Trade of the day, VHC!!!

Went long VHC 500 shares @ 31.10 when it started to collapse this afternoon. A beautiful reversal hammer formed, so I knew it was time to act on this. After my profit target of at least 32 was reached, I wanted to stay in until at least 15 minutes before the close, but I had over $15,000 in this stock. I hate having soo much capital in one stock because I start getting heart palpitations, and my thoughts (stock getting halted and they find out their books were all a fraud and it re-opens at .50 cents) start running wild. And look at that! Stock did end up getting halted, but sold it before it happened at 32.00 for a .90 point gain. Yes I see, I could have made a boat load more.

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.

Trade of the day, ONTY!!!

ONTY had a decent high short interest in it. I have noticed lately when these biotech stocks open down 50% or more, they seem to pop-up at least 10% right when the market opens. So I went all-in on 5000 shares at the open and got filled at an average price of 1.79. My stop was placed at 1.68, but kept moving it up every minute with the stock. Profit target was at least 1.97 (10% higher of my entry point). When I saw it break through 2 for a moment, I knew the 10% mark I was hoping for passed and I needed to take profits. Sold it at 2.00 for a .21 point gain.
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.

9 THINGS TO KNOW ABOUT MY TRADING!!!

Since I didn’t make any trades today, I just wanted to answer 9 questions I have been getting on Twitter and StockTwits.

1.) My trades of the day I post on this blog-site are day-trades I made that day. They are also winning  day-trades, but if I had no winners that day, I’ll post a losing trade and show you why I  probably went wrong on that trade.

2.) 90% of my trades are day trades.

3.) 10% of my trades are swing trades.

4.) I don’t trade options or futures.

5.) I average about 5 round trip trades each day. I trade about only 200 out of the around 250   trading days each year. So: (200 X 5)=1000 round trip trades a year.

6.) Only about 48% of my trades are winning trades this year (2012), but my accounts are up over 160%.

7.) 80% of my buy trades take place within the first 30 minutes of the market open.

8.) Type of trading strategies I only play:

·         80% Dead Cat Bounce or regular bounce plays.

·         10% Breakout plays out of a strong resistance.

·         10% Shorting overbought stocks on a very short-term level.

9.) Finally, I think for myself. The strategies I created to profit from the markets has been over 8 years in the making. I don’t trade on anybody’s ideas or opinions.  

Trade of the day, END!!!

Made a boat load on FARE this morning, but penny stocks are not the way of my strategy bounces, so the trade of the day is END. Bought 1000 shares at 4.95 after a spinning top candlestick bar formed with higher volume on it, and sold it at 5.30 after a gravestone doji candlestick pattern formed for a .35 point gain. This was pretty much an easy basic candlestick strategy bounce. I always love playing these because all of the candlestick signals are at the right place to buy and sell.
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.

Trades of the day, RIGL and BBY!!!

I had 5 trades today, but I usually just post one great trade of the day. Today I'll be posting two. RIGL had a huge gap down yesterday and it still had a decent short interest percentage in it. When it started to tick up a bit this morning, I knew it might be ready to breakout of a short-term trading resistance around 5.70. Knowing some shorts weren't going to hold it over the weekend and just cash-out their profits, I decided to go long 1000 shares at 5.72. Sold it at 6.25 for a .53 point gain when I thought it went up too fast and needed a pullback. Now I'm wishing I held on a bit longer, but you can never really sell at the top.

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Now as you can see on the below picture of BBY weekly chart since 2001, it was starting to flirt with a 10 year low around the 11.30 price level.

I waited this morning to see if BBY will break the 12 dollars a share price level, then when it took it out, I looked for a reversal signal on a 5-minute candlestick bar chart. The candlestick hammer ended up forming about 10 minutes later and I went all-in on a 1000 shares at the next 5-minute bar at 11.65. I placed a stop at 11.39 and my profit target was at least 12.25, making my risk to reward a lousy 1:2, but I knew the probability of  BBY going to a 10 year low today was not happening. Sold it at 12.10 for a .45 point gain.

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.
One more note here,
 I want to express my deepest condolences to all the families In Newtown, Conn. who lost loved ones in this horrific shooting in that elementary school.
       'TraderMike

Trade of the day, ALLT!!!

ALLT today on the 15-minute candlestick bar chart formed a very nice bullish dragonfly doji candle. When you see that form anywhere on a chart with at least 2 long red bearsih candles prior to it, that means the downtrend is losing momentum and bulls may more than likely retake the stock soon. So I decided to go long 500 shares at 16.95 and hold it as long as I can before the close. It ended up working out pretty well, and sold it at 17.90 for a .95 point gain. My risk to reward ratio was only 1:2, but the probability was very high for a bounce. Plus, I made a huge killing on a quick day-trade on ATC and got out before it got halted, but I don't really like to post those type of trades because that's not a real Dead Cat Bounce play.
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.

Trade of the day, ACUR!!!

ACUR the last two days has been on a tear. I thought it might continue today, but I should have known better. Anyways, my first entry got stopped-out very quickly, but I tried again and went long another 1000 shares at 2.90 and sold it at 3.11 for a total on bought entries of just a .11 point gain.

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.