I'm out of town to play a couple reunion shows with my old band, staying out in the "country" with my folks where the only internet I have is through my phone's mobile hotspot feature. Woke up this morning, eager to try and trade on the road and instantly got myself into $BTCS which had already played out by time I got in. Took the $12 loss (cut losses!), and moved on.* Found $ITUS and it looked interesting. News an hour previous to me spotting it (I've been doing other stuff instead of focusing on the scanner) and saw a clear pattern (NHOD, pull back, ABCD, NHOD, etc) so I got in around 1.37, but realized quickly that I picked the worst spot since it dropped rapidly to 1.30 level where it held. I averaged down, and then of course it drops down to 1.20 and sub-1.20, which is what I should have waited for (but in hindsight, could I really know?) Anyway, I was reminded of $NETE from last week? It didn't spike hard out of the gate or on the news, but did a gradual build up, and then deflated during the mid-day only to pick back up after lunch, so I decided to just be patient. I had set a limit of 1.36 in case it hit that to get a small profit, and then went on about doing laundry, and making arrangements for recording this evening, etc. Basically, I forgot about it and when I checked, I had already executed out and the levels were holding at above 1.40. Dangit.
Lessons: As with everything, timing is all. I risked going into $BTCS knowing I might be on the late side, and paid a small price for it. That first hour, hell, 30 minutes, is *critical* to recognize the pattern and get in and out of. The longer play with $ITUS seems a little more solid: patent winner news on Cancer detection: cancer seems to really play nice with biotech stocks: instead of quick spikes and drops, for some reason these seem to spike a bit and then hold during the day, making a longer play possible if you get in early enough? $NETE did this, but I won't try an overnight because I got killed on that one last week and I'll just be content to sit out and watch.
OH, and dammit, all 3 of my PDTs used to day, so it's only overnights this week if I decide to trade more.
On the plus side: I'm now at the $4.95/trade level. yay?
*I was trying to dip buy, but I bought on the wrong dip. :/ I need to be able to recognize a true dip vs a fake one, as there was a nice opportunity at the bottom.
I recently found myself experiencing the same thing, awesome learn :)
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