I had great day today traded 3 tickers two winners:
TCO short 78.86
SGYP short 3.50 and one loser
CLF long 5.13 the bounce play
l was tempting to also trade this winner
REPH short explained in few twits
REPH the short set up
And also this as explained here
SUPN short set up
SUPN smooth rider down
I did not brake any rules, it was fun and relaxing. Did some good twitting meanwhile few people learnt something today again. Besides making money it feels great to help traders who are struggling and putting the effort to became consistent. Trading is not easy and if you are alone with a knife into a gun fight it can be a nightmare. So sometimes I like to answer to the ones who want to learn and today there is my response to one fellow who really is determined to make it.
These are his trades:
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| DRRX
1)I will start with the DRRX first:
You are trading as a business. Can we as traders base our entire business on "inside info" such as insider buyings and all that stuff? We could if we are Steven Cohen, but we are not. Base your business on something solid that you can repeat it every day over and over again. Pizza owners do not change the pizza sauce every day :).
Forget about new ideas till you have perfected that one solid system that's is your bread and butter. If you can't perfect one strategy that consistently makes you money , you can't perfect two either.
"You can't make one baby in one month with 9 women". Warren Buffet
This one was totally avoidable.
CRMD
CRMD This is was just fine , you tried twice, if you have your daily chart always saved as your record would be nice. It head weak open, but being so overbought on daily you tried, and the good thing is you obeyed your stop. You tried again , and you nailed it. Only one thing to note: if you have the gap up open would be better then weak open. There were plenty of gap ups today. Think when the long buyer would love to take profit ? That's when you wanna short !
Don't get upset for this one. You got out ! Did you lose ? No you did not. It could have easily been a loser. But once you get out of trade , look at it with fresh mind , and ask yourself is it a good entry for a new fresh trade? You can always re-enter!
ADXS
ADXS text book short , lower highs , good risk reward, slam dunk.
MELA
Basing on pre market support sometimes it works some time it doesn't, no much of an edge .Better look left on daily and find some major support if you want to take a shot without higher low confirmation. You could have avoided the first long, but the second one was OK to try. If you noticed in my twits I often mention 5 min charts. They can give you cleaner price read weather the 5 min candle closed above certain levels, like previous candle high or is just a wick ( picking or basing above certain levels)
Over all more important is to watch few stocks and to know exactly what you are looking for, evaluate them which one is having more edge, and make a list of priorities that I already explained earlier on twitter. Which stocks to eliminate and which to give them more attention.
If you have two set ups, one will always be the better one.
You nearly broke even today, so if you just avoided two unnecessary trades you would have been green. It is a fine line yes :)
Salute and have a green day tomorrow!!!
AngelDan@DaChopa
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