The Same Set Up Again AXN AVEO

I managed to have only 2 trades this Friday , and I didn't brake the rules one more session. Lately, this became my  most important task: Do not over-trade,  trade less, trade with precision, and it has been working very well for several months now. I should stick to it, but it is extremely hard and I  am tempting to hit trades flying all around me. I will not compare with other traders who are killing it on 10-15 symbols every day , I am not that good and I don't really care much ( really ?)

 "A man has to know his limitation" 

  -Clint Eastwood

AXN

I twitted pre-market The Plan AXN here . It is the same set up repeating in many different tickers. The same move made AVEO a day before on March 5th, also CRIS,  WPRT  (past trades here) and many more tickers in past few weeks. 

I hope it will be still shortable on Monday for the same short as on Friday.

• Overextended, (overbought in this case),   
• Stock in play -well above average trading ranges past few days-
• With gap up open. 

The idea is to find the ticker who will "do the right thing",   plan it, and execute per plan weather a winner or loser.

AXN March 6 , 2015

AVEO

I found AVEO during  pre-market trading on high volume, of about 500,000. 

On an  average day trades 500,000. 

So if a stock trades in the premarket at same volume as on an average trading day, how much it will trade during the 6.5 market hours? 

The float is 44,000,000 , and my opinion is the "Float Rotation Theory " makes sense but I find it way more important:

•  the percent increase of the volume today comparing to the volume on average trading day. 

I've seen many stocks trading far from their float, but on very increased, above average volume  that give great trade opportunities. It could be any big board ticker  AAPL, GOOG, BAC, JPM , it doesn't really matter as long as today volume is 3x 4x 5x or more then the average trading volume. This is when momentum is more probable , when the ticker is fueled with volume. The bigger the volume , the bigger involvement, the better momentum, less choppiness. What kills most of the day traders is the choppiness, besides holding and adding to a losing position. ( that used to be me)

I was not sure which way AVEO may go, all I knew it was going to make a decent move.  I normally do not read the news, and I do not chose the direction according the "positiveness or the negativeness of the news", I lost lot of money doing that. 

 I chose it by the price action, and Time And Sales Prints. News is good only as a fuel.

AVEO was long 1.67 after huge trades at the ask. I really "wanted it " to go to $3.00 or more like some other home runs in the past, so again,  I didi not sell the pops and buy the dips. I keep repeating this to myself, but have not focused yet to do it.The 2.00 was a major swing high resistance, and I was basing my exit over under 2.00.

AVEO March 6, 2015

 Note to myself: Focus more on pre market movers, wake up earlier  and spend more time researching what is ticking, even a small pre market activity can reveal big potential mover. 
The overextended set ups like AXN,CRS. WPRT  are easy to spot , but must have many symbols on watch on more monitors, since many will not do what I want them to do.