That quote is just one of the many things I've picked up about trading, yet never verbalized. I intend on writing my notes about stocks down in post very soon. I also hope to do a post specifically on finding the stocks I trade. I've got an arsenal of sites to check- just click down my blog roll on the right side of this page, but I find my own stocks just in case. For example, I found FRZ on the first day of the run up on 10/22/08. I said I'd play short or long based on morning action and indeed, the run was not finished on 10/23. Nevertheless, be on the lookout for these posts.
Next, there is absolutely no way you can expect that I not traded this past week I haven't posted in. Yes, I did have two midterms, but I've been trading plenty.
First was my CRDC short. I took the hit at the top of its bounce and covered. It was my mental stop price and I just followed my rules expecting it to continue the rally. If you've check recently, It hit 5.75 recently. My short was from 6.72. Could have been a nice 1k profits, but I've learned that thinking about what you could have done in the stock market is the biggest waste of time.
I took the hit in my account, and set my eyes on TRE and soon LVLT. I bought TRE on Friday on a vol spike. It had a multi-day run down, and I didn't mind holding o/w(over weekend) on it. After all, only a mining company. Funny thing is, i've been buying and selling stocks very often without checking what the company is even about. My technical analysis is getting better and better the more time I chart with moving averages on TOS. Like my buddy Gio said, 10/60 and 20/50 is really where many traders make their decisions. For me, its an instant way to tell where the market is heading. I have also been admiring how eloquently as a whole the market makers will time buy/sell volume spikes so that EOD buy-ups and sell-offs can happen in accordance with the 10/60 sinusoidal pattern.
Anyway, TRE was played long and again I took a hit on this one. It went my way immediately, almost breaking 2.0 from my 1.91 entry, but since it didn't hit my price, I held. Eventually I couldn't take the pain at 1.70 thinking that shorts would force it lower so I got out. My account was below 6k for the first time in perhaps a month. Simultaneosly I bought into LVLT at close friday hoping to get in on this breakdown rally. When stocks fall this quickly, its very easy for the momentum to overshoot the true price of the stock. For that reason, I bought into EOD momentum and closed Friday with a loss, but if you saw it almost take out 1.40 today, you know why I reloaded EOD at 1.20 with more shares. This ticker is a good prospect for me. Big thanks to Laura, chat goddess of GOTS, for the alert late Friday.
