I am sitting here staring at my computer watching $HEAR. I am having a difficult time not being upset at the fact I called many plays this week that I then missed for one reason or another.
A lot of it seems to be that I am trying to wait for the support levels better. If you've been following my plays, you've noticed I have a tendency to jump the gun. So, I have been trying to be more disciplined about it. The reality is, not all price action is created equal. I am working to understand which price action gives me the go ahead to jump in slightly above my levels and which show it will make it to my level, or even go beyond it.
I know that I need to be happy that I saw these plays coming, at least. But, my profit chart has been sinking down slowly and it could have been taking off! That is a jagged little pill to swallow no matter the intent...
Here are the plays I missed-
POTN-May 8th-I predicted a bounce at ~$.19...Came down to $.1936 and my alert at $.20 didn't go off! Truthfully, I am new to alerts. But, I didn't get this one and I'm so sad. So, I missed it. It bounced all the way up to $.2585 intraday! I missed a 33.5% move!
DCIX-May 9th-This was taking off so I was being patient and waiting for the dip buy opportunity. I had a limit order in at $2.35 and it came down to $2.40 and bounced from there! I missed it by just $.05! It bounced to $3.21 in that move! Which would have been a 33.75% move!
DCIX-May 9th (later that day)-It came down to the support level of $2.60 and I wanted to get in and try for another bounce. I did, but got shaken out and it bounced up to $3.11! That's a 19.6% bounce.
BLNK-May 8th- This one was running for a morning spike. I was going to get in on the dip buy panic at open. I put in my limit order at $4.75 and it hit $4.76 and bounced up to $6.20!! I was so mad! That would have been a 30.25% move!
BLNK-May 8th-My second attempt on this was for the afternoon breakout of consolidation. The volume perk signaled it was a go. I just shook myself out too early and took a small loss. It went from $4.50 to $6.50 before close and continued to $6.95 after hours! That's a 44.44% move had I gotten out before close (which I would have because I can't trade after hours and I would have locked in those gains. (otherwise it was a 54.44% move!)
EBIO- May 8th- I was going to get in EBIO at the break out level for a bounce overnight. It went from that $2.54 break out level to $2.97 which is a 17.55% increase!
APRU-May 9th-Hit my exact bounce prediction of $.018!! Bounced to .0213 before close! That's an increase of 18.33%!!
HEAR-May 11th-This one came down to my support level of $10.83 that held all day the day before. It then broke briefly below that at $10.60, which was another support level, and I cut. Then it proceeded to squeeze all the way to $18.62!!!! That's an increase of 75.66%
If you're still reading, this could have meant an possible maximum percentage increase of 283.08%!!!!!
Pardon me while I scream endless profanities into my pillow.....
Here's the thing, I started a brand new schedule for optimizing my time on monday (the 7th). It is obviously yielding some great things for me already. I'm paying attention to the right stocks, obviously. I just need to tweak a few things in my process and I am bound to start catching those gains. Back to the grind!
Never Give Up.
I think the one thing you are missing here is these are all very different patterns. You should take a step back and look at the setups and focus on one or two setups. What are the patterns you play and have you developed a trade plan for those setups? I recently went on a big trading spree of random patterns and took very random trades and didn't not get great results. Since I refocused, I only focus on specific patterns and only trade them when they match my trade plan perfectly.
@JKelly has a good point as well. I have found it easier to focus on 2 patterns (premarket breakouts and overnight holds) for better returns. Dux mentions that these are his most successful patterns. I find buying something ending near the HOD in the last power hour to be a good overnight hold as long as there is no overhead resistance.
It is very frustrating to miss a good setup by just a penny or two, I would rather missing by a mile or not be right at all. But I take pride in the fact that my setup was correct and I was at least in the playing field.
@waddell I actually am still in the process of determining a pattern or two that work best for me. So, I'm still trying out patterns and collecting data on my abilities. Believe me, that's something I want to do.
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