VGGL Fishhooked it for profits.

So although I shorted VGGL after its first run and made good profits,  I was impressed with its resiliency. Despite what I might think of this stock, It's chart was showing the potential for a perfect Fishhook. I resolved to buy if it popped 3.50.  It did and I got filled @ 3.60.

I sold off my first lot at 3.80 and then 3.71.  I made .5R on the trade.   I was a too skittish to hold for the second move over 4 as one of my other trades was going against me.  Too bad because this wound up running all the way to $4.50

Closed PLNR Took gains of 20% gains on a Fishhook.

Check please.  When the fishhook entry works it really works:

Trade summary

Entry: 6.44 (Friday)

Exit 1:  7.53  (16.9%) 

Exit 2. $7.75 (+20%) 

 1R

I didn't size this as big as I should have but still a nice trade.

Opened PLNR

So after buying at 5.47 on Thursday and getting shook out --- and missing a large profit on an EP type move.  I re-enter PLNR at 6.44. The funny thing is that I have more conviction buying as PLNR gave a valid Fishhook Entry signal as it took out Thursday's close after the initial sell off attempt failed.

I've found that stocks that exhibit this type of trading action products some of the most powerful moves in the ensuing days when the initial move comes on volume.  

New Swings- HYGS, HAWK

I bought HYGS today in a fishhook type trade- it also would trigger on the Elder Impulse . Given the strength of the V shaped recovery I thought this is worth a try.  Here's what I see.  A break of the pace of the down trend with a successful  back test. This is somewhat of a fishhook entry as the strong move held.  in at 16.06 Stop 15. 87.

HAWK:
I like this set up as it weathered the downtrend much better than most stocks and now it is flagging.  I've found that buying within the consolidation can be a decent low risk entry.  However, it might need to trade sideways for another couple of days.  It just hit the 13, so it may get a kick but I think its more likely to get its burst when it hits the 20.

Closed KNDI + 8% 1 day

KNDI has been an extended downtrend.  But then broke out of that down trend on heavy volume.  The next day It pulled back and then started to go back up.  I used a type of  fishhook entry here w/ a stop at LOD.   I was disappointed with the close on Day 1.  As it closed close to my stop.

Things got interesting on Day 2.  For most of the day it sat around going nothing nearly stopping me out but I survived and the volume came in hard.  I sold into strength and took a .8 gain on the trade.

Entry: 13.63
Exit 1 14.74
Exit 2  14.49
Total    .8R

Summary

I'm very pleased with this one. I felt I had about a 60-70% chance of getting stopped out.  It just goes to show that sometimes the trade you expect the least from can do very well.  The exit was not smooth as it started fading quickly.  I tried to unload the entire position at 14.74 but got a partial fill.  Rather than wait for a rebound I chased it down with my sell order.

TKMR one more swing.

So it was a busy day for me.  I entered TKMR @ 27.95 (fishhook entry) and exited at 29.75 for a $1.80 gain (6.5%).  .6 R

Why sell?  There's a lot of hype and a lot of things can happen over the weekend.  When I'm on this type of a winning streak I need to remind myself. Don't be greedy, sell into strength.  

Opened KNDI land

KNDI  is a fad type stock that has had a a tough time as of late. That may be looking to change as I believe this setup provides a low risk entry.  Notably, KNDI retook its 10 MA on high volume  it then checked down, which is what I would look for in a fishhook setup but faded a bit late.   Not thrilled about the close but if Thursday's momentum returns I will have snagged a nice entry. 

Entry: 13.64

stop: 13.20

Another mean reversion trade.

Closed CSUN

I have become pretty concerned on the over all health of the market as we are seeing some of the leaders begin to falter.  Due to those concerns, I have been quick to pull the trigger.  Probably too quick,  I have over a 70% win rate this year but that's not necessarily a good thing as it likely means I am not letting trades develop as much as I should.

CSUN has about the best weekly setup that you could ask for:

I bought a fishhook setup on it as it had a big powerful high volume move.  Attempted selling 2 days in a row with reversals.  It then broke the range on Friday,  Unfortunately, it faded with the broad market sell offs.  I was concerned that holding a ton of stock would not be a great idea if the selling continued.

 I acquired the position on the various reversals with buys at 3.35, 3.43 and 3.56. I unloaded my position at 3.70 for a bit more that a 1R gain.  I'm not opposed to reacquiring this position but I think now is the time to play some defense.

Opened RADA

On Friday, I opened Rada at 3.76  I anticipated the break from the range, but the anticipated breakout failed.  I probably should have waited until the prior day's high was taken out but nonetheless.  Friday's action was very positive as the sellers were unable to make progress despite broad market selling.  

Stop at 3.30.  

SCOK stopped out.

SCOK was a huge gainer yesterday.
I thought I might be able to fishhook it as it bounced at 6.10 and bounced I bought at 6.55 it ran to about 6.90 but couldn't go higher and then sold off- hard.  I kept my stop at the LOD.  6.10 and was filled at 6.08.   < 1/2 R loss

So what went wrong?
Mid-day bounces are the least reliable there was still a lot of pressure on this stock as every one knew it was going to fade.

What went right.  the position size was small due to the increased risk and trading plan was followed.

Closed OTIV with 50% gains

I Fishhooked OTIV yesterday at 3.14.  It started taking off pre-market.  really taking off I sold a small bit first at $3.80.  But OTIV  kept going more going up to $5.00 as it backed off from that point, I sold off the bulk of my position with an average fill of $4.77   This worked out to about a 4R gain.  My first trophy fish of the season. 

After I sold, It faded the remainder of the day:

Opened OTIV CSUN, Fishhook Entires

I recently wrote up a detailed explanation of a the "fishhook" entry that I have been using for Big Gain Hunting. I hooked into a couple today.