No trades on friday. Only thing worth looking at was $AVEO. Missed my entry (never chase) and watched the rest of the hour or so not seeing anything give a good setup or really moving that much.
On watch:
$AVEO - Big mover on PR catalyst friday. RSI really high. Gapped up extremely high. Ended really good holding gains. Looking like the alone candle on the daily. If it can get some continuation a push through $1.30 would be good for a hopefully a bigger push through $1.40 and we can see some ripping up. On 15's I see the first level of support is $1.14 then secondary is $1.05. Interesting to see a morning sell off (profit taking) down to the $1.05 area with a nice healthy climb back up. Not a "real" low floater. Only ~2% short interest. Biggest volume in a long time though. It will be on some lists Monday.
$CARA - Higher priced lower float (~30 Million) big gains on PR news catalyst. Perfect descending triangle breakout pattern formed within the first hour giving way to dollar/share gains very quick. High RSI. Lonely candle on the daily. Has a large gap to fill down. First two levels of support I see are $22.32 (after hours) then $21.62 range on the intra-day. Sell off in the morning down to those levels and if they hold then maybe a dip purchase up?
$COOL - Whats the reason this thing keeps climbing land climbing and climbing? Wicked moves though. Crazy low float for a higher priced stock. On watch to see what happens. Supernova over $30 or crash. RSI really high up there.
$FINL - Earnings winner. Great moves. Might sell-off for dip-buy to support around $13.30'ish.
Others:
$MARA - sub dollar stock still climbing with a low rsi. could be just a $DCTH off play.
$MBII - strong EOD push for some reason maybe something is brewing for monday morning ?
$SRT - another unknown EOD push
$SHLO - big push with extremely large volume unknown catalyst
$SCHN - earnings winner steel company ended the day strong would expect continuation
$QUIK - PR News gave it the gusto for an extremely bullish move friday. Lots of resistance upward. Over $1.75 might give to something.
$PULM - Like it over $2.75
$OMNT - Daily looks good. Strong EOD push. Looks like it can move.
$XBIT - Just because
$RIGL - GSP Pick
$ZN - Looking at them 15's it seems like its wedging about set to explode over that $2.80
$GLYC - Could this get some volume and follow through with some quick burst gains ? Think over $14 it will.
$EPZM - Just because
$MYO - Come on out and play
The base of candle you have marked to sell at, is where the safe entry might be considered, but at that time, you're looking at a short move if you sell around the close of the candle. Being patient and buying the dip when it touched the new support that was old p/m res, then selling into the beast mode marker is more the play I think.
My point to you is, I think you're coming up with plays based on what happened, but there's very little justification for taking those plays at real time if you were watching it develop. Imagine the bars from your intial buy went the opposite way, and consider how the chart would look, would you still say it's the "safe" entry? No, because the stock would have gone down from there.
Then, when then explaining why you took the trade before it fell apart, what's your explanation? You'd have maybe one rough small pattern developing, but that's it. Compare that to buying some time above when it's holding at p/m res, trending up, and volume is still comparable to the open (as it was dipping on the low vol areas). Just IMO, but somethign to think about, thanks for sharing!
the previous (2) candles formed a support level that I would use as risk - 2-minute setups mind you - .02c risk
Join now or log in to leave a comment