Wednesday, January 22, 2014

They say timing is everything.

Good morning folks,
Clearly my timing was off with one stock yesterday. The good news is I stayed disciplined and kept my losses to a minimum in $KOOL. I took the trade twice and got shaken out for a small loss each time. Fortunately I had other trades in $CNDO and $GMO that were working. Towards the end of the day I finally hit $KOOL for a third time and I was able to walk away from the day with a winning trade in the name. My first entry in the name was to early, I should have let it develop more and I wound up having to bail when it broke below the VWAP. Then a little later in the day it looked like it was going to try and take out the HOD and the 5 minute chart looked much healthier. Already haven taken a loss in the name had me a little gun shy but I jumped in again. This time I was overly tight with my stop and I got shook out again. This made me want to add the stock to my devil stock list! 

I continued to watch the stock and after looking at the chart I felt it may run into the EOD, That is exactly what it did. I took it a third time and scalped 20 cents out of it. It was a winning trade. However, I could have taken 40 cents out of it.

Since I had already been burned twice in the name I was emotionally charged and ready to hit the exit quickly if it even looked like it was going to go against me. Since I was up on the trade I wanted to lock in profit and I booked profits to soon. My timing was off with that equity. The entry on the first trade was poor, the second trade my stop was to tight and the third trade I booked profit to quickly. Going over my own trade review helped paint that picture for me and its something I strongly recommend for every trader. You can't get better unless you recognize where you went wrong. Timing and emotion both played a role in failure and success of those trades and that is something I will continue to work on, moving forward. Even though overall those three trades were barely profitable, it felt good to have a winning revenge trade and the trade review itself will help me improve my skills.


Morning movers and other stocks that caught my eye
$BBRY continuation over the 10 dolla holla , $VISN pr don't chase, $DRWI Pr don't chase, $AVEO hot daily 2 dolla holla , $ZLCS hot daily 2 dolla holla, $Gern 6 dolla holla continuation?, $LPTN decent daily pr 5 dolla holla, $MY 3 dolla holla , $END 7 dolla holla ?, $EVOK pr newer IPO  10 dolla holla big gapper ,$IDRA pr  5 dolla holla ? nice flag daily, $CNAT nice flag daily,    


Seeking Alpha
Today's Markets:
In Asia, Japan +0.2% to 15821. Hong Kong +0.2% to 23082. China +2.2%to 2052. India +0.4% to 21338.
In Europe, at midday, London -0.1%. Paris -0.3%. Frankfurt -0.5%.
Futures at 6:20: Dow -0.3%. S&P -0.2%. Nasdaq -0.1%. Crude +1% to $94.88. Gold -0.2% to $1239.60.
Ten-year Treasury Yield +2 bps at 2.85%.
Notable earnings before today's open: ABTAPHASMLATICOHEAT,FCXGDMSINSCNTRSPGRPHSTJTELTXTUSBUTXVIVOXRS
Notable earnings after today's close: BXSCCIEBAYEGHTETHEWBC,FBCFFIVFIOHRCJECLOGINENFLXPLCMRJFRLISNDKSUSQ,SYKTCBITERUMPQURIVARWDC
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