Trade of the day, VRSN!!!

        Friday morning VRSN had a huge gap down after its ability to raise prices was limited as part of its deal with the U.S. government to keep operating the registry. That news made no sense to me, I thought the gap down was way overdone. Plus, I knew people were expecting this news and had short orders in. Since it was Friday I knew most of the shorts will be covering today and not trying to hold it over the weekend. I expected a bounce, and when the hammer formed at 10:00a.m ET, I bought 400 shares fifteen minutes later at 33.51 looking for it to retrace back up a bit before the close. I hate having over 10,000 dollars in any trade for now, so when i saw two bearish engulfing candles I decided to sell it at 34.25 for a .74 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.  

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.  

Trade of the day, TFM!!!

 TFM had too many probabilities working for it when it bounced off the 49 dollar price at the open. If you click on the picture on the top of here, you can see there was no way it was going to break to lower lows when it touch 49.00 a share and started to trend back up a little right at the open this morning.

So I went long at 49.75 hoping for a nice 3-5 points Dead Cat Bounce. I stay very patience with this for a bit during first hour after I got filled because it was really having these big swings for about an hour until it finally stabilized around 10:45a.m ET bouncing off a 50.50 price temporary support level. I moved my stop from 48.95 to 50.40 and just watch the good times roll. I did get a little greedy holding on longer than I wanted to and got out at 52.00 for a 2.25 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.  

Trade of the day, MMR!!!

I saw this stock MMR taking a nosedive yesterday and I tried to catch the bounce, but ended up getting stop-out immediately. No fear, I was relentless in getting back in again today if it had lower lowers, and "lo and behold" it gaped down hard right at the open. I switch to my 1-minute intraday chart from my 5 minute chart after it broke its' 52-week low of 7.76 for some consolidation to find an entry price. I went long 1000 shares at 7.45 after some nice consolidation around 7.30-7.40 on the 1-minute bar chart. After it broke through 7.60, I placed a stop at 7.24 just in-case it tried to retrace down to new lows. I had a lunch date today around 11:00a.m est about 10 miles from my place so I couldn't stay and watch it. After I came back from lunch about 12:30 I was very excited to see I was up over 1 point. I decided just to take my gains and be done with this stock for now because I thought it was getting a little toppy, so sold at 8.50 for a 1.05 point gain. If you look at this chart from yesterday on a 2-day range 5-minute bar chart you'll see this is a perfect example of how I trade my signature Dead Cat Bounce strategy.
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, RIMM!!!

I knew between 12 and 12.25 was a huge resistance. Picture to the left shows why.

RIMM this morning was a no-brainer to short it right at the open when I saw it gap up in the morning. I shorted 1000 shares at 12.05, I knew between 12 and 12.25 was a huge resistance. After I got into the trade, I placed my stop at 12.21. It formed a long legged doji candlestick pattern on my 5-minute bar chart about an hour later, and then I just decided to cover it 11.63 for a .42 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.  

Trade of the day, KITD!!!

My only day trade today was KITD. Had to try and catch this dead cat bounce even though I probably missed a huge bounce when it traded at .40 on Wednesday during after-hours, and then had a high of 1.25 during pre-market trading this morning. Today I didn't trade on any type of chart signal strategies, but a physiological number of .75. I put in a limit order at .75 and got 5000 shares filled around 11:18a.m est hoping I'll be able to get a bounce before the close to a profit target to at least .80. Well as you might have notice, I didn't reach my profit target and decided to get out before the market closed at .74 for a loss of only .01. I wasn't going to hold this stock over the weekend. If KITD has a nice gap down or dip at the open on Monday morning, I'll probably try again. Have a great weekend everybody!
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, HGSH (cont. from yesterday)

So usually my trade of the day is a daytrade I profited on, but today I only had 3 daytrades and none of them made me money. Yesterday I traded HGSH (look at yesterday's blog post) and held it overnight hoping for a gap up so I can sell it into up pressure. Well it pretty much did the opposite, and I ended up selling it right at the open for 3.30, a .03 point gain on a 1000 shares. A $30 gain is better than any loss any day to me. Anyways, probably won't be trading on Friday unless I see a huge gap-down/collapse on a stock that looks that it might have a Dead Cat Bounce before the close at 1:00p.m est that day.

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.

Happy Thanksgiving everybody!!!!

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.

Trade of the day, ELAY!!!

So my trade of the day today was ELAY. I was watching this stock on Friday and notice it had good volume buying and selling every 5 minutes until the close. I have come to realize lately that these OTC/pinkies with a lot of good volume throughout the first big/pump day to the upside usually like to rally the next day if they don't gap up too much or have a little selling when they open. I decided to test my theory on ELAY today by buying 300,000 shares at .0035 and place my stop at .003 when this sineario started to playout on it this morning. Sold at .0065 when it started to get a little top heavy around .0070 for a .003 point gain. That my not seem like a lot, but on 300,000 shares that is a $900 profit in 30 minutes.
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.

