Although I am happy that I controlled my emotions during the couple of sudden 2:00pm spikes today, and didn't rush to take on an unplanned position that most likely would've been a fail trying to catch a run-up, I am also a bit mad since I missed a really good opportunity with $PIRS (2.41 to 3.00).
I had been looking at it since 10am thanks to the chat and my scanner, but didn't give too much importance to it since it was moving very slow. At 12 noon today $PIRS finished forming a cup and stayed holding resistance at 2.41 until 1:07pm At this point it started going up slowly, reason why I thought it wouldn't run too much. I failed to see the fact that this was a consolidation after a small uptrend, but specially a nicely formed cup that could run a lot (it did up to 3).
It is sad because I am always looking at these small details, but hey! Here's another one for the books to learn more.
I also underestimated it since it is a biotech and it had already faded after its high pre-market. Definitely should've payed more attention to the technicals.
Being under the PDT rule is playing mind tricks with me since I gotta make those 3 trades be extremely worth it. Last week I missed a play and a $10K profits opportunity because I miss-used my 3 trades and didn't have anymore available when that opportunity came up.
So, as far as the PDT rule, I am not worried about not having taken this $PIRS opportunity. It is only Tuesday and I'm sure other great plays will come up during the following days.
On the other hand, the fact that I wasn't prepared to take on $PIRS beforehand, and I actually didn't despite the opportunity, is a good thing.
The point is that afterwards it may seem like a missed opportunity, but the fact that the opportunity wasn't taken when I wasn't sure about it, is actually the greatest win!
"If you're not sure about it, don't do it!" ... I don't have much experience trading these positive clinical data reports from Biotechs, and haven't gotten to that part on Tim Sykes HTMM DVD, so that also held me back since I wasn't sure if the fundamentals part of the trade was good.
Funny how not only you learn a lot from losses, but always a lot more from missed opportunities!
GL and Happy Trading!
Pablo Gonzalez
www.twitter.com/GN2trader
hold your horses PIRS will come down again to $2.00 you can buy again
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