06/05 – ASNA double bottom and too the MOON!!

I started my day trading career with Tim Sykes and when I wanted to learn more, I joined Investors Underground. The DVD’s that helped me the most were Tim Grittani’s Trading Tickers and Nate Michaud’s Tandem Trader.  Software that has helped me in my early years was: Trade Ideas software. Now I use FINVIZ ELITE. Click on the highlighted links for more details. For my main page, please click here: Day trading for beginners

 

Pre-market watch list: VSTM, VKTX, ASNA, TRXC, SESN, AVXL, TXMD, all short biased.

… I lied! As a trader you need to be versatile. When you see an opportunity, you should take it. Unless under PDT, you always have a chance to re-enter. I said that I was short biased on ASNA. They ASNA had bad earnings yesterday, after market, and you would have expected this to drop. Support did not hold, so I shorted this puppy at 3,25 as planed and was squeezed out. Keeping focus, I started looking at the price action and though, maybe I can short this at 3.20. However, This held that price and started to form a double bottom. This is a perfect dip buy opportunity, also because earnings can be surprising. I started a long position around 3.30 and added when VWAP was reclaimed (again). I sold 1/3 at 3.50 and held the rest for a potential red to green move. Someone dumped their shorts and the price shot up to 4 dollars! O-M-G! Sold the rest into that $4 to $3.80 fade and shorted a small position into that $3.90 consolidation. Covered all at $3.75.

What a day!

I was also looking at CODX for a $6.85 breakout. Seemed like a good idea, but crapped before it could do anything. I was excited when it looked like CODX could hold $6.50, but crapped all the same. I did not have any locates, because 1). they were not available and 2). look at the chart. This has breakout all over it.

CODX breakout chart
For me, I need a chart that has a bit more experience. I am a short biased trader and I base my entries on previous support and resistance. I review these either from the weekly, daily or hourly charts. I enter based on price action on a one minute chart. CODX doesn’t have nearly enough data for me to short into pops. Also, with a float of less then 8 million shares, you have to be right out of your mind to short into this! I respect the once that do, but they also have an account size and experience to do this. I do not have that kind of experience (used to be a swing trader before I became a breakout and now short biased trader) nor do I have that kind of account size. Look, I do make $1,000 per week. But I do not make $10,000 a day like the big boys do. And I am okay with that. I can pay my bills, have fun occasionally, travel to nice places and go to diner with my wife. What else do I need? I am saving up for a Bentley Super sport:

Bentley-Continental_Supersports-2010-1280-06


I started my trading career with Tim Sykes and when my breakout strategy did not work for me anymore and when I was lost, I joined Investors Underground. The DVD’s that helped me the most were Tim Grittani’s Trading Tickers and Nate Michaud’s Tandem Trader.  Software that has helped many trader can be found here: Trade Ideas software.

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