Trade of the day, DVAX!!!

I wasn't going to trade DVAX today because it looked as though I already missed the bounce for it today in the pre-market when it went from about 1.91 to 2.40. Since I kept getting stop-out on TZYM earlier today I decided to look for a good entry point for DVAX at around 10:30p.m est knowing it probably won't break today's low of 2.22 with all of this volume holding it up. Went long 2000 shares @ 2.30 when it kept testing the intraday support level of around 2.30. My first stop was at 2.19, then I moved it to 2.30 after it broke through the 2.40 price range. Figuring that there might have been a lot of shorts in this stock I decided to hold it at least 15 minutes before the market closed hoping they'll start covering, and to my surprise it looked like the shorts started covering after 3:00p.m est and then day traders who were in here started selling at 3:42p.m est. Sold when a huge shooting star candlestick pattern formed at 2.49 for a .19 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 twitter @tradermike9.

Trade of the day, DMND!!!

So this chart here to the left is the 1-minute chart of DMND. The reason I went in on a 1-minute instead of a 5-minute chart was because it opened and it was already hitting a strong support level from back in 2007 around 15 dollars a share. I didn't want to wait 5 minutes for a reversal signal and see if it would retrace back up. When you wait too long for this easy opportunity, the party boat would have already left without you. Went long 500 shares at 14.95 after the hammer reversal signal formed.

Placed my stop at 14.89 (above pic) and then got my shooting star reversal signal to get out on the next bar. Exited at 16.25 for a 1.30 point gain. My day really didn't end up that pretty because I ended up giving half of my gains back when I got stopped-out twice trying to catch the Dead Cat Bounce on TZYM.

Trade of the day, IAG!!!

So the markets were pretty much on a straight downward spiral today, couldn't really catch any bounces. I got a small profit from PMEA today from entry of .135 and sold it at .14. The stock I was circling around the whole day like a vulture was IAG. I waited and waited for any type of possible reversal signal confirmation and I finally got one a half an hour before the market closed, so I bought 1000 shares at 11.93 and sold it at 11.95 for a measly gain of .02 point gain, but that was expected buying so close to the ringing of the bell. There is going to be probably more selling in the markets tomorrow, so I'll probably play VRNG for a daytrade and look for bounces on Friday morning.
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.

Trade of the day, MCP!!!

I missed out on some nice bounce plays I was considering today because I got into a social media pump fest with some of my followers with VRNG. I usually play 3-5 Dead Cat Bounces a day but the only one I got into was MCP, which ended up taking a very slow nosedive. Bought 1000 shares at 6.95 hoping it will at least fill the gap from yesterday's closing price plus a little more. It might have been a little too much wishful thinking on my part since MCP is under a SEC investigation. When an investigation is going on with any traded company, shorts are not going to cover anytime soon, and buyers are staying very far away from them. Ended up getting stopped-out at 6.87 for a .08 point loss. Tomorrow is another day.
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.

Trade of the day, GALE!!!

A perfect textbook Dead Cat Bounce play on GALE that I tweeted right at the open on one of my consideration bounce plays for today. What made this trade so perfect is that the reversal confirmation          showed up on the 5-minute bar chart and 15-minute bar chart. Went long 5000 shares at 1.30 on the next 5-minute bar after the hanging man hammer formed and sold at 1.43 when it couldn't get to 1.50 (my profit target). My risk to reward was horrible on this trade, but it had too much of a perfect setup for it to fail.




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.

Trade of the day, BCRX!!!

Went long again today 1500 shares BCRX @ 1.35 after getting stopped-out yesterday on it at 1.37. It had a decent close yesterday, so when I saw the selling fear in the morning again today I thought it was way overdone. Sold/Exited at 1.57 when it formed a inverted hammer reversal candlestick signal with a higher volume bar on it. I knew I had to get out on the next 5-minute bar. I should have bought more shares, but didn't like the way the markets have been selling-off the last 2 days. Gained .22 point on this trade.
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.

Trade of the day, MITK!!!

Made 4 daytrades today right at the open. I had 2 losing trades and 2 winning trades, and I was still able to make a profit overall going long when the market was going down.
Loser: Long 5,000 of CPRX @ .62 & stop-out @ .56= -300 Loss
Loser: Long 5,000 of BCRX @ 1.41 & stop-out @ 1.37= -200 Loss
Winner: Long 100 of PANL @ 21.75 & exited @ 24.05= 230 Gain
Winner: Long 1,000 of MITK @ 2.21 & exited @ 2.83= 620 Gain
In total today I still ended in the black for $350 profit even though I should have at least loss or broken even  the way the market was trading today.
Anyways, above chart picture is how I snagged MITK for a .62 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 twitter @tradermike9.

