What’s up Profit.ly? Crazy day for me today. Started the day with my biggest lost in EBIO and then finished it off with my biggest win with the same ticker. This thing has been an absolute nightmare for me but looking back in hindsight, it’s because I’ve been breaking all my rules. As I mentioned earlier, I’ve been in a little funk lately. I’ve been trading sloppy and have just made some really boneheaded moves (not even newbie moves just dumb moves). Today I even made a 4th trade in 5 days, which got me flagged by Etrade. I’m trying to get them to give me a break but this isn’t the first time this has happened so it’s not looking good. I do have an account already with TD Ameritrade that has no money in it and I’m most likely going to at least put half of my account (roughly $2700) in that account and open a second account elsewhere (suggestions appreciated). Or I’ll put everything into that TD account. This comes at a good time because it will give me about a week to take off and step back for a second to go over my recent sloppiness. I’ll still be putting out watch lists and recaps and I’ll still put out a video lesson this weekend for you guys as well. I just wont be trading the next week or so. I’ll be hitting the books and DVDs and come back either the end of next week or the 16th, ready to rock with a brand new account. I’ll also still be responding to emails and comments so don’t hesitate to ask questions if you’ve got them.
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PTX – Tis was up nice in PM and I was holding on at the open to see if this could rally back up to yesterday’s highs. I mentioned that if it failed to breakout above $1.10, and started coming back down, I’d get out. It failed in the morning and I wanted to see if it could hold $1 and there was a huge wall of buyers at $1 that got taken out quickly so I decided not to mess around and just take a small loss. It eventually ended up rallying in the late afternoon, broke out above $1.10 and ran to $1.25! Go figure lol. I had it right I just sold too early. Now again, this is a billionaire play and these can run for several days. The problem is, earnings is Thursday and I’m not trying to guess earnings…But on the flip side, Steve Cohen is so what do I know. This did come back down to the $1.10 range at the close and then bounced around in AH so it should still be in play tomorrow. Not as much volume as yesterday but still a monster day here volumewise. Considerably less volume here today as this dropped out of the gate to near $1, spiked to $1.18 and then faded the rest of the day. Earnings are being released tomorrow so nothing really going on for me here until after those are released. There was a nice little move first thing in the morning if you timed it perfect.
TRX – This basically triple topped at $0.56 today so I’m curious to see how it reacts in the morning. We did get a small pop in the morning today but not a lot of volume. If this fails again tomorrow at that $0.56 range, I may look to short it back down to the $0.40’s or even $0.30’s. If it does breakout however, I would need to see some heavy volume in order for me to go long with confidence. This couldn’t do much in the morning and did end up cracking pretty hard but without any volume. For that reason alone I wasn’t going to trade this at all. Not to mention I was busy elsewhere.
XGTI – Man did I call this perfectly and even though I made some money here, I traded it soo poorly like a little punani! Now I’m not going to beat myself up over this one because I still made 10%, but I left 35% on the table or an extra $350. Because I missed out on last week’s big winners and because I’ve taken some losses in the past few days, I got nervous when this failed to breakout above $0.14 on the initial bounce so I took my profits. Had I held for 10 more minutes, I could’ve gotten out at $0.16+ and had a really solid day! COULDA WOULDA SHOULDA! It did fall back down to $0.12 late in the day where it managed to find support and rally back up to the $0.15’s. There isn’t much of a catalyst for this move but if it can breakout from today’s highs, it can easily see $0.20+ tomorrow. If not, I’ll see if I can short this thing back down to where it came from. Crazy volume here today and I don’t expect that to happen again so be careful here. I was caught up in EBIO this morning so I wasn’t paying as much attention to this as I could have. This was a good short as I mentioned it could be above when it failed in PM and at the open. No play for me now.
CRDS – This gapped up this morning and ran to nearly $0.60 before coming all the way back down to the mid $0.30’s. This chart kind of reminds me of day 2 of PRGN where it gapped up and faded the rest of the day but managed to hold some of its gains. I wouldn’t be surprised if this thing gaps down and fades like PRGN did yesterday but I would be careful. I will certainly be watching this tomorrow to see how it moving in PM. This didn’t quite gap down today but it did failed to spike in the morning, which led to a pretty hard fall in the morning. It didn’t quite do much after that. Low volume now and no play for me.
NCQ – This ramped up beautifully today up to the mid $0.80’s before closing at $0.76. It closed right at multi-month resistance and started to get some heavier volume towards the close. This is a sector play but from a technical level, if it holds $0.70, I may look to dip buy it with the hope of it returning to those highs from today. If not, I don’t think this is worth shorting but I could be wrong. If it does retest the highs from today and fails, there could be some solid downside but I’m guessing I’ll be busy watching others tomorrow. Something to watch though for sure. This did dip in the morning and then spiked back to $0.80ish and held there pretty much all day. Because it held up as nice as it did, I can still see a reason for going long if it can breakout past yesterdays highs and hold them. I wont be trading it however.
EBIO – There’s the bounce I was looking for! Man I was only a few days too early here, as it seems to have found some support now in the low to mid $0.70’s. Realistically, I don’t see this spiking another day but we may see a retest of $1.20ish and if we do, I’ll look to short this. There is some intraday support today around $1 give or take a few pennies so watch for it to crack that and drop. This thing gave me grey hairs today as I had both my biggest lost and biggest win here today. I shorted this when it failed to breakout past $1.30ish and instead of taking profits at $1.19, it ramped up to $1.50 and I covered at $1.45. $425 loss in the matter of minutes. As I saw the head an shoulders pattern forming and it failing at $1.50, I re-shorted at $1.47 and covered late in the day at $1.23 for my biggest win ever. Lol quite the rollercoaster as I mentioned. I did make the mistake of covering my second short when I didn’t have a day trade left and I’m working with etrade currently on letting me slide by without penalty but I think they’re going to restrict my account for 90 days. Looks like I’ll be moving my money elsewhere for the time being or at least part of it. This should continue to drop though more tomorrow under $1 is my guess.
PRGN – After dropping to nearly $1, this actually rallied a full $1 to $2 before closing at $1.80. I’m hoping this retests that $2 resistance from today to short into. I’m missed out on the fun last week and I want in haha!! Just kidding, I’m not going to trade this unless it hits my levels…STAY DISCIPLINED! This thing has proven though that it can spike like it did last week and like it did back in March so BE CAREFUL. If it fails to breakout past $2 I’ll look to short but if it breaks out, I’ll probably leave this alone. Here’s another one that I called perfectly and didn’t play. I was too wrapped up in EBIO but $2 was the perfect short opportunity if you could get it there. It ended up dropping big into the close and now more in AH. Should continue to drop tomorrow as well back down to $1ish.