Posted by Stock Online Trader in Short Selling, Watchlist on 03-09-2010
AENY is an OTC stock pumped by stock pumpers using promotional mailers. I shorted AENY @3.37 when it looked like the pump of its low was looking weak. Covered my position @3.18, playing it safe. This looks ready for morning panic, but I did not want to hold it overnight and risk my profits. Potential re-short if we get a spike tomorrow to 3.40 levels.
PRGO has been nicely selling off since last 4 trading days. I shorted it once it opened below 50$ today. It was much easy short, with higher risk reward. I shorted @49.94, with stop loss on break above 50. I had limited downside on my trade versus higher reward. My patience was well rewarded as it never breached 50$ and kept going lower and lower. However I did not keep my patience and covered way way too early @49.82.
POT is one of my regulars I play every now and then. It was trending up the whole day, but in the last 2 hours of trade, it got weaker and weaker. I took this opportunity to short POT @ 117.97. I was rewarded immediately to POT falling even more. I however covered my shorts @117.55, again being very early . It dipped below @117, where I should have ideally covered.
Important lesson learnt. Do not chicken out of winning trades and let it play out its pattern.
Posted by Stock Online Trader in Watchlist on 02-10-2010
When the market is crazy and volatile with no clear direction, the best way to make money is to go scalping. Scalping invokes trying to achieve quick 20-30 cents gains and getting out.
To begin the day I shorted PCX @14.47, hoping for a breakdown. However after multiple attempts it would not break below 14.40. Not willing to risk a squeeze I covered @14.43. Turns out that was the right move. After that PCX spiked all the way to 15.20s. Later on in the afternoon I took a short position again @14.95. Once the 15$ mark was taken out, I was confident to go short with stop loss above 15. Turns out it was a good trade and I covered @14.74, gaining 21cents profit. Quick and nimble.
I found Diamond Offshore Drilling, Inc. (DO) while scanning for oversold stocks that were reversing back. I bought DO @86.65, hoping for a 1$ gain with stop loss at 85.90. After some initial back and forth, DO jumped to 87.30. I immediately raised my stop to 86.99 hoping for bigger gain. Unfortunately my stop was taken out. My execution was @87.03, giving me 38cents profit. I was aiming for 87.85 as selling point, below 88$ resistance which it eventually reached. However I got stopped out earlier. No regrets though
MEE is one trade I wanted to go long, but never did. It is notorious for crazy swings and I decided to play safe. I was aiming for going long on 39$ break. Had I entered the trade, I would have got a nice 50-60cent profit. MEE did fall back to 39 level. However I wasn’t interested the second time around since, it was trending down, unlike earlier when it was trending up.
Posted by Stock Online Trader in Watchlist on 01-04-2010
AENY spiked alot but then gave up most of its gain. Ready for reversal ?
ATHX broke below 4.00 till 3.71 but then spiked back up above 4.00. Short below 4.00
EONC is extremely overdone. How much longer can it spike ? No play yet.
IRE is up 15% today. Can its trend continue ? Long above 9.00 break.
PNK looks ready for more green. Long on green.
MILL finally taking big dump. More to come ? Potential short