Trade of the day, VVUS!!!

 So I was pretty much hell-bent on catching a Dead Cat Bounce on VVUS today. The market was selling off  everything in all sectors today and VVUS wasn't immune to the sell-off either. I didn't want to fight the markets, but VVUS had a high short interest and it was getting close to a support level around 10 from late February this year. Its' probability of bouncing today seem like about 90% if the market wasn't selling off so much. I went long first at 10.85 on a 1000 shares after a reversal hammer formed, but got stopped out almost 2 hours later. Right when I was going to just forget about this stock after my .11 point loss, it formed another reversal hammer 10 minutes later. So not even looking at the volume on that hammer and the market sell-off, I just decided to jump into 1000 shares on the next 5-minute bar at 10.75 and placed a stop at .03 points below today's lows of 10.60. I left my home right after that and decided to go out and eat for lunch not caring if my stop got hit or not, but when I came back a 2:00p.m I was very excited it finally started to trend up a bit. After it broke through 11.15 I was going to sell it on the next 5-minute bar that closes lower than it opened. Sold the stock at 11.18 for a .43 point gain. Calculations {(.43-.11)*1000= still gain a$320 profit} when the market/DOW closed down over 300 points today.
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.

Trade of the day, TAGG!!!

While all the sheep were buying VRNG hoping for it to sky rocket to the moon after the verdict, I was looking for my dead cat bounce. TAGG gap down this morning, but I waited until it reach closer to .10 because these dumps always bounce off .10 than any other price when they're being unloaded, and it was an earlier support level last month. Finally a hammer formed when it reach a low of .1015, I knew I needed to get into the next 5-minute bar after that reversal  pattern became apparent with volume higher than the previous 10 volume bars. Bought 50,000 shares at a average price of .1090. I decided to place my stop at .10. Ended up selling at .13 when it failed to get any higher. That is a perfect example of a dead cat bounce.
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.

Trades of the day, VRNG and HUSA!!!

When I saw VRNG get this huge spike with volume to match it I knew no way it couldn't be a headfake no matter how far it retraced back. So I looked at my 1-minute bar chart and went long the second it pulled back a bit after a few bars. I decided to buy 1000 shares @ 3.05 and placed my stop at 2.94. I wasn't going to sell this stock until the end of the day or if it hit my stop at 2.94. It worked out perfectly and I ended up selling at 3.82 for a nice profit of .88 points.
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Bought 5000 of HUSA @ .5110 after it retraced back somewhat after it opened higher up on a gap. Placed my stop at .485, moved stop to .535 after it broke through intraday high of .58. I had to sell it about an hour after that because it hit my trailing stop of .575. A nice gain of .064 points.




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. Well anyways, remember to Vote!!

Trade of the day, GLUU!!!

So from yesterday I sold OCZ this morning at 1.64 when I realized there was a lot of seller pressure after it touched 1.70. Now GLUU pop-up on my radar right at the open and I looked at the support levels from the past, and saw it had a strong support level that goes back almost a year ago on 11/21/11 were it hit a low of 2.55. I noticed it tested that support on the 1-minute chart, so I quickly bought 2000 shares at 2.59 and place my stop at 2.54 hoping to catch a decent bounce. It broke through the intraday high of 2.75, but formed a gravestone doji. I knew I had to get out on the next 5-minute bar because that candlestick pretty much told me it wasn't going any higher than that today. Exited the trade at 2.75 for a .16 point profit.
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. Well anyways, have a great weekend and I'll be back posting another trade on Monday.

Trades of the day, CMVT and OCZ!!!

Went long 1000 shares of CMVT this morning @ 3.51, but ended up selling for a loss @ 3.39 because it just had a painfully slow downward drift. I finally read the news on this company to see why it drop some much in the first place. Ugh, should have read the news first before even placing this trade. The reason why it open down is because the company is now a spin-off from another company and CMVT is an independent public company now. When I did my calculations the stock wasn't really dropping, it was just adjusting to its new price now. Sometimes you gotta glace at the news before blindly going long on morning drops.

______________________________________OCZ_______________________________________

 
I usually don't play breakouts type of trading strategies, but there were no stocks this morning for a Dead Cat Bounce play. Got bored and bought 2000 shares of OCZ when it broke resistance of 1.50 and got filled @1.52. I'm looking for it to possibly get back to 1.80 (its next strong resistance point), but it got all the way to 1.635 and did a little headfake late in the day. Since my stop was moved from 1.47 to 1.54 after the stock broke through 1.60, I just decide to hold it overnight and see what it does the first 15 minutes when it opens tomorrow morning.
Word of note: hate holding positions overnight.