Wednesday, July 28, 2010

Trade review 7-28-10

I got many of these picks right...

Hits:

IDSA

Nice early drop was a good fade play. Red close by over 9%

NYMX

Ditto, although the fade was more gradual. Closed down over 7%

BKYI

Easy gap up and fade from near the start, en route to a red finish of close to 5%

CMIN

Ok, it did not spike, but th price action was so clear from the gun a fade was easy money pickings, so it can be called a win with a straight face. The clear red letter day I anticipated was easy to predict shortly after the open. Aggressive selling indeed. Closed down in a gradual fade of over 8.5% for the shorts.

Misses:

MBCI

This ran another day or so nicely, but as I had hoped today was the day, a loss must be scored. Most of you who follow me did not lose money short or were long, given my description and warnings, as it showed Bullish strength right from the beginning. Many "wrong" plays are possible to avoid by learning to read live price action, by the way. The moves on this one were so obvious even a novice could navigate the waters.

Push:

PTSC

You could argue this as a win, given its early rising, but it was less spike oriented and more climb based, and it had a bell shaped end to it that caused an unchanged close. So, a split decision is in order.

Totals:
Daily record: W-4 L-1 P-1
80%

My unofficial plays, DNN and SKPI are worth a mention. We had no distribution day for the former, while the latter pulled back nicely, but perhaps not enough, to enter. Had you bought the close on this, it might fall further tomorrow, or gap up. I prefer a clear answer on such entries on the day of prediction. Patient souls may still try to play these if the levels I mentioned in my original post are respected.


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