Comments on: Watchlist for October 14th: Just this once, everybody dies!

By: Trade recap: A swing and a miss « Reaper Trades

Trade recap: A swing and a miss « Reaper Trades — Wed, 14 Oct 2009 23:30:42 +0000

[...] as I previewed in my watchlist last night, I shorted 5,000 shares of OPTT on red (I alerted this trade via Twitter too). I got [...]

By: Jamal Chahboune

Jamal Chahboune — Wed, 14 Oct 2009 20:41:23 +0000

No, I did not mean it like that. I meant that you would not have even been in the position in the first place if you were using a 5-minute chart since the 5-minute chart does not show the breakdown to be anywhere near as convincing as the 1-minute chart. Based on a 5-minute candlestick chart, the fakeout breakout would not have bee entered on but the real breakout would have. In my opinion

By: Reaper

Reaper — Wed, 14 Oct 2009 20:17:42 +0000

Jamal — you imply the use of a modified time-stop. If the price action is unfavorable and/or the stock hits my mental stop, I get out. I don’t wait. I just get out.

By: Jamal Chahboune

Jamal Chahboune — Wed, 14 Oct 2009 19:20:53 +0000

Sometimes it is easy to get caught up in market noise when using a small time frame for charting. 1-minute chart would have defiently got you juiced today on OPTT. Looking at the 5-minute chart (my personal favourite), you would not have got caught up in the fakeout move and (probably) participated in the real tank.

By: Preston

Preston — Wed, 14 Oct 2009 18:10:58 +0000

LEE might go red on the day.

By: Reaper

Reaper — Wed, 14 Oct 2009 17:55:52 +0000

Annoying, that was. It was picture-perfect after that spike.

By: Preston

Preston — Wed, 14 Oct 2009 17:55:02 +0000

Yeah, I made that comment after seeing the price down and not looking at the chart.
I would say you made a very good call sticking to your plan.

By: Wallie123

Wallie123 — Wed, 14 Oct 2009 17:37:09 +0000

OPTT was a good call but a lot of people got squeezed. I am one of them , but i think i did the right thing even though the stock is now at 7.15. The way i see it. The stock went red then went green and broke the morning high. Breaking the morning high was my stop loss if it didn’t break that i would have held. With the market up as much as it was I was afraid of a squeeze to 8.5 or so. I got out for -200.

By: Preston

Preston — Wed, 14 Oct 2009 15:14:41 +0000

Damn, I missed OPTT short on red, that was a good call.

By: Preston

Preston — Wed, 14 Oct 2009 14:38:17 +0000

btb, I was thinking the same thing, thanks for putting logic to my thought.