The above chart is CEGE - a biotech. With all the action in DNDN, I expected some movements out of CEGE. I did not have to wait long. When I first looked this morning, CEGE was trading just before 7:00 AM up about 10%. After watching the volume grow, I thought this was ripe for a good pop up. Many times if there is good volume before 8:00 when most of the main stream Brokers allow trading, a stock will run. I started fishing around 4.80 area and got filled on 100 shares. Got myself a cup of coffee and should have started building a position of 2-5k but I did not. Why? God only knows and he did not tell me. I expected a move of 50 to 100 cents which happened right on time and I got out of my - haha - big 100 shares with a 65 cent pr0fit. I saw my target was right and the stock did nothing for the rest of the morning. CEGE then did not move up on the Open at all. The bell rang again - short the crap out of it. I did not. Why again God only knows and he's not talking. I would have/should have covered the position with the break of the trendline at about 11:20 AM. Then if one would have followed the stock for the rest of the day, it put in a perfect head and shoulders bottom giving a very pretty and simple entry point just before 1:00 PM. Did I do this ? No but this time I know why. I had to go to work. This type of action is most fustrating for me because with my knowledge this trade should have been very easy money.
This is one of my trade setups I like. A downgrade on a stock I do not think has anything wrong with it. I noticed that the 71.50 was holding good in the premarket. If I was not mentally stuck today, I would have put on a half position at 71.50 and then added if it held the open, sell a half at 72.25 and maybe holding on to the other half most of the day.
This chart of the USD/JPY which I did trade but poorly. The USD/JPY had been hitting a brick wall at about 118.40 many times during the last few weeks. The fib number of 50% was sitting at about 118.65 meaning in my mind if it could get thru 118.40, it would go to 118.65. If it could get through there, maybe 119.50 would be in the cards. The trade setup should have been buy at 117.90 looking for 118.40. Buy another at 118.40 looking for 118.65 and buy another at 118.65 looking for 119.50 with selling two of them at 119.00 and the other at 119.50 using about a 35 pip stop. I did not go this aggressive. I waited without orders for the break of 118.40 which happened in the middle of the night so I spent the rest of the day trying to get into this run. I got in at 118.75 on a breakout of the 3 hours of sideways action. I decided to get out at 118.90 because I assumed there would be a pull back first from the 119.00 area. So far I am right and looking to get in maybe back at the 118.65 area.
Bottom line of the day - a couple of trades - a lack of aggressiveness - and only $150 to show for a the work.
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