I was way to eager to trade after Wednesday. My account was at an all time high, and I had two day trades left for the week. I forced trades for the rest of the week. Tried to reshort PNX and got a quick lesson that it wasn't ready to break 5. I held an o/n on RAMR out of desperation to trade. Luckily I didn't not go bankrupt on this trade. I don't know what i was thinking. RAMR!! A 1$ stock with no volume! I could have taken a big hit of someone decided to do some manipulating. I started early Friday with CRDC. I shorted off the top and saw some nice pitfalls. But the spread on this stock is horrible and again, I saw how ugly low vol stocks are for small accounts. Muddy was able to take it when it begged to break 7. I was even willing to give up a hard earned 400 more on my short before I called it quits. I've really gotten a feel for movements in price and resistance. My EOD fade that i told dhous and Andromeda about came through just like I said. I think the downside will come Monday since it didn't crack 7 on friday. Not to mention, there was the DJI fade Friday.
I'm proud of how I stuck through the losses on CRDC Friday. I saw my target exit and when things didn't go my way though I considered covering for a loss. I checked my reasons for entering and saw that this junk company had not yet delivered on rumors from sept. 11. A buy offer is not up for discussion, and from bid/ask it looked like the market movers were just begging people to raise the price. IMO, theres some manipulation in this stock. They didn't get me to fall for it. Of course, this could all change monday. I do real-time analysis on price/volume and sectors. I need charts, and I need to get a feel for the moving averages. My biases call on CRDC is way down. What will happen monday is what I will react to.
This is my first weekend hold. As dhous reminded me EOD, at least we saved a day trade! Now for a picture.
I entered pre 10/60 cross #2 of the day. Saw some quick quick money, and wanted more. I held through the squeeze that turned into a solid attempt at 7. Decided that it was a good fakeout by some shady market makers. Saw confirmation when the huge red drop happened at the red circle. Decided the EOD sell off wasn't enough the second time it happened either. I'm confident about monday.
P.S. Covester is really being strange recently. It seems like the percent gains are always wrong, but I know they have the right information on my trades. Noob just made the Covester rankings list making me really hopeful that they may add me as well. I emailed Blain Reinkensmeyer about being added to the rankings to help my resume, but I have to have two months experience. Fortunately, they will calculate my Sharpe Ratio for me on the 24th so I will be able to place myself in the rankings unofficially. I'll be sure to post here when I find out.
