I've been dilatory in my Journal. Anyway here's the update.
May 19 --21
Gapped down on earnings and then rallied from that point. I didn't trust the move so I figured it was best to just get out.
Exit 1: 5.47
Exit 2. 5.49 too bad this one would run.
Bought: 13.32 got in and then the fade. Still holding the flag. I'll see how this plays out.
Great move but its time to start playing it safe
Exit 1: 32.30
Exit 2. 31.97
I decided to let this run rather than pop it off at the morning gap. Glad I did:
Exit 1: 10.61
Exit 2: 9.85 (let it come in too much on the remainder still a decent profit)
BONA: This one went about as well as as a 2 day trade can go:
Nailed the breakout added on the way up and phased out.
Entry 1: 10.59
Entry 2: 10.82
Exit 1: 11.89
A fantastic weekly breakout
Exit 1: 36.46
Exit 2: 37.10
Entry $8.24 this stock has shown some explosive potential but hasn't really took off after last weeks earnings breakout.
PBTI-- Again into the close play for the gap:
HDP: Some great power coming from earnings. Looking to burst to weekly high
Another IPO trade. looking for a burst. Not thrilled about that it was unable to hold its week one.
Entry 2: 13.64
This is the breakout that started the run. I should have sold a portion into the second week burst. Anyway I got stopped out here for a decent profit.
Entry: $ 9.42
Exit: 10.35 9.87% gain.
So I decide to get cute and Short AMCN as it looked like it was breaking down.
Didn't work at all as I short near the bottom and then it rallies and takes me out. Fortunately, I didn't put much size on but this is not my trade. This is not my setup.
IPHI: Closed calls,
Exit 1.75 The problem was I should have gotten out over 2.20 but there was no liquidity and widespread. The down fall of options. Yes, I am complaining about making 75% in a week and a half.
Again I pay for trying to squeeze more out of a trade than was there. This should have been a decently profitable trade but I wanted more and I take a .96 loss. That was .20 of slippage.
Entry: 13 (short)
A very thin wide spread bio tech -- turns out it was pretty profitable
Exit 1: 25.34 -- Smart selling off half on the thrust.
Exit 2 23.92
(I'm pissed that I missed the super spike. I had an order trying to get out after it hit 27.80 but the bids fell away pretty quickly) Should have been the sign to take what I could get. Closed at the end of the day for about $1.00 on the second half.
PBMD: So many traders had their hard luck story with this one. I did too. I took it over night with the thought it would bounce pre-market like PBTI had done on the 6 times I successfully took that trade.
This one when the opposite. Rather than being sold out. I was down 30%. That's why I don't take big positions on these types of trades but still the day 1 trade is always a widow maker. Even still, this was under my 2% threshold for losses. That said, I won't be doing that again.
Not the gap I hoped for:
Entry 1: 5.62
Entry 2: 4.32 (small)
VLTC: went green to red after it bounced off the 10 week MA. With the speed it was appreciated I assumed there was some news. There was a rumor that Ichan increased his position. I didn't buy the rumor (actually i did) because no news outlets were reporting. Although this spiked from my buy point, i decided to close it out for a small gain. (A good decision it turns out)
Closed TNP, small gain. This felt lethargic:
I would rather preserve my capital and miss out than to try to squeeze too much out and take a loss. See NDRM