Trying to profit on the falling knives (oversold stocks & huge pullbacks).
Tuesday, November 20, 2012
Trade of the day, HGSH!!!
I hate holding stocks overnight, but I pretty much had to on this one. I decided to go long 1000 shares on HGSH when it got a huge volume spike at 9:45a.m est breaking-out to new 52-weeks highs. Thinking this might be a possible head-fake, I decided to place my stop at just 3.07. My profit target was a least 4 dollars a share or higher on HGSH since it's so thinly traded, but when it was struggling the whole day to get to my profit target, I just decided to hold it overnight and hope for a gap up in the morning to take my profits. I will update this trade for you tomorrow on my blog and tweets.
If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on twitter @tradermike9.