IDMI- Great Way to End the Week

To tell you the truth I was not going to trade this and was not expecting trading at all. But something about IDMI drew me to it and I got up this morning to see how it was. First candle it fell then the next one brought on the buyers and it took off.

I jumped in at 2.40 which for a couple minutes thought I pulled another dumb trade because it fell to around 2.28. Next candle started inching its' way back to 2.40 and once it did it shot right by.

I unloaded some at 2.50 and I let it run until I saw the gap between the bottom of the current candle and my seven EMA. I saw the gap and sold the rest at 2.58

Somewhat pleased. I do not want to get too excited but I am happy I finished this horrible week on a good note. Even if I did not end the week profitable, the damage is a little less dramatic.

NSR- Nice Bounce

Saw NSR last night when it was down 25% or so during the day. Read a couple article headlines basically saying it was an over reaction on the sellers part. I put it in my watch list and wanted to see if I could get a bounce in the morning, and I did.

 

Retrospect, I did hesitate to get in. I let it move without me because a Pivot Point was approaching and I didn't know if it'd reverse at that price especially with the way the market is now or if it'd blow by. It did blow by and at at that point I put in my order and got filled at a price of 22.53

 

I let it keep running because the offer kept rising and the bid would soon follow. Even though it did fall back a little bit the offer immediately kept jumping. Then we hit resistance which we rocketed by. I was too slow to sell some shares so I didn't and finally sold all of them at 23.10

 

Man, just looked at the chart right now. It's up around 23.60 Left a lot on the table, something I seem to do a lot. There's wasn't really any reason to sell. I should wait until I see a blue candle develop before I get out. What I did was buy strong and sell even stronger with no weakness in sight. I should probably wait until some real weakness develops.

 

Either way, I'm happy with the gain.

IDMI- Easy Money

Man, this kind of trade probably won't happen again for a while. Once I sold out on my first trade with IDMI I had to put on another position when I saw the stock was up 130% from when I bailed out. I got in again at 2.65 and let it ride until 2.95

 

I think I made around 9 or 10% on this second trade but my position size was 1/4 of what the first one was. The profit was 2.5 times my first one so this was an efficient use of capital, lol.

 

The gap on the chart was when I closed the chart and took it out of my watch list. I added it back in to see what IDMI was doing and that's when I saw the huge jump and got in right away.

 

IDMI Late Trade

Wasn't planning on trading but I was watching IDMI for a couple hours and finally decided, screw it, I'm going trade this. Got in at 2.05 ran up after I got in which is always a good sign. Sold some at 2.11 Fell back down and started making lower highs but higher lows. I don't like those kind of patterns. I sold the rest at 2.08 Not a big gain or anything but good enough for a 30 second trade.

 

DDSS- Back on Track

This is what I'm talking about. Had a nice trade with DDSS. I was watching 5 charts and not much was happening. I left to use the restroom, came back and DDSS was the only one making higher lows. So I bought it immediately. Got in at 2.05 Next candle did what I was expecting, basically started to blow up  ran up on great volume. I sold some at 2.17

 

However, I saw the giant volume spike and figured the public might be in on this. Then I'm watching the Q's fall and had to make a decision, do I sell everything here while I have the profit? Or risk having it diminish and possible turning with the market? I decided to sell and took a nice sized gain which easily cleared my loss yesterday and then some. So I sold out on all my shares at 2.16

 

The second volume spike was basically what I was looking for which shows a nice top. Huge new high on huge volume. I was a couple candles too early and missed out on doubling my gain but hey, I made a decision I felt was right at the time and walked away with a great gain. I'll have to figure out some way to keep myself from bailing too early. A lot of these gains it'll show that I bail usually on the next candle after I get in. If I could just sit and wait for a 3 or 4 or 5 candles to develop I could be pulling in a little more cash.

 

Ahhh,...see that, my greed is getting stronger. I should be content with what I have, but no...there's always a way to make more..lol. I need to control that greed factor and be stoked that I'm still alive in this business.

 

 

COIN- Nice Opening Trade

I was watching COIN at the open, I had an eye on the 10.74 level since that was yesterdays high. I saw it was up pre market which was a pretty good sign but I didn't know how the overall market would react to yesterdays end of day rally. The Q's started to inch their way higher and COIN hit 10.74 about 4 times and then blew by. At that point I had my entry ready to buy at market once it broke those levels. I got in at 10.85

 

The second and third candles couldn't break that high they just made which got me a little worried. So I sold half at 11.04 set my stop at 10.68 and left to use the restroom. Came back and saw we were up in the 11.20 I let it keep running (Yay for me, I have a hard time letting my profits run but it seems easier when I have a stop in place). I was also keeping a close eye on the Q's because I wanted to see what they were doing. Volatility is around -2% so I figured resistance might be playing a bigger role. Just as the Q's were hitting resistance I bailed completely on COIN and got out at 11.35

 

All in all, a good trade. I tried to stay calm as much as I could. I set stops which relieved some mild tension and I traded what I saw.

 

COINW- Wow, I'm in Shock

Wow, I think this might be top all my trades, not because of how much I made which isn't that much compared to my other winners but the fact I stuck out a 6% drop, watched the stock and how it was reacting, decided to stay in and came out on top. I'll admit, I felt like puking when I got in at 4.20 and saw it drop to 3.50 I couldn't believe what I just did but I stayed calm, I wasn't watching how much I made or lost and paid attention to what the volume and price were telling me.

 

I initially put in a market order when I saw it hit 3.90 which is indicated by the black arrow on the price section of the chart but never got filled until 4.20 At that point I thought I just got in at the top and pulled a rookie mistake. It inched higher a little bit then fell hard. But what I thought was weird was that it fell hard at first on very very light volume. I thought it might of been the pros trying to shake out the rookies before it ran up. Once the big dip came in on light volume, the selling volume slowly started picking up, maybe from rookies getting freaked out or rookies getting their stops hit or whatever. I stayed in and when it hit 4.30 I said screw it, I've got to lock in some profit and sold half my shares. My nerves lightened a little bit and I could really focus now even more on what was going on.

 

I knew that the high for yesterday was 4.70 and I really didn't think today would be able to hit those highs especially because of the volume it did yesterday and how much volume we've done so far, it just didn't make a lot of sense. So when it hit 4.50 I saw the bid drop huge, I think it fell to 4.25 and I said, "ok, this might be the top, if not I don't care, I like the price, I want out". So I put in a limit order at 4.50 while it was bouncing around 4.50 the volume started running up and made a new high for the day indicated by the black arrow on the volume section. That tells me the public is now in the stock and it's a good price to bail. At the time I didn't know the volume would make that high but when I was sitting there waiting for my limit order to get hit I was watching the volume and it confirmed what I was thinking.

 

All in all, this has to be in my top 3 best trades of all time. I'm stoked that I stayed calm, watched the action, made a decision, stuck with it, and came out on top. I didn't sell because of the public freak out and rode it out with the Pros, haha.

 

 

ISIS, Another Great Trade

Had another great day. The market rally at the open definitely helped me out a lot. I got in on ISIS at 16.70 with my initial stop at 16.40. My stop was so wide because I had to account for the lower buying power in my account but once I got in I bumped it to 16.55

 

It kept rallying like I thought it might, momentum and volume looked great all the way until we hit R2 which I sold half my shares, 6 cents lower than my target because I didn't know if it would have much steam after breaking the line. It did ht my first sell target and before the candle turned blue I saw the momentum seemed to flatten out at the top and sure enough I watched it decline as I finally got stopped out at 16.84, 1 cent below my raised stop.

 

Overall, I'm very happy with my performance. I stuck with my plan even though I had thoughts of selling before it hit my targets, I stayed discipline and came home with some nice performance numbers to add to my trade log.

 

I'm a Consistent Profitable Trader because...

 

1) I objectively identify my edges

2) I predefine the risk of every trade

3) I completely accept the risk and/or I am willing to let go of the trade                                                                             

4)I continually monitor my susceptibility for making errors

 

I understand the absolute necessity of these principles of consistent success and therefore, I NEVER VIOLATE THEM!

 

I have this taped up onto the side of my monitor. I pulled it out of a book but I can't remember which one. Just some good words to follow and to live by as a trader.