Yesterday was a good day even though the market was extremely weak and we had a pretty good sell off to close near and @ low of day in the indices.
I took a few quick trades early in $CBMX and $APPY I made a quick profit in $CBMX so fast that it wasn't even worth psoting the trade cause it happened so quickly, Half of $APPY selling the remaining half flat. Then I loaded up On $TZA and sold half for a 30 cent gain and held the rest overnight. I took $EDAP mid day I bought it @ 3.80 however I was early. I got scared and shook out of the trade when it dipped to 3.68 and the market was really acting weak only to see it rebound and climb to 4.14. I had it right but I made two mistakes. First my entry was a little stretched as I was chasing a pop in the price. That made me a little nervous right off the bat. So I should have had a better entry. Second I should have let the trade play out a little longer before hitting the sell button. It was sitting right on support when it tuned around and shot right back up. I let the overall market influence my decision.
I have been cautious on the market and have most of both accounts in cash waiting for a correction. My trades are strictly day trades with very few swing positions and some long term holds in my IRA.
The markets look to open higher for the time being. I remain cautious and plan to make quick trades and take profits when they are there.
Many of my trades setups that were on watch this week have broken down. I will be actively scanning today for high volume and percentage movers from my GOTO list as well as the overall market.
My list for today
$EXK $EDAP $TZA $MNDK $CHTP $KERX $NKTR $TASR $MNOV
Good luck trading today Be quick be nimble and stay focused on what the overall market is doing.
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