Entry comment: P spiked up due to announcement of SiriusXM, a 26B broadcasting company. SiriusXM announced that they would invest 480M into Pandora, for 19% stake of the company. I was right on the trade but I missed the initial spike. It was only up 2.35% when I entered @8.70.
Exit comment: P touched 9 three times without breaking it, I should have exited much faster the third time it didn’t break 9 as that could have been the beginning of a big panic. I held longer hoping that it would go back up - WRONG. I still made 20cent/share and it was my first green trade, but I am not happy at all about how I played it.
Comments: I saw this stock at the market open and was not watching it at all before that. I did not stress the price action under the SSS method in my excel table. It would have helped me realize that this stock was not a big % winner. I was excited by the green candles but did not realize that the volatility sucked. I mad 20cent/share but it only represented a 2.3% win. Moreover, the float was 233M shares so not really what I am aiming for.
· I shall not get super hyped about a couple green candles if the actual volatility sucks.
· Once P failed to break 9 the third time, I should have called it a day and sold immediately.
· P= Market cap of 3.2B and float of 233M, so it does not fit the strategy at all.
· Final comment: The chatroom is awesome but it is a double edged sword when beginning as it can also be extremely misleading, with lots of people hyping BS subpenny stocks or newbies (like me) talking about a big spike on P. Except I never talk in the chatroom until I hit the 50% of successful trade mark.