from me a bit as I was planning to stop at $14.74 but it kinda knifed right through that level and faceplanted, lol. I had a small position (per my rule to always account for scenarios like this on thin stocks) so I was able to take the pain and wait out the bounce to see if it would recover but I ended up taking it off at $14.55 for a loss. That was basically my whole day so it sucks because I had a perfect plan on LPI and nailed the entry on it and just got impatient waiting for it so I passed up a huge gain which would have made the loss on CCIH a tiny blip. I guess tomorrow I will focus heavily on following my plans...but we all make mistakes so I'm not too worried about it. I don't really get mad at myself for losses. I get mad at myself for breaking my rules and not following my plans which is what I did today so I am currently in time out. Haha oooook so anyway, I also added another 2k to CREG so now I have 5.2k shares at $1.11-ish average and plan to add more when it does finally break $1.14-1.15. Just watching for volume and waiting for the right time. All that said, crappy day, but I have no plans to surrender! Here's my plan for tomorrow:
EJ (long):
Beautiful daily flag that looks just about ready to break out and is also coiled into a very tight range intraday. That said I want to see this open exactly where it closed and push right out of the gate. Since this is in such a tight range I will be waiting for volume to pour in and watching level 2 to make sure I'm not just getting suckered in when it prints 100 shares at $6.82. My stop will be very tight, but will depend on how the stock opens. If it opens how I hope/expect, then my stop will be $6.75. Otherwise it may change.
SINA (short):
SINA is getting a bit extended on the daily chart so I'm looking for a push into weekly resistance at $45.00 to start shorting. If it gaps down I am not opposed to shorting pops but the reward to risk will be a bit lower since it can probably only pull back realistically to $42.80 or so before it bounces a little, so I want to make sure I take that into account when deciding where my stop loss will be. That said, ideally I can get a short $45+ on a parabolic morning push to let it get really extended, and will add once it becomes a winner and risk accordingly.
As usual my focus list is small. Here are my other potential ideas:
TCPI (long) - Still stalking for $4.00 breakout. High short interest and low float stock = lots of room to squeeze
VLTC (long) - Possible red to green play
CLDN (long) - Watching $2.75 for break toward $3.00
SYRX (long) - Nice volume expansion today. Possible continuation upwards over $2.40
RMGN (long) - Bounce potential over $1.55
SVU (long) - Still watching for bounce on the daily chart. It seemed to find its footing a bit today so maybe over $8.90 with risk to $8.73
CLNE (short) - Possible parabolic short if it can get to $10+ or set up a nice topping pattern intraday
CCIH (long) - Beautiful flag on the daily...watching for breakout
MCHX (long) - Breakout area over $4.68 (thanks Sandman!)
RMBS (long) - Flagging on the daily but might need a few more days. I'd like to see it coil up under $14.25 so it will be a little lower risk and not in such a wide range
IPCI (long) - Watching $3.15 for breakout. Thin stock so trade accordingly
Hope everyone had a nice day! Let me know if you have any questions
Chris
Submitted April 30, 2015 at 10:07PM by ghostofgbt http://ift.tt/1GLFnPF
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