Hi all!
Well, as I usually do after having a red day I came back today like an angry teenager with a thirst for SWEET VENGEANCE and made PTBI my bitch! I started in long in premarket at $8.32 and absolutely nailed the entry so I decided to just let that sucker rip and it paid me big! I sold that add at $9.50 and the last at $10.53. I honestly was planning to have to add to it on a big washout in the morning but it just took off so it never even went red from where I bought it. After the first trade I longed it into the first panicky flush at $9.45 and sold again at $10.08, then readded again at $10.15 on the first flag breakout, selling at $10.70. I could have done a couple things better: mainly on the $10.15 add I wish I had let it run through high of day instead of selling into it...I kinda figured it would push through $11 but I didn't want to blow it with greed and knew there would be plenty more opportunities to rebuy if I was too conservative. Also as you can see by looking at my chart above I got a little flakey on the buys in the consolidation around noon where I probably was a bit too early on my entries, but finally did nail it one last time, buying at $9.75 and selling all at $10.38. I decided not to try the short since it was a bit earlier than I like to short for a day long fader...I usually like to see those fade into the last 1.5 hours or 1 hour of the day, rather than starting at noon or 1pm like this one did. Just seems on a stock like this there was still so much time left to reverse any quick short and shoot the stock off to another new high, so I left it alone on that side. I also took a decent push in NYMX at $1.40 in the morning, selling at $1.52. Other than that my OCN call was dead on but I didn't take it because I was so absorbed with PTBI and wanted to focus there, but nice to see the OCN short work anyway. All in all, a kick ass day and I totally crushed that loss from yesterday with NYMX and PTBI so I'm really happy with my trading today. The SPY is now getting a bit stretched to the downside and IWM is in a bounce area and almost reversed and closed green which to me indicates that we might see a relief bounce tomorrow. If not a bounce, I would expect at least a little sideways or rangey/consolidation type action. That said I'm going to probably only focus on stuff that is very strong in terms of momentum like PTBI and/or has a crystal clear daily pattern. Here are some ideas for tomorrow:
TROV (long):
Nice breakout on this today despite the market weakness and only 20m shares float. I want to see a pullback in the morning to $9.20-9.40 ... the closer it can get to that $9.20 daily area the better and I will try to get long in that area for a red to green and follow through today's highs. I think this can pretty easily hit $10.30 weekly highs as it seems it has a history of making multi-day runs, especially after a clean breakout like this. Risk on my ideal $9.20 entry will be under $9.00, and I'll adjust the stop accordingly depending on how the trade acts and where I can get in.
To be frank I actually have like 15-20 other stocks on my list but TROV is the only one I was able to make a plan for so I'm not gonna force anything. Here are the other ideas I have, but please have your own plan on them and use this only as a guide:
OCN, PES (long) - These really could go either way because the patterns indicate a short but market action indicates a long. So I will just watch to see how they act and probably leave both alone, but they are liquid and move relatively cleanly so it's possible they could develop a trend for an afternoon trade
PTBI (short) - My bias on this is short but I will ONLY trade it if it gives a very clean entry. Not going into detail on this one as you need your own plan but I am short biased
NYMX (long) - Nice strength today despite market weakness. Watching for morning push through $1.50 to take out the $1.55 high and hit $1.70-1.75 target
GMAN (short) - Eyeing the $7.20 area for a short
HMSY (long) - Still waiting for the flag to develop on the daily. No entry yet but I think maybe $17.20 area could be a trigger
IPCI (long) - Eternally watching for $3.15 breakout, lol
CMCM (long) - Again, watching for $25.00 breakout but it's just coiling for now. Only reason I keep putting it on my list is to remind you this has 82.5% SHORT INTEREST which means it can squeeze HARD if it breaks out
AAWW, LAYN (short) - Both parabolic...I'm waiting for weakness to short
TOUR (long) - Nice push today and strong volume. If it can hold $17.20-17.00 it can go red to green to mid $18s
CHOP, FWM (long) - Both down a ton the last couple weeks and look ready for bounces. Watching for the $2.00 area to hold on CHOP and the 200dma on FWM. Don't buy these just because they're on this list - they need to be timed correctly so if you don't know how to identify the signs of strength I'd try to find an easier trade
VLTC (long) - Had some strength today and seems to be getting a little juice from this whole PTBI thing...same type of story. Icahn invested $5m in VLTC and "rescued" it so now everyone sees PTBI getting the same type of investment from Soros and goes after VLTC thinking it will run again from the momentum in PTBI. They're totally unrelated companies but since they have similar catalysts they may give each other momentum from traders Alrighty that's it! Hope everyone had a nice day!
Chris
Submitted May 06, 2015 at 10:50PM by ghostofgbt http://ift.tt/1F6Ujrg
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