Trades 06/12/13

Lessons:

• STILL UNABLE TO RESIST TRADING IN THE FIRST HALF HOUR, AND YET AGAIN MADE BAD TRADES
• DONT LONG SUPERMAN PICKS, BY THE TIME I HEAR ABOUT THEM IT'S TOO LATE AND I DONT HAVE THE CONVICTION TO HOLD ANYWAY
• IN FACT DON'T FOLLOW ANYONE ELSE'S TRADES

Not surprisingly, sucked in the morning session (with the exception of $PLUG) and did well in the afternoon ... Some rookie mistake that cost me $200 in the AM and made up for them in the afternoon. 
Next week time to stop over-trading. I have a good idea of what works for me and what doesn't. Certainly not trading in the first half hour!!!

Game plan for next week:

• Risking tiny on grinders in the AM; 
• Sizing into shorts that I get to know, NOT taking a position the first half hour
• Focusing on afternoon faders
• Only the best setups

If that means 3-4 trades a day so be it. If that's not proving profitable enough then I can increase the trades / size, but better start with a few and increase than doing trading as much as I do now.


Gappers: 0/1 -$66

$FRMC gapped down -5c -$66

Longs: 0/3 -$158

$CBMX newbie chaser trade ... chased 3.50 sold 3.30; no excuse. 
$CBMX again 3.15 with 3.30 target 3.10 risk when it looked ready to move up; tried to be patient and let it climb, so didnt take any off at 3.20 and then it dropped quickly to 3.10 and I stopped out -$119 on both trades
$DHRM on superman, chased, lost - lots of rookie mistakes this  am; -10c at least it was 100 shares; I think I bought just at hod. -$39


Faders: 3/4 +$223

$MACK fading red down %1, while past two sessions it bounced back it looks more fadey today. Green is risk; target is hard to judge, nlod is only 5c away; 4.50 was the consolidation zone yesterady so that sounds like good target, but if panic hits (up from 2.5) then will hold on longer; out for a 5c loss -$50
$UTIW on fadeage - it gapped up ran to 17.30 and faded - shorted 17.10 with 17 break in sight. 17.15 risk; covered 16.90, nice trade $99
$EGY 6.52 with 6.60 risk 6.30 target - not perfect as it's not up multi-day but it has history of making big moves and fading; covered half 6.46; then rest 6.47; $46
$BLDP short 1.74 with 1.70 lod in sight - stock up %20 on the day but faded away from highs all day; covered 2/3 1.66 as lod broke  $128

Grinders: 0/1 -$20

$ANAC on grind 17.17 17 risk 17.50 target, nice chart too; went up a few cents and then dropped right back to 17 and I sold before it could break 17 -$20

Washouts: 0/0

None

Shorts: 4/7 +$50

$PLUG tried tiny stupidly -2c on not being able to break high set premarket
$PLUG stupid emotional trade on break under $2 man I seriously need to not even be by my machine the first half hour I always make bad decisions -$150
$GERN on breaking supper 6.60 target 6.30 only 100 shares - target hit; $25
$PLUG tried again this time it was a hod attempt fail, in 2.07 2.10 risk 1.90 target; reached 1.95 but covered 2.02 instead
$PLUG reshorted 2.02 on it not being able to hold over 2; covered some 1.91, 1.86 - good trade, mainly because it had traded for 30+ minutes and I could read the pattern developing, something I cant do the first half hour
$PLUG again - this time with conviction; much like $CBMX yesterday I was shorting into pops and felt I knew it well enough to know it was heading down. Shorted as much as I could on suretrade (not much, 2250 shares at 1.94 avg) covered half 1.87; it wouldnt breakdown coverd rest 1.92-3; +$200 on all 3 PLUG plays
$KNDI looked heavy at 7.30 with 7 target. small. stopped out. -5c; -$18