I attempted a panic dip buy on CZNI, but I didn’t buy right at the panic. I’ve noticed lately that these panics are bouncing a little and then fading to a slightly higher double bottom before bouncing, so I tried to play this one after that “double bottom” with an entry at .0028 risking off the higher low of .0026. My goal was a test of Red/Green giving me about 2:1 r/r. Unfortunately I didn’t stick to my trade plan/risk on this one and if you look at the chart you can actually see my exit at 10:00 at .0027, I down ticked that minute candle as the bid was .0028 and I put my order at .0027 so I had a better chance of getting a fill. It looked like it was going to panic again to me the way .0028 was getting cut through like warm butter so I decided I didn’t want to wait for my stop to be blown through. Of course it rebounded from there and the trade went along without me. If I would have respected my stop I actually had a chance at a little better than 3:1 r/r with a 20%+ potential profit. I’m glad I was on the right track with this one, and I will look at playing the next panic the same way just sticking to my stop.

I attempted a breakout buy of a StockstoTrade Breaking News play on PRPH. Unfortunately the better opportunity was on ORPH which was alerted right after PRPH and I assume the original alert that I reacted to was just a typo. It was a multiday breakout when I bought it though so the chart was still good IMO, however I anticipated the potential breakout of the HOD. I set my stop at 6.20 as that was a double bottom. Hind sight being what it is, I should have sold into the slight HOD BO, but my goal was higher and I didn’t react fast enough to price action. I am glad that I stuck to my stop, but I did take a bit of slippage and waited for a bounce to exit. I shouldn’t have been in this trade anyway as midday is not a timeframe that I want to be trading in as it is choppy.  Just a little bit more experience gained on this one, and many lessons to be learned.

My last play was on APTY as I entered this FGDOTC with intentions of possibly holding overnight. I entered at .0058 with risk/stop on .0055 as that appeared to be a higher low set just before my entry. I showed extremely good patience and stuck to my trade plan as this one bounced off .0059 for nearly 40 minutes after my entry before finally breaking through. I sold into the initial spike into the .007’s at .0069 as I wasn’t sure how it would react to the .007 level, and my goals were reached with nearly 4:1 r/r. There was a little bit of meat left on this bone, but there was a pretty hard crack from .0072-.0065 just after my exit that I’m sure would have scared me out. I would hope that I would have waited for the bounce after that crack, but knowing how it goes when I’m in that situation I probably would have bottom ticked that panic and gave up that additional nearly 7%. All and all, this was a great trade for me and a perfect example of why cutting losses quickly is the most important rule. I had 4 losses on the week going into this trade, but I had cut them all fairly quickly. This one trade made up for all those losses and fees and put me in the green for the week. I’m still trying to get my process down, so even being up slightly is a win for me. I will continue to strive at being disciplined with my trade plans/stops, and continue to cut my losses quickly.

Possible Morning Panics

MSRT put in another bounce green day and is nearing a 52-week breakout at .0879. I’ll keep this one on watch for when the panic comes.

MJWL sped up and set a new 52-week high before closing weak. The panic might be on soon for this one.

APTY broke out and closed at 52-week highs. I assume this one will panic at some point.

GOFF broke out to 52-week highs and closed strong. I’ll watch this one for the eventual panic.

SKYF set a new 52-week high in the morning, dipped, and bounced into the close. I’ll watch this one for a possible panic.

WKSP looks like a possible cup and handle pattern forming on the daily chart. It’s up near 52-week highs, I’ll start watching this one for a panic.