Glad to be back into the swing of things. You know, the Gurus suggest time away from the computer can do some good for the psychology. But being away really made me feel like I was missing learning lessons and possible opportunities. Like I was selling myself short on my trading, lol no pun intended.
I am actually glad I was able to take some time off, it really allowed me to focus on other things and coming back with a fresh slate.
Lets get into last week trading review. My first trade for the week was $CANF. It was a FGD pattern I was going for, swinging it o/n for a possible gap up continuation. Reason for taking this trade was because the initial gap up day was purely red with massive volume, and this Monday it was able to squeeze way beyond it and broke out above $4 zone. I took a position near the close on a dip buy since I saw it supported well at the $4 mark (making it my risk) Lack of news catalyst and with it being a squeeze play, it made it a bit unideal. So when it gap down slightly at the open, I cut it for a small loss. Even tho it held the $4 zone, I exited because I was looking for a gap up. And when it doesn't do that for me, I exit. Been in trades where gap down continues to go down, didn't want to get caught in that.
$MESA was a great trade, it was a FGD B/O pattern with positive news of contract extension with United Express Airline and increase fleet numbers. I actually missed the entire move in the morning. But the consolidation near the b/o zone at $8 (key level) made it a perfect risk reward position. I took my position into the consolidation zone with the plan to swing it o/n for possible 2nd day continuation. and ready to cut it if it went below $8. It closed at 8.09, giving me a slight ease of mind lol. The beauty was a/h an analyst help solidify the move with an upgrade PR to $9. I didn't think it was going to get there, was expecting another gradual uptrend the next day because of how it traded into the final hour. But when it spiked up to $8.69 within 2 minutes, I exited for a sweet o/n trade.
$IBIO was a dip buy on a b/o retrace. B/O zone was a .28 and it look like it was setting up nicely for a Gun Chart pattern. It was a bit early for the trade, but I knew if I took it near .28, it put me in a great r/r position, if .28 fails, I'll be out for minimal loss. Goal was to sell into the HOD b/o ramp. Gap closure up into .34 on the daily chart was ideal only if price action prove to me it can. But not a lot of volume came in on this B/O chart, so made me feel iffy on this happening. Exited for small gains, it actually did spike towards .34 the next morning but immediately failed. So all in all, not truly ideal trade, but when the chart and r/r appears, and I react with a clear game plan, Im glad to have taken it and to slowly grow my account.
$SAVA came out with news on its Positive results on its Phase II treatment for Alzheimer patents. Insane price action during P/M, I did trade it thinking 2.50 zone would hold to continue towards HOD, but when it failed 2.50, I cut it. Kept it on watch out the open. Held above $2 key zone, spiked above VWAP and pulled back and held near VWAP. I think it would have the ability to spike again, so I bought on the dip in hopes for it to retest that 2.50 price point. I exited when my goal was met. Great reaction, made 11% on that play.
Overview, I am loving these FGD/Dip buy/Breakout/Retrace plays. Key is to have the exit point set in mind and when it fails you exit. Buying near key supports helps increase the chance of the greater Risk Reward. Goal is to continue building my account, I don't consider myself a day trader yet, just an "Account Builder".