This is my first WL that I have made and is intended to force myself to lay out a strategy for tomorrow so I can have a better understanding what a good trade will be for the following day. I was a chronic over trader, but since have convinced myself of that I calmed down. I am under the PDT and therefore need to take smart trades instead of the first thing that seems appealing. Recently I have had a better trading record and am rather excited to see my progress continue. Along with over trading, I have a hard time cutting losses quickly because it is hard for me to convince myself that I was wrong on a trade. Also I am not sure how these WL's work so I only put a few tickers in the ticker box, but I don't know how many tickers I will actually reference. I will be wording this WL as though I am teaching someone else because that is the best way to ensure that I understand what I am saying.

 

Just to reference my record of late I will go through some recent plays. My two most recent trades were on GBSND and NAK which were both good trades. I forced myself to be patient and get good entries instead of entering too early and being wrong. GBSND I only ended up making $4 on the trade because I could not get executed on the sell otherwise it would have been a $60 profit after commissions which would have been 10% for me on that trade. So I was frustrated about that and then I also waited too long to sell NAK which I was long in from $2.93 and ended up getting out at $3.13. I should have gotten out premarket like I told myself I would when I bought, but I wanted to let it ride a little bit, hoping for a morning run up. As per usual I sold basically at the low of the day, which I am actually quite good at. Haha :( Either way two profits instead of two losses and on both I was on the right track which is much more important than my gains for now, at least in my own opinion.

 

Now to tomorrow

DRYS IDXG ETRM. All previous huge runners that I am still watching. It is always smart to at least keep these on your radar because bounces or big dips are always a possibility.

IDXG Having recently done a 10:1 reverse split, this stock has been on the return to irrelevance. Each bounce that it has since its huge run up has been smaller and smaller. Any bounce is a potential short and any morning panic will be avoided by me personally as I do not particularly like trading this stock since I had 4500 shares at .46 and sold at .42 to cut losses right before it went to almost $2/share the next day.

DRYS is also a previous huge runner that is now great for trading both long and short using only key resistance and support levels (technical analysis). Monday this stock had a large drop from the open and ended the day trading in the mid 5s. After looking weak for a several days it tested the previous day closing range and failed and then formed a 'u' pattern and retested that range and immediately sold off. Any return to this level of 5.50ish is a definite short and a b/o of 5.50 could squeeze a lot of shorts. Tomorrow I will be looking for a morning spike to premarket support of 5 and for sure a triple top of 5.50. A crack of the support 4.40 would be a great time to short. Avoid this stock midrange as it might reverse at any moment.

ETRM is the most recent big runner of the three and has had several morning spikes recently. A morning panic to 6.30ish or even 5.50ish would be great as there is big support at these levels and therefore a likely bounce for shorts covering. A morning spike reaching 10 would be a great triple top and a very nice shorting opportunity. Also 9.50 also has potential resistance. Other than reaching these levels, avoid ETRM.

 

BTUUQ For the past few days it has been red, after the first green day I will be looking for a trend reversal, but not until it breaks out over 2.50 and proves it can hold that level. Further resistance of 2.85 and 3.50 are good selling points.

 

NAK Having been uptrending solidly for more than a month this is a play until it breaks trend. The trend can be seen by having 1D candles over a 50D time period and connecting the bottom of the candles. A retracement back to this line would be an ideal entry point for a couple day hold.

 

ASYS Up on good news it had a strong day, several times making new highs. A morning dip to 5.60 would be a good long entry or a b/o above today's high of 6.36. No expectations for this one, just react to how it moves. Could end up red on the day, never know.

 

BGI 1.80 as support and 2.20/2.50 as resistance. Possible entry would have to be close to 1.80 to have desired risk/reward.

 

AUPH Level of support at 3.10 and 4/4.30ish as possible resistance levels. If enough strength is shown, could see it hit those levels, 22 mil float so I don't think this will go supernova.

 

**Also to note I am currently long biased simply because of the current market environment**