7/19 AM: I am currently in the process of moving most of my funds from my Etrade account into a SureTrader account. Biggest reason for that is because I have come to find out that a lot of the times I am right about a stock, but my timing is off. I then don't cut my losses quickly, which results into even bigger losses. I want to be able to get out, and get back in later. Since I have a cash account with Etrade, I will need to wait for 3 days, before I can use that money to trade again. Since most of the time I'm using 60 - 80 percent of my account, it only makes it harder to trade in my opinion. With SureTrader, I won't have to wait, and I can get back in, if I want to. Have to be very disciplined to not overtrade!

 

Anyway back to my awesome 30%+ winner on AEZS. This stock was Tuesday's after hours biggest percent gainer. Pre-market it kept making another high at 1.67 and had a bottom at 1.42. When the market opened, it spiked up to the pre-market highs, and I threw in a small 70 share buy order at 1.69. Got filled, but then it came back down. I shouldn't have bought this initial spike, as the risk/reward wasn't as great, and Tim Grittani tells you to never by the first big spike, and wait for a little retest of the breakout level. So I sat through some pain, when it came back to the 1.50's. Held on, since my risk level was the pre-market lows at 1.42. It briefly dropped below 1.50 to 1.48, but perked right back up to the 1.60's. Then brokt the HOD at 1.71, and continued for the rest of the day. I was trying to move my risk level up, and be very patient with this trade, as Tim Grittani explains in his DVD Trading Tickers. This worked out great, because I took a big chunk of the move!! It went all the way to 2.08 before noon, and then came back down. I had set my risk level at 1.84, which was where last support held before breaking that 2.00 level. It came back down from 2.08, retested that 1.84 level, and hung around there for a little while. Then started to perk back up again, and when it was in the 2.20's, I had decided I had enough of it. It could have resistance in the 2.40's/250's, and I just wanted to lock in my profits. 

 

Even though I only had 70 shares, this was a good trade for me to learn patience, and Tim Grittani's strategy to let the chart tell you what to do. I think this makes a lot of sense, because I tend to just randomly exit, only to watch the stock go higher.

Here is the intraday chart with my entries, risk levels and exit