Wednesday, November 12, 2014

Cleaned the Slate- closed BOOT, NLNK, PIP, RWLK,

In my opinion, the market is setting up for some downside.  I don't want to have as much exposure in positions that were not profitable or only marginally profitable.  So not a fun day but I can reset and wait for my set ups to form.

BOOT   Turned out to be a decent trade but nothing special

Entry: 18.09
Exit: 1 18.90
Exit 2: 18.64.

Aftermath: And I prove again that I have no patience.  Although I would have had a tough time seeing all my profits disappear while it makes a secondary charged

After a few attempts at going higher, the bottom dropped out and I got stopped out.
Entry: $34.19
Exit $31.23
1.9R -- This one hurt as I nearly went to my loss limit.

So what went wrong?  I saw this as a pocket pivot trade from my entry.  I see now that I bought the breakout after a big red bar, which means this had not consolidated enough.  Consequently, the entire time I owned this it was still in the whipsaw phase.

Lesson learned, turn the page.


Entry: 30.73
Exit 1. 28.90
Exit 2. 29.00

It finally broke its support at 1.70 and I had no choice but to sell.
Exit: 1.68.

This trade was never able to recover from the SIGA bankruptcy news that put the gap in . Up until that point it had traded pretty well.  I needed the court system to work faster, lol.  Didn't happen.
This was a special situation stock that I knew would have taken months had it worked, so I allowed myself a little more risk than my 2% rule.

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