Wednesday, May 22, 2013

Mistakes 5/22/13

1. RFP: Bought OR breakout, but no volume intra-day. Also, hard to enter after two wide range bars on daily.

2. RAX: Got long mid day anticipating recovery. WTF? Daily in massive downtrend and yesterday was day 1 of new breakdown. Paid 38.80 with yest. high at 39.46 and LOD of 37.60. Horrible risk/reward.

3. Z: Got long on OR break which was good. Got stopped though. Stubbