With a strong bounce back in yesterday nice dragonfly candlestick bar, today action was almost an upside down version of yesterday bar. Now, put the two together and Voila!, you have a doji bar. A doji is to be considered a neutral bar where neither the bull nor the bear win the day.
Since my position is kind of a neutral, I will let the price action decides for me tomorrow.
However, looking at the chart basing , it sure does look like it wants to go up badly…
My 2 cents.
Comments »That’s right! If you have an Android phone, you can now install Facebook on your home screen and you will have Facebook facing you everyday. Wow! Isn’t that fantastic?
Yes! Yes! It is absolutely fantastic because the stock price has been going up. With regard to the Android Facebook home screen, I leave it to you to decide.
Take a look at the 10m $FB chart below:
Isn’t that a beauty? Although I had a close call of almost getting stop out at breakeven. Thanks goodness price never got to my stop. Whew! However, when $FB started to bounce near my stop, I added some more. I also added more when it got to the high $26.xx area.
Below is the daily chart.
Notice that the 5m moving average line is going to be crossing the 15m moving average line. This is confirmation of a bottom here. At least, it improves the statistical significance of a bottom being formed.
My 2 cents.
Comments »The bounce happens right at the uptrend line. Like a perfect orchestrated maneuver, price bounces on cue.
Take a look at the daily chart below and you know what I mean.
Notice how the fast stochastics line below begin to turn up.
Remember, just because I sold out my position for small losses doesn’t mean I’m not watching it anymore. You see, by cutting my small losses earlier, I get to buy $IMUC back on a cheap in the right place with a good risk/reward ratio. This is what swing trade is all about. Of course, it won’t work like this all the times but it will work enough that you know cutting losses earlier is the way to go.
And yes, this bounce has yet to prove itself; but I like it here better than when I was holding it from high up.
My 2 cents
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Today was like a game of whack-a-mole except that I was cutting losses as they popped up.
Market actually opened with positive bias with $FB and $POT opened higher. Immediately, I bought back $FB and $POT at the market open since I sold out my position yesterday. I wanted to own these two if market rally continued.
$DCTH opened a bit lower and I was ready to bail. I waited a bit but then someone got ahead of me and dumped. Not to miss my music chair, I immediately sold half of my position so as not to give back too much profit from earlier this week. Later, when I saw that $DCTH could not bounce back; I just sold the rest of my position at around the same price I sold the first half. It was a good thing because price eventually broke down further to take out $1.80 support. By end of day, price was at $1.80. I’ll see if price can take out $1.80 resistance tomorrow before deciding if I still want to play.
$DDD bounced higher from yesterday close so I bought back a starter position with a stop at intra-day low. It was a good thing my stop was there ’cause $DDD tanked further down after my stop was hit.
I also had a stop for my $POT position at intra-day low and it was hit for small losses. $POT eventually caved in and headed lower; but it valiantly bounced back by end of day. Giving the way $SPY was doing its waterfall thing, I decided to wait for tomorrow before deciding if I wanted to go back in or not.
By the time I took a look at $S, it went down further than I wanted to see so I sold the whole lot for losses- not small but not big either.
Then $MNKD began to cave in as well and all my morning gain was gone. I was at breakeven and the daily bar didn’t look good; so I sold 60% first. And when I saw red everywhere on the quote machines, I decided I didn’t want to hold any swing trade until the bearish sentimental was gone. I sold the rest of $MNKD not long afterward.
While I was selling $MNKD, it was natural for me to sell $APRI also since price was not moving that much. I sold $APRI the same way I sold $MNKD- in two pieces. I took a small losses from the sales which was no big deal.
All of a sudden, I was in the whack-a-mole mode. I started looking for position to whack. I saw $TINY and decided I was holding too much for the coming correction. There were large bids there to handle my sales so I took it. Whack!
Seeing the large bids didn’t disappear after my first sales, I sold another batch. Whack!
With whack-a-mole, you want to whack another one after you’ve whacked the first one; so I moved on to $SYZM and sold my position down to 13% of my original size. Whack!
But when I came to $FB, I stopped myself ’cause this guy was making me money. So, no whacking here; instead I moved the stop to breakeven.
