Trade review 3-19-10

I served more aces:

HMNA

This cracked 2 early, I tried to play it using real money it was so nice, but no shares at IB.

MSEH

Looked like this was it, tanked hard early, no shares could be located, then bounced huge, still in play for next week. We all were so enchanted by this move in chat, that everything else was forgotten!

WNC

Dived and faded for a short.

PCBC

Ditto.

CPF

Fell early as a possible short but finished green.

CMZ

Sold off early, but I ultimately proved correct so far on the long breakout play over 1.07 resistance.
 
TASR & EGLE did not fair well, but are good example of how patience is vital to returns in trading. Neither was an obvious long once the session began as they tanked early, so nobody should have even entered.

In such situations, it usually pays not to bottom fish, but instead to wait for the next session (if still interesting) to get a clear upward momentum signal to buy shares, as they can go even lower on such sessions as the day wears on. TASR is involved in some negative news, so it may not be a clean option anymore. 

I prefer to enter these AFTER 10 A.M. EST to get a clear picture, as an entry usually presents itself without the need to chase. Always remember than faulty entries are a leading cause of trading mistakes.

Boring day, with missed opportunities over the MSEH obsession plaguing everyone in sight.

I refused to join the ship of fools in going long again in SOMX, but papered it for fun to prove a point about the wild swings that can happen so fast that it can prevent one from profiting or avoiding loss. A good case in point was this trade. I was up on this nicely, but it swung so fast that I was practically red moments later. I exited with a tiny gain. The stock soon deeply faded, punishing those wishing to make a quick buck scalping.

I cancelled my trip to the Bahamas, BTW!

BOT    200    SOMX    Stock    10.0900    USD    ISLAND    08:30:39        1.00
SLD    200    SOMX    Stock    10.1100    USD    DRCTEDGE    08:31:41        1.00


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