I took Vonage (VG) long and short today, but it was not ideal for a short. I also played a TimAlert. I wait with baited breath until tomorrow. I am back green on the week and I have made up for last week’s losses too. Not a bad day.
Watchlist
WAVE – long on strength, short on weakness.
VG – short aggressively on green/red.
Today’s Profit: $1280.17
Disclosure: No positions. I have a disclosure policy.
This entry was posted on August 26, 2009, 4:20 pm and is filed under All Categories, Pre-Leader Longs, Supernova, Trades. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.
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#1 by betheball on August 26, 2009 - 4:50 pm
nice trading today. That SCLN was a perfect setup.
#2 by Yngvai on August 26, 2009 - 9:19 pm
I had a great short of VG at 2.36 and covered in the low 2′s. But then I tried to short it again near the close at 2.10 for an overnight short, and there was that big squeeze near the close and it was up after hours. I covered after-hours for a hefty loss….wiping out my earlier profits and then some.
#3 by Yngvai on August 26, 2009 - 9:20 pm
I need to make it a point not to hold anything overnight. I’ve had too many instances where something crazy would happen the last few minutes before the close. I should be exiting all positions by 5 minutes before the bell.
#4 by whizzler on August 26, 2009 - 9:26 pm
interesting to hear u say that, yngvai. It seems Tim likes to take a position towards the close with a view to bailing out the next morning. Its a case by case thing I guess….
#5 by cwn6161 on August 26, 2009 - 9:57 pm
Well I think if Tim’s trade went the wrong way, he’d get out before the close. I’ve been trying to do the HOD overnight trades a few times, its been hit or miss for me. That’s probably my inexperience showing.
#6 by Yngvai on August 26, 2009 - 10:44 pm
Yeah, I know Tim likes to do overnight stuff, but I know myself I’ve gotten screwed too many times. Plus I sleep better at night when I’m not holding anything. I may end up using a day trade in my IB account but that’s better than what happened to me today.
#7 by hfilty on August 26, 2009 - 11:44 pm
thanks reaper for all the videos you are posting here. i am learning a lot from you too. i am out of the market now for the last 4 months as i have been flaged, lost about 5k overtrading. i am trying to save some money to deposit over the 25k daytrader rules. keep up the good job reaper
#8 by John C on August 27, 2009 - 2:01 am
I must say these stocks on TheLion.com that are up 40-70% . Once they smoothly trend sideways they tell you we’re they are going by 1-2p.m.
Look at Charts at RTK, VG, WAVE.
All within the last week.
i profited 40% just from 1-3:30 in RTK
i profited 150% from 1p.m. – 9:05a.m. the next day in VG
i profited 160% from NPWS which played out the same way.
i said WAVE would hit .99 while it was in the .70′s and it ended above 1.40.
http://twitter.com/onstocks
I didnt have funds though you can even check my blog. I would’ve bought into WAVE. Why arent these setups being taken advantage of by you guys???
I officially might just Trade this One Setup… Cause its clearly the only setup i can predict. matter of fact, if it wasnt for this one particular setup, my portfolio would easily be in the red. I only remember 3 Large Gains and they originated from this setup.
Wake up and 12pm and just look for this one setup.
These “supernova’s” are all over the place!
- “the Up and Upper”
#9 by cwn6161 on August 27, 2009 - 7:43 am
John, I think another big issue with those stocks, at least with WAVE and VG, are the fact that they cross a whole number. After that, they don’t go below again. WAVE for instance teased in the .90s for a bit, but once it went over the 1 mark, it never went back.
#10 by Reaper on August 27, 2009 - 8:58 am
Yngvai – yeah, I agree on the o/n stuff.
John – I miss stuff because I’m not a good trader. I just use a couple good trading systems. Also, I am willing to miss stuff like that to ensure I don’t miss a breakdown in VG (as I did with GGC).
#11 by John C on August 27, 2009 - 11:14 am
WAVE – was at .66 at 2.pm had to climb 33% before it ever reached $1. Clearly a whole number did not have an effect on the price action at 2p.m. which is when this stock pattern takes form for the second leg. It took off after rising above the previous high of the day.
RTK – got in at 1.76 at 2p.m. I agree it broke a whole number $2 but it also beat its previous high of the day
VG – go in at .97. had to climb 10% before ever reaching $1. was sideways for 2 hours at .90. the second it broke above a high of the day at .97 it climbed steep and easily broke through $1 like it wasnt there.
#12 by cwn6161 on August 27, 2009 - 12:48 pm
Exactly John. Like Reaper was talking about in an earlier post, upward moving stocks that cross a whole number tend to make for decent buys right after that cross. You may never know exactly when to get into a stock on the rise, but getting in right at the point of crossing a whole number is a much higher probability for success.
#13 by John C on August 27, 2009 - 1:27 pm
i understand because of the stops and what not.
But this chart i think is in itself a another form of reading a chart. its the movement just in general regardless of numbers. Yes it abides by support and resistance. but this chart with the attention they have as being the highest gainers in the day, and trending safely sideways, not showing signs of breaking down i think will trigger an OH NO its not going down, it could go up by tomorrow. Quick let me rush in now at 1pm.
Maybe this is only because the market is rallying. and all stocks are getting lifted up. I agree with the whole number buy in tho
#14 by John C on August 27, 2009 - 1:28 pm
YMI is trading at .91 … its got the trend form. its 1:28pm…
ill shutup if it doesnt rise significantly
#15 by Reaper on August 27, 2009 - 1:30 pm
Ooh nice, a prediction! Let it be known the above was said at 1:30pm EST when YMI was about 2.01
#16 by cwn6161 on August 27, 2009 - 1:45 pm
Yeah, I’m a bit confused about that last post lol. Reaper thanks for the excel pages by the way, I’m currently converting them into Google docs, since I often switch from Mac to PC when working.
#17 by Reaper on August 27, 2009 - 1:46 pm
good idea cwn6161!
#18 by cwn6161 on August 27, 2009 - 1:52 pm
Reaper what’s your stock price limit? Anything too rich for you, even when showing great buy/short signals? AIG for instance has been pretty active the last few days, but it’s way way out of my price range.
#19 by Reaper on August 27, 2009 - 1:53 pm
no limit, considering I’ve day-traded BRK-A.
#20 by cwn6161 on August 27, 2009 - 1:55 pm
Haha, that answers my question
#21 by Preston on August 27, 2009 - 2:26 pm
Michael, how is the $IMMU chart looking to you?
Looks like a potential short with it’s fading price action. Maybe tomorrow if I have it right, which I probably don’t.
#22 by Reaper on August 27, 2009 - 2:28 pm
I think preston I’ve said before that I’m not a fan of shorting stocks on an initial gap-up day. Especially something like IMMU–up on pretty real news: http://us.rd.yahoo.com/finance/external/reuters/SIG=118cks9u6/*http%3A//www.reuters.com/legacyArticle?duid=mtfh22239_2009-08-27_14-45-08_lr596069_newsml&rpc=44&type=marketsNews
#23 by Preston on August 27, 2009 - 5:33 pm
Yeah that was a horrible idea, it’s still very choppy as well. I’m just looking at some of the top gainers and trying to read their charts for a shorting opportunity, I knew that before I asked.