After all the whacking, I felt good with 61% cash.
Current holdings: LRAD, AMRN, FB, TINY, SZYM and 61% cash
My 2 cents.
The trades I made in the journal were time-stamped in twitter
Comments »
Be prepared to hold on to your wallet…
In order for the Evening star to be confirmed totally bearish, price needs to take out the low of today and never look back.
Currently, $SPY is making a valiant attempt to bounce back. Will it hold?
Which way will it go tomorrow?
Stay tune.
Meanwhile I’ve raised my cash level to 61%.
Be safe.
My 2 cents.
Comments »Well, we are finally being dealt the dreaded evening star bearish candlestick formation. And the worst part is that it is occurring at the level of GW2 which is usually an indication of a topping pattern. In a manner of speaking, the probability of a nasty correction is high. So, hold on to your rail or cut your losses.
Like The Fly, I’m building up cash by getting rid of my swing trades except for the recent biotech I’ve bought ($MNKD & $APRI) and $FB. However, once these three start to turn red, I’ll dump them for cash.
Below is the daily $SPY chart:
Look at that ugly red bar today? Yuk! Notice also that the short-term up-trendline is broken soundly as of now.
Currently holding 43% cash.
Be safe.
My 2 cents.
Comments »Today was a busy day for me because I made a lot of adjustment to my portfolio.
In the beginning, $AAPL looked like a racehorse getting anxious to get out of the starting gate. At market open, $AAPL had some volatile range but once it settled down a bit I bought a starter position with a stop below the previous pivot-low for a close stop. Price sped off quickly and I moved my trailing stop quickly as well; but before I knew what happened I got stopped out for profit. $AAPL then gyrated between +$6 & +$7 area so I decided to leave it alone.
$DDD looked good also in the chart so I bought a starter position as well.
$FB opened up and was trading above the half-way point of last Wednesday bullish engulfment bar, so I bought back my position.
$DCTH was acting uncommitted so I decided to sell half of my position to lock in gain. I didn’t want to take chance of giving back my gain while I wasn’t looking. However, later in the day, $DCTH showed a strong resiliency in the $1.91 area so I bought back my position I sold earlier plus some.
I found the charts on $MNKD and $APRI wanting last night so I was watching them in the morning. Price actions looked good and holding well so I bought starter position on them.
Meanwhile, $SZYM was on a tear to the downside and I had a feeling that this stock was not meant to be for me. Again, for the upteen times, I sold down the position to cut losses and minimize exposure even though I told myself I would stick this one to the end. But I was holding too much and I found an excuse to sell by reason that my money has a better probability to recover losses by putting it in $MNKD and $APRI where the upward force still exists. If you are ever being indecisive about cutting losses; find another more compelling reason to force yourself to do so. In this case, I want to re-balance my biotech holding by reducing $SZYM and increasing $MNKD and $APRI. I don’t want to use existing cash so that force me to scale down $SZYM to 38% of original position.
Once the allocation was executed, I felt good even though I had to eat a big losses on $SZYM. The thing about losses is that I know I can make them back; so I don’t sweat too much over it.
The charts on $POT, $FB, $DDD started to look like a balloon running out of hot air. They looked horrible despite the fact that they were up during the first half of the day; without hesitation, I sold them all for small losses except for $POT which was breakeven. You see, when the daily chart starts to look bad, I will NOT hesitate to sell my position especially when I see that the losses will be small. Again, with hindsight, it paid to act fast and decisively since all three were down much further than my selling prices.
$MNKD went through some intra-day retracement and I took the opportunity to add a bit more.
$S was neutral all day so I left it alone.
Seeing $PACB was trying to bounce a bit, I bought a small position so I wouldn’t forget about it.
Current holdings:
LRAD, AMRN, TINY, S, MNKD, APRI, SZYM, DCTH, PACB and 39% cash.
My 2 cents.
The trades I made in the journal were time-stamped in twitter
Comments »I’m betting it is.
