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11 May

Thursday May 12, 2011

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Crazy but profitable day, so I can’t complain. I made some great moves and one bad move, I’ll try to summarize this best I can and keep it brief. Remember, these moves have been developed since I started trading stocks under $5 almost ten years ago. These daily updates are for learning and I spend a lot of time writing them, try to understand why I make the moves I do, good or bad so you can get better avoid my mistake and profit from my victories.

Chat room day trade gone wrong…

Early on I tried to flip GWDCQ in chat and got pinched for a loss. I honestly can’t stand stocks under $.25 which why I rarely trade them. The piece of shit was down almost 75% at one point for crying out loud. I honestly don’t know a single trader who makes a living in that space which means I don’t need to be there much either. Bottom line, screw GWDCQ… enough said!

Scalp gone right…

Took a nice profit on my LSCG scalp selling into the morning rush I expected. Entry was $4.01 Tuesday just before the close, exit was between $4.10 and $4.18 early on. This strategy works over and over and I hope it’s one your starting to learn because you can do it too. Find a stock that’s closing strong, grab shares and sell into the morning rush the following day.

Open trades…

Still have TBBC which I believe to be an early phase big stock promotion but I scaled back just in case today until I see a bit more strength. Started the day with 20k shares and sold 5k at $1.27 and another 5k at $1.25 as it pulled back. Remember, I added that 10k into strength yesterday… when it gets weak so close to my entry I don’t risk it. Remember, the idea is to profit, not hope it’s the next LEXG… to do this it requires guerrilla warfare tactics because stocks like this can slam you if you’re not on your toes… i.e. ESYL, AVVC, DOGO etc… Still riding my initial alert, 10k shares at $1.22 and it closed strong so it looks like we’re on track.

LOCM pulled back today with the overall market but I now suspect the selling may have had to do with the COO change they announced at 6pm this evening. Shady shit if you ask me hiding a COO change in a 6pm press release but it hasn’t sold off in after hours so maybe it’s a good sign. Trust me, I watch this stuff so you don’t have to…the day doesn’t end at 4pm for me… my platforms are still open because I’m trying to build trust with you. Anyway, my initial buy was $3.61 Friday and then I averaged up into strength yesterday when it appeared it might squeeze grabbing 5k shares at $3.75. Today’s pullback at $3.50 was a sign of weakness so I couldn’t risk a support break with $36,000 in stock so I sold 5k shares at $3.55 just to be safe. Like TBBC, I added into strength because this strategy can pay big too but when I get a false reading I go back to my original order size. Luckily it ran back up to $3.68 shortly after and I’m feeling better now.

Filled all my GSTPE on the dip and will now look to sell into any pop. I have 25k shares at $.21 which was my goal and I’ll probably add this stock in my challenge account tomorrow too. I’m banking $.20 is support and I’ll look to sell around $.25 – $.27 depending on the volume if and when it moves.

ANIK continued to climb today despite the bear market which is a very good sign. Shares hit $8.01 and there still doesn’t appear to be sellers yet. With a market cap of $107m I’m really hoping to see a nice move tomorrow recovering that gap. Guessing sellers will line up in the $8.40 range so I’ll look to take profit before then if that move happens.

Finally, added 8k GPL at $3.22 after it pulled back to strong support and once it got bullish I increased the size of my bet adding 7k shares at $3.30. Here is a video detailing what I saw that helped me scoop GPL up at the low of the day before running back up into the close.

 

 

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