$NCTY

Notes: First trade since joining Profit.ly and beginning an actual trading education. On part 5 of HTMM and everything seems to be clicking as far as my understanding of the concepts go. Just need to keep watching the market every day and get as much experience as possible. I am trading with a couple hundred $ in Robinhood to practice overnight holds as I plan to use this strategy when I start trading with a bigger account.

The Trade: This one was a percent gainer today on news the company is buying back $3M worth of shares. Spiked big to 2.09 in the first 15 mins of market open. Only focusing on overnight holds so I wanted to wait and see how far it would dip and if it would hold and consolidate anywhere. Sure enough it came down to 1.38 and consolidated for 4 hours (11:30-3:30) between 1.40 - 1.50. I've been watching a lot of plays the last few weeks follow this same pattern and as long as volume comes in EOD they close strong and gap up the following day. This specific stock also has a history of spiking hard again after the first day spike. So, news catalyst + spike history + consolidation/support at 1.40 led me to take a small position in case volume came in. If it broke down at EOD I was going to cut it at 1.38 and lose 5 cents a share. Volume came in 20 mins before close and it bounced off of 1.40 to 1.55. Hopefully, some buyers come in tomorrow morning and I will sell into the second day spike. If it drops upon market open I will cut losses quickly.