$APRI has this special ointment that will give you an erection if you are not suitable to take Viagra; theoretically, you escape all the side-effect of Viagra. I traded and made money on this one before and I believe its time has come again. They have partnered with Abbott to launch their boner-medicine, Vitaros, in Canada. They are expecting a full launch in the first half of this year; thus, giving that it is April already, can news of coming full launch be the catalyst to drive the price up? Please click here for more information if you are interested.
Meanwhile, the chart looks like it is ready to move up.
I bought a starter position on $APRI this morning as well.
My 2 cents.
Comments »Hey fella, you misspelled mankind!
Oop! I meant the stock Mannkind ($MNKD).
This one is a biotech stock which I have shy away in the past because they have this inhalation for diabetes medicine. I was thinking, “who want to inhale insulin into their lung for diabetes?”
But then I asked myself, “but isn’t that how people get high on pot anyway?”
Of course!
So, giving the daily chart showing a breakout; I bought a starter position.
This post is not as timely as my twitter update since I’ve bought $MNKD earlier than when I’m typing this post. I got pulled away not too long after I bought. Therefore, please follow me on twitter if you want a timely update on what I’m up to.
My 2 cents.
Comments »I had a busy trading morning which was not necessary a good thing.
$FB opened higher and headed higher, without thinking I automatically added to my position; but later on, the steamroller ran out of steam and I decided to sell the whole lot since it was taking out the mid-point of the bullish engulfment bar established last Wednesday. One of my rule is that if price retraces more than half-way from a previous bullish bar, stand aside to see if the bear has leg.
$DCTH had me running in circle in the opening hour. It opened to a neutral to higher open and then price started to tank. I immediately sold 2/3 of my position to lock in profit from last Thursday. Then price began to trek back up to neutral so I decided to buy back some to bring my position up to 2/3 of the original size. But it was not to be. Prices again went down along with the overall market and I just had it. I sold the whole lot to protect my remaining gain from last week. Afterward, I watched and watched. Price action began to stabilize and the bids were coming back. Slowly it began to creep back up to neutral. Seeing that there were no more big sellers coming into the market, I decided to buy back slowly until I had 2/3 of my original position. By end-of-day, $DCTH had a last minute dash to the upside; therefore, I’m in good shape here.
Do I regret selling some $DCTH earlier such that I’m now holding only 2/3 of original position? A resounding NO. I adjusted my risk profile accordingly and I lived by it; otherwise, I would be saddled with indecision all the times. Be steadfast on your decisions and accept them as part of your normal business as long as you follow the principles of risk management; before you know it, you will no longer second guess any decisions you make.
Meanwhile, $PACB was on defensive all morning so I sold my lot for small losses so I didn’t have to waste time to manage it. From hindsight, it was a good decision since it tanked 6% for the day. You see, if you play defensive when you are at risk, in general you will be “ok” on average. Overtimes, the big win you are able to catch will make your win a truly bankable event.
$CHK looked bouncy so I bought some; however, at the market began to turn the tide to negative, I dumped it quickly for breakeven.
I added to $DDD because it gapped up and the morning retracement seemed to settle down. However, the act of selling $CHK also prompted me to sell $DDD to lock in profit as well. Later when $DDD settled down again, I bought a starter position with a stop below the intra-day low. It was for naught since I got stop-out later for small losses. Basically, I only gave back a bit what I gained today due to the gap-up. Overall, I still made money with $DDD from last week and today.
With market turning negative, I started to look for swing trade to close out position. I saw $GLOG and sold it for small losses.
Later on, I saw the resiliency in $S and it acted like it wanted to go up all day even though the market was negative. Seeing that it was near the breakout point to the upside from a long long period of cup and handle pattern, I felt this one was a good bet from here. Usually, when price break out from a long period of consolidation, it can run for quite awhile after breaking out. Let’s see if this one will follow this pattern. Oh yeah, I bought some $S in the morning and added more later in the day.
$POT was doing great all day and price was holding steady with a gain; so I left it alone.
Oh yeah, because I was occupied with $DCTH, I totally missed the $AAPL short-trade.
Current holdings:
LRAD, AMRN, TINY, SZYM, POT, S, DCTH and 37% cash.
My 2 cents.
The trades I made in the journal were time-stamped in twitter
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