These are only three tickers I traded today. $ENOC, $SGOC & $TEX so let go over it.
$ENOC
Pattern: Short Fail Support Level.
This one was up big yesterday and today I am plan to short base on the "HIGH" "HIGHER LOW" and fail support level.
There are two risk level that on my radar is $6.63 and $6.57. I start in short when it drop below the $6.57 line and short some more on the way down. It ramp up to the first risk level $6.63ish so I short more, it top out around $6.73ish and went right back down below $6.63ish. At this time Iwant to add more to my short but I press the wrong hotkey end up cover 1000 shares that leave me 1/2 way to my full size position. At this point I am still holding a $6.50ish 1/2 size position average. I add more on the way down $6.26 and the plan is to cover some around $6.00 but it start to wiggle up and I cover some at $6.29ish to protect my profit. Since I am still holding the gain $6.45ish average. I let the trade work in the background and move on to the next trade.
When I come back in the afternoon, it already drop below $6.00 and there is a $5.94 support line break so I take another short position before EOD. It didn't crack so I cover everything at $5.97. Overall more than $0.50 profits.
$SGOC
Pattern: HIGH, HIGHER LOW
This one was on the watchlist yesterday for today play. I miss the front side of the move so I wait for the setup come to me.
When I saw the HIGH-$6.40, HIGHER LOW-$6.20 and another HIGHER LOW-$5.87 and just keep getting lower. I didn't start in short until about $5.15ish and plan to scale up to the risk level of $5.63ish. It's wiggle a bit and wash below $5.10, then $5.05. I short more into that wash $4.99 when it drop below $5.00 and cover 1/3 position at $4.68. It just keep on coming down. I use the house money to short more on pop at $4.60ish and cover $4.20, $4.11 and last cover is at $4.20 because I saw it hold $3.96 and heading back up. Overall more than $1.00 profits. I miss that pop and wash all the way down to the $3ish.... But once I sell, I start selling.... Profits alway nice.
$TEX, I saw this one on finviz.com scan in the afternoon. It jump from $16 to $24. I want to see if I can get a little bit meat from the short side.
I wait for the setup to come. I am patience on this one because it's out of my trading range. I like to trade stock less than $10.00 only. This one is too good to miss out (FOMO). Once I saw the $21.00 support level fail. I start in short $20.99 risk a penny. Funny right? but it true. It drop so quick from $21 to $20.22 in 4 minutes. I cover all around $20.37 for $0.62 profits in 4 minutes. As you can see the last two circle below, you can short again at $21ish, just repeat the pattern for more profit.
Enjoy reading and please send me email for comments. lpham7727@gmail.com.
