These consolidators can be very scary. I'm so used to recent squeezes that it's easy to start expecting them, but these sharp panics remind me to only get in at ideal entry levels. With so many bag-holders from earlier at the open, I knew that it'd be best to take profits quickly, but I really wanted this to bounce back to consolidation at 1.55. This is my third go at the B%G Panic setup =) . Not really excited, but I'll take it as I'm running on three hours of sleep and tired of missing plays.
Not at all satisfied with this, because ETrade ROBBED ME (LOL) of my 10k share order. Only got executed for 1k shares, so I took my ball and went home. Was a potential MDR with lots of short interest from last month (potential short squeeze). Consolidated support at 0.24 with the idea of retesting the highs at 0.30; but exploded at the open, so I quickly researched and found support at 0.37 for Mid-Day Perk. It failed near 0.50, as expected. Profit Potential was $900 (10k shares from 0.38-0.47).
This was my first test at the Mid-Day Perk. The key, as I've seen, is to enter at the most ideal support, which is on the first key bounce after the HOD spike-up (after the open). That's the biggest pull-back and almost always the lowest low (2.75 on IEA). I got in a bit above that at 2.80 and got shaken out into choppiness. Not what I'd wanted, but decent practice for my new #2 setup. I was right on the perk pattern, as IEA is now testing the HOD at 3.13. I would have sold at 3.10 for $600.
This was my third watcher after ATAI and CETX (which both are still choppy and unsure of themselves). Nice little scratch win here, as JILL broke down cleanly to the predictable MDR level from a parabolic First Green Day. It could potentially gap fill up to 3.50, but after a few flaccid bounces, I won't take a chance that it could fail or consolidate further. I was up $120 at bounce peak, but gave it a chance to rebound off of higher lows at 2.00. Exited once it failed to do so =) Til Next Week!
LOL I started to paper-trade this, but as it cleanly dipped to hard support, I said "F@%& THE PAPER!!! ETRADE PRO! ETRADE PRO!". I love this trade, because it provided some much needed Level 2 WALL practice. Without knowing where the wall will form exactly, I'm looking for the wall of buyers within the bounce region. I used full-size here and was up a scratch of about $200 at peak 1.40; but this wall of sellers just would not let up. Prepped the break-even and took it as needed. Great trade =)
LMAO It's hilarious how excited I'm getting about completing these practice trades. Sharpening the blade!!! =) I gave up on MGI as it was breaking various support levels, but the last stand for an MDR was down at 2.80 (from long-term support). I love how Tim was quietly watching the same ticker, with the same plan; but I was a bit shocked when he got in a little earlier than I would have. Not trusting this play, I got out once it struggled at resistance and will watch/learn. EXCELLENT trade =)
Got back from the gym to check my only watcher, IGC. Found this PM B/O on solid news and low overhead resistance. Didn't want to chase it after the opening spike, but definitely got in on the pullback to see if it could bounce and break the nearby high; to test the HOD at 1.25 (where I would have definitely sold for a $447 full-sized equivalent. Once it struggled to bounce, my instinct told me to get the hell out. Great call as it's failing now. Brandon takes no chances =) Great practice-trade!
lol Gettin' REALLY good at this "cutting losses quickly" thing!!! =) Had three watchers, this one being the best for profit potential. #1 Biggest % Gainer, fundamentals lined up as usual, best play of the morning. Got in on the initial bounce after the open and held for what easily could have been a nice run to 0.80 ($6k Full-Sized Potential Profit... YEAH). Got out once the bounce struggled. VERY excited, as this confirms my first trade using $2,000 + another success at cutting losses quickly.
YES!!! LOL HOUSTON WE HAVE A PROFIT!!! #1 B%G on the day, potentially could go 3-5x green with so much room above and RIDICULOUS volume. Locked in roughly a $500 full-sized equivalent. I was up $1,250 (equivalent) at one point and I played this one SO WELL reading price-action and adjusting risk-levels in real-time. I DIDN'T get shaken out, VERY proud about that and I gave it more than enough time to fulfill it's potential. Excellent setup, excellent execution, excellent practice trade =)
Due to it's all-week failed spike history (after a bad sushi tank from filing Chapter 11), I'd decided to give this another look after OESX didn't work. I didn't trust it and decided to ONLY get in once it broke the PM High, but it failed to run further so I cut losses quickly after it struggled too much. Great practice trade and worth the shot, as this is still the #1 biggest % gainer on the day. It's failing now, as expected due to history, so perfect planning and on to the next one =)