07/10/2018

 

$BLIN wasnt on my watchlist but I saw that Tim Sykes and some others that I follow on twitter mentioned it so I gave it a look. It was up big on pre-market news and was hitting multi-month highs. I watched as the stock opened at $2.90 with an engulfing red candle immediately following the open candle and setting its low at $2.60. From there the chart formed a double top testing the bounces at $2.79-$2.81. The volume was massive as well as I write this its at 34 Million shares traded.

 

After realizing that, I told myself if the stock reaches $2.83 with this volume it has a chance to run. Now I have heard time and time again that the best plays arent at the exact open but around the 0940-1100 hours time frame and today proved that. Once the stock passed $2.83 it was off to the races from there hitting the day high on $3.75 by 1036 hours. If i would have played it I would have gone in 300 shares @ $2.83 and out in the $3.30's. 30 to 50 cents a share and take the meat of the move. My risk was $2.83 and I'm sure i would have been pissed if I got out too soon but just watching is great practice. It was great experience to watch that play out and my predictions be correct. 

 

I have to remember not to panic sell when I see a couple red candles, small red candles or pullbacks have shown me that, or at least I think, its just people taking their profits from the run up. I did notice that the smaller the green candles are on a run up, the chances a big red candle is coming. I think its in the form of people taking profits realizing that the run is coming to an end but I am still learning so its just my opinion. I am learning everyday and I love it. 

 

A big red candle hit at 1035 and started a downward trend with failed spikes and lower highs, from there it was a long kiss goodnight for the day. 

 

Another great day of learning and another day closer to going live and putting my strategies to the test!