I got some plays correct this session...
Hits:
PNM
A slight gap down rose after the noise candle, but failed to take and hold the flat line. It headed back down and was a short after falling under the open. A rally in the afternoon challenged the flat line again, but the previous session high held, so stops should have as well. A fade into the close ended red by over 1.5% today.
BLOAQ
A great scalp & early session long, as suspected. It kept creeping up, closing north by nearly 77.45% today.
Misses:
TRX
We might have been a day early, as is often the case on bottom fishing ploys. Often, one can avoid fake outs if it just dumps again, but here after it fell early from a gap up it recovered to exceed the opening price and sucked longs in. It peaked by lunch and began a long slide down to finish unchanged today.
QTM
After early weakness, this broke over the previous close and equaled its high, sucking longs in. It fell back under the flat line but regained it and the earlier highs. Then came the afternoon where it collapsed into the close, ending down nearly 7.5% today.
EGLE
Another unfortunate fake out as a gap down greened on the noise candle. It soon fell to and under the flat line, but retook it and bested the previous day's high. Longs could have been sucked in. It was short lived optimism as it fast reversed and fell for good under the open. Closed south by over 7.5% today.
Push:
SPNC
This fell from the start, and took a long time to gradually recover. It barely reached the flat line and quickly fell again, so longs never had a play on it. It continued to fade in the afternoon, closing south by over 4% today.
TRMS
A sizable gap down began to fill, so most longs would have banked, but this was an obvious no play. It never bested the flat line except a slight move up over in the afternoon briefly. Closed down by 2%+ today.
Totals:
Daily record: W-2 L-3-P-2
40%
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Hits:
PNM
A slight gap down rose after the noise candle, but failed to take and hold the flat line. It headed back down and was a short after falling under the open. A rally in the afternoon challenged the flat line again, but the previous session high held, so stops should have as well. A fade into the close ended red by over 1.5% today.
BLOAQ
A great scalp & early session long, as suspected. It kept creeping up, closing north by nearly 77.45% today.
Misses:
TRX
We might have been a day early, as is often the case on bottom fishing ploys. Often, one can avoid fake outs if it just dumps again, but here after it fell early from a gap up it recovered to exceed the opening price and sucked longs in. It peaked by lunch and began a long slide down to finish unchanged today.
QTM
After early weakness, this broke over the previous close and equaled its high, sucking longs in. It fell back under the flat line but regained it and the earlier highs. Then came the afternoon where it collapsed into the close, ending down nearly 7.5% today.
EGLE
Another unfortunate fake out as a gap down greened on the noise candle. It soon fell to and under the flat line, but retook it and bested the previous day's high. Longs could have been sucked in. It was short lived optimism as it fast reversed and fell for good under the open. Closed south by over 7.5% today.
Push:
SPNC
This fell from the start, and took a long time to gradually recover. It barely reached the flat line and quickly fell again, so longs never had a play on it. It continued to fade in the afternoon, closing south by over 4% today.
TRMS
A sizable gap down began to fill, so most longs would have banked, but this was an obvious no play. It never bested the flat line except a slight move up over in the afternoon briefly. Closed down by 2%+ today.
Totals:
Daily record: W-2 L-3-P-2
40%
New users: Read my trading guide for my play set-ups!
Review my blog at Investimonials:
Follow me now on Twitter:
Watch my instructional trading videos on YouTube:
Subscribe to Big T by e-mail:
Subscribe to Big T in a news reader:
The blog has a terms of service. Be sure to read it at:
http://traderbigt.blogspot.com/2010/02/please-read-my-terms-of-service-i.html
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