Trade review 10-18-10

I got some picks correctly...

Hits:

CRTP

Boring slow early green to red on a nominal gap up open, with gradual fading. Closed red by over 1% today.

ANFC

Opening at the hod, this went green to red early, fading gradually down. Closed well off the lows but still red by over 1.5% today. Boring, though.

MHTX

I aced this call. We did reach and hold 10 cents per share or more. Opening on a reasonable but clear gap up, its price action was Bullish from the gun. Closed off of the highs, but still green by over 8.5% on the day.

MIPI

Top fishing fades worked for the brave and lucky souls who timed it right, but since it sported clear traditional weakness cues on an afternoon fade that proved unnecessary. Opening on a solid gap up, the hod was printed in the first 10 minutes and it sank evenly the rest of the way. Mid way through the session it went green to red which was a shorting signal. Red by over 15.5% on the day. An instructive and classic play.

Misses:

CCME

Choppy price action faked out some longs who, with eager optimism, perhaps bought the red to green fake outs. Opening on a gap down, it tried to fill the gap and recover, but the Bears would not be denied. Red by over 7% today. As I got the direction more wrong than right, with flaky price action and traps, this is a loss.

Push:

PIP

No entry possible when the Supernovae did not pop, advancing from the bell on an impressive gap up open. Closed green by over 23% today. True, it fell steadily into the second part of the session, but most top fishing fades are hard to call on these kinds of set ups. Like I said, these thing can be very irrational/squeeze prone.

CNIT

I saw this as an over extension, I was right. I was wrong about a 7 test. Opening essentially flat, which proved to be the hod, it tanked evenly all day from the beginning. It gave clear weakness cues but did not play out as I specified exactly. Good enough for a push, as I got the idea and direction fairly more right than wrong, but not much more. Red by over 4.5% today.

Totals:
Daily record: W-4 L-1-P-2
80%

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