This wasn't the way I planned to pay my "Market Tuition", but this was the way I did.

ZENO was one of those classic overnight plays that you shouldn't buy at the market open.

From yesterday (Jun 19), there was good news in pre-market, but this really spiked in the midday and ended strong. From the daily chart, this was clearly the pattern that I have been learning, knowing, and love as well. Buy on the first strong green day on a OTC stock, with good catalyst. It blew through the multi-day and multi-month resistance level.

I didn't see this one until this morning. Saw that it was a up pre-market and decided to buy on a break out of the daily high. It did break out and I did buy it, saw it go up a little and then I looked for level of resistance to know when to get out. I got out as quick as I could when I glanced at it going lower than what I expected it to.

 

Now the worse part, was that I revenge traded as I thought it could have been a good dip-buy opportunity, as Tim mentioned. So I was looking for that. Did get in on my second trade and the rest of the story can be described by this phrase, "Getting bloody trying to catch a falling knife". If you didn't get what that meant, it just means that it didn't go well at all.

 

Lesson of the year and lifetime: Be Prepared or DON'T TRADE. Losing is a part of success.

 

Action plan: Back to learning the basics for me, rewatch all of the videos related to overnight plays and study!

 

(ps: It sucks to publicly tell everyone about this, but I rather be liable and learn from this now then to regret not taking this step in the future.)