Thursday, November 29, 2012

Trade of the day, HGSH!!!

Usually my trade of the day is some type of bounce play I profited on, but all my bounce plays today were losses. I did trade a breakout today on HGSH that if you look at the picture above you could tell it was probably coming if we got some good volume.

The volume was picking up this morning on HGSH, and I needed to get in as quick as possible. I put in a bid to buy 2000 shares at 3.55, but got only 1000 filled and just canceled the other 1000 when it started to take off. I never buy more on the way up like some other traders I know, that's not my style of trading. My profit target on this stock was at least 4.50, but when it only touched 4.39 at first and started to trend back down, I started to panic and sold it at 3.95 for a .40 point gain. And look what happens, it had another legg up and it blasted through my profit target of 4.50 at one point after I just got out. Siiiiiigh!
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 stocktwits or twitter @tradermike9.  

No comments: