09/24 – missing out on AMRN

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

General

My large cap watch list was: AMD, JD, TEVA, TWTR and IQ. All had decent long or short opportunities. Although TWTR and JD are still hurt by bad news.

Small caps were mainly: AMRS, massive move on  positive results from its large-scale cardiovascular outcome studies, CRON because of the ongoing Marijuana hype and TRXC GERN on watch because of my basic breakout, wait for smart money to sell and short into stop losses going off at key support strategies.

NO COMFORT

I did not feel comfortable trading anything today. AMRN was my main watch as she had so much potential, long and short. But she was just dancing in the middle. I did not get my long entry around USD 10.00 and I did not get my short entry around USD 12.00. So I skipped AMRN and looked at CRON. This felt like a total chase too.  Main area of resistance, for a short entry, was USD 12.50 – 12.55ish. I use tight stops, so I was aiming to short into a double top around 12.40 – 12.30. I never got this. I was hoping for some more dancing around USD 12.30 – 12.40. But this crashed to VWAP and bounced. In my book that is a bullish sign so I did not enter this. Then I thought it might crash some, but CRON decided to ignore the 20SMA and just dance a little bit more around VWAP. Eventually she started crapping, but I lossed interest. She was bouncing some more on VWAP and was looking strong. Especially after 11.90ish, where she found support with a double bottom. This is a total VWAP hugger. Which means that new money is trying to get foot holding. I hope she holds USD 12.00 today so this baby can set up for a nice short at open tomorrow. I’d look for resistance around USD 12.50 – 12.35 again, depending where she wants to settle at close. CRON is way too high at the moment. We need, at least, a re-test of USD 10.00 and some support around there for me to go looking for a long entry. As long as she craps, I am bearish on this penny stock.

Large / mid caps were a bit dull today. Was looking at JD a bit too. JD has this awful candle going on and provides decent opportunities. However,  JD was way too choppy today for me to find the right entry. I don’t want to be too long or short bias on JD, but the odds are not in her favor.

SERVICES THAT CAN HELP YOU

Trading large and mid caps is hot business. Tandem Trader offers some insight on how to trade them.

Kindly click the following link here for more info on Tandem Trader:

Tandem Trader DVD

Also, if you are interested in short selling, you should check out Trading Tickers, which contains two important strategies 1). shorting parabolic moves and 2). buying breakouts. You can find it by clicking the following link:

Trading Tickers

I hope you enjoyed this blog entry! As always, feel free to share this post!


If you are interested in Investors Underground and would like to learn more, please click the link here: Investors Underground.

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close