Today was a shake-out day.
Market opened with a negative bias and my swing-trade alerting mode kicked in.
The problem with my swing-trade alert mode is that I like to “get the hell” out of a position when the overall general market condition is negative. Since I hadn’t designated $BIDU as a position trade, it was a prime candidate for me to take the money and run. I did exactly that in the morning and lo and behold, I found out later I was shaken out of my position. A few rattle on the bottle of $BIDU and out popped Zenhunter’s position. Oop! Of course, $BIDU continued higher for the day without me. Nevethless, this was different from $CVI which I got out when price was higher; $BIDU was down when I got out. Therefore, $BIDU was business as normal for my trading mind while $CVI was a pure ego play which it chose to ignore my trading mind to put a stop in lieu of jumping the gun.
After getting out of $BIDU, it was naturally that I also wanted to get out of $YNDX. Price action was on the defensive at the time so I sold $YNDX for tiny losses.
$CTSH was holding well so I decided to move my stop to breakeven just in case. It was holding well for awhile but eventually price pressure brought the price down and I was stopped out.
$SZYM opened higher after earnings announcement. I wanted to get back in so I waited a bit. Price eventually came down a bit and I bought a starter position. Later in the day, (I was away for awhile), price shot up and settled back down at $9.45 area. I added more at that level.
IMHO, $AMRN’s earnings report was in line. After hour price was holding steady; but the real reaction will be based on tomorrow price action.
All in all, I was shaken out of my three swing trade positions- $BIDU, $YNDX, and $CTSH with my cash raised to 48% which wasn’t a bad thing to end the day with DJIA taking a breather here. I’ll be looking to buy back some names at cheaper prices if I can.
AMRN, LRAD, TINY, SZYM and 48% cash.
The trades I made in the journal were time-stamped in twitter