Today started on the bad side and quickly turned around. I got home and it was almost 4am. Instead of going right to bed I re-hauled my E-trade setup as I was unable to do so earlier, I was having minor technical difficulties with my monitors. One of my screens wasn’t connecting right when I woke up my laptop and I had to mess with it a bit to get it working again. I didn’t get to bed until 6:15 this morning. I set my alarm for 9:15 and as soon as I heard it I sprang out of bed and opened my laptop. The same monitor was acting up again and I couldn’t seem to get it to work, I even swapped the connections around. By the time I was up and running and in E-trade it was already something like 9:34 or so. I was irritated because I was unable to test my pre-market gappers scanner. I started watching my scanners and looking for plays to paper trade since I have decided to wait a week or two to live trade until I iron out my strategy a bit. Today would have been a $185.50 day with ¾ trades winning. If I can keep this up I’ll be in the green sooner than later.
PQ- Saw this on my HOD scanner and made the play from yesterday’s watchlist in 2.60, risk 2.50, 300 shares. I got out at 2.87 when it double topped. This would have been an $81 win.
SKLN- Saw the gap and run on my scanners and watched it pull back pretty steeply on the 5min chart. The relative volume was over 50 so I kept my eye on it. Has merger news, 78.5M float, 5min/15min bull flag, in .127, risk .117, 3k shares, goal .15, out .15 when goal reached and level 2 on the heavy side. This would have been a $69 win. Another possible play when it breaks HOD @.17 and take it to .24. In .17, risk .1525 (bottom 5 min pull back), 1.5k shares, out .1530 when .1550 stopped holding up. This would have been a $25.5 loss. The stock was already up 100% when I made my second entry but the price is so low I didn’t think it was as big of a deal breaker. I based my first target on the chart and there were plenty of sellers at .15 so I would have put my order in there to take the profits and run. Ideally I should have watched it at that level and seen the move continue but I think my first trade went well, it was the second trade that was more questionable.
LQMT- Didn’t see any news, float 446M, relative volume over 20. 1min bull flag/micro pull back, in .17, risk 16.5, 6k shares, out .18; couldn’t break 1y high and fell below 10 EMA on 1min chart. This would have been a $60 win. Honestly I would not have seen this had I actually had a live position in PQ but since I was just testing my new setup, scanners, and tweaked strategy I was jumping around the stocks on my scanner to see what plays I could’ve made and how they would turn out.