In the middle of moving, really takes you out of your rhythm. Friday my wife and I drove out to Indiana to check out some places, hence the reason for my late trader review.
Let get to it then and not waste any time:
First trade was my weekend hold $AVYA, it had positive reaction to the news of its partnership with Ring Central. Both company was putting in volume more than it has ever in 52 weeks. It was consolidating near a b/o zone of $12.89, in my eyes, I use that as risk, if it fails I cut it for a small loss. My position in at $12.95 made me really comfortable because it did ramp and closed strong into the close for a solid FGD. Volume + Catalyst + FGD + B/O chart = pretty good odds of a 2nd GD continuation. Monday comes with a nice gap up with continue PR news with Microsoft in the title and holds out the gate, 6min of uptrend before you begin to see some heavy selling, took my profit and was happy with the trade. Goal was to sell in the $14, but I knew it would need all day to generate more energy to get it up there. 6% on a O/N position is not bad, keep in prespective some mutual fund accounts earn 7%/yr.
Next I traded $ZYXI on a dip buy opportunity down at its B/O zone at $11.75. This was a recent earning winner, in at $11.79, not bad position to be in using $11.75 as risk. Goal was to sell near r/g zone. From a High of $13.10 down to $11.75, $1.35 drop, .50-.60 bounce seems reasonable. It actually consolidated at my entry point, setting in higher lows and testing the b/o zone multiple times. I got out for a scratch on this play as it didn't give me the bounce I wanted. My problem on this trade was taking my eye off of it, getting distracted on other play. It actually dipped further down towards its multi-month b/o support at $11.35 before bouncing up towards r/g at $12.59. A much greater risk/reward. Note to self, keep eye on the ideal trade and when it appears, react, it's not often these set up come around. With it being a real company, it can't keep going down.
$MAXR was a recent multiday runner, had a really nice contract win with the US Airforce for $14.2m, FGD closing strong near a chart resistant zone of $8.20. Took a position near the close looking for a 2nd day continuation. My goal was to make 5-8% on this o/n position. Next day it had a slight gap down, never a good sign when it stock has positive news. It slightly panic out the gate and I hesitated to exit, thinking possibly it will bounce right back above r/g. Need to think less and react more lol. I made a mistake of selling only half my position on this mini panic, but I stay calm and waited for it to rebound a bit to sell the next half. At least I did something correct here to exit a trade more intelligently. Minimizing a possible $60 loss down to a $30 loss. I've exited trade on a panic before and watch it bounce all the way back higher, teaching me a lesson where I can minimize my losses only if I waited a bit longer to sell into strength rather than chasing weakness. Ideally, I would rather sell out the gate on a gap down. Sounds like a new rule I will be adopting into my Overnight Trade Pattern.
I traded $AVYA again on a late day panic pattern. Now, these aren't truly ideal, but I have seen these bounce back for a nice small gain. It's definitely more of a scalp pattern, in and out type trade. That's what I had in mind, get in and take the meat of the move. Not looking to overstay my welcome. I dip bought at its recent b/o zone thinking it will support, it actually dipped further, but with a bigger picture in mind, I knew this stock a few days ago had lots of consolidation in the $12.70-12.90 area, stayed calm and waited for it to bounce. Only 1 min I had to wait as it bounces right back above $13 and kept going. I exited as I noticed it turning, with less and fewer buyers and more selling. I wanted it to get to its previous support zone in the $13.40, but again not sure with these late day panics how it reacts, I played it safe. Even tho minutes later it did get up to the $13.50's. Glad to be prepared to take on the action.
$GHSI had late morning news with a positive reaction to it. Recent runner, waited on a pullback down towards its support zone in the .61. My initial buy was a bit early as I felt it may keep going, but when it dipped a bit more down towards my support zone and held, I added to my shares. Next time set the buy order closer to the support and wait for it to get there. Many times I took a position thinking it will keep running with the sense of FOMO and nearly 80% of the time it dips more towards my original dip buy thought. I will make sure to buy near support to better position my risk-reward. The hard crack at the top of the run-up gave me a good indication it was out of gas, got out on the next small bounce for small gain. Worth a shot.
Final trade of the week, $SCON. Beaten down chart, not ideal, but the volume and the % gain caught my eye. I put it on my screen and allowed it to do its thing. Come late day increased volume pushes it up towards its HOD b.o zone. I took a position at the b.o using b/o zone as risk. Even with beaten down chart, there still trading opportunities. Large seller showing 50k shares at .30 was enough for me to get out. Again made the mistake of freezing when it retested the b/o zone minutes later from its big dip, thats when the real b/o occurred. momentum and shorts covering pushed it from .28 up to .34, a beautiful 18% gained. Hindsight, I wouldn't have taken it up that far, probably sell for 5-8%.
Take away from this week trading:
Keep eye on ideal trade. Wait for the real move to occur to position for greater risk/reward. Don't panic, wait for a better position to exit when trade mistakes occur because we do know those happen from time to time. Minimize mistakes from occurring. Gotta be more meticulous when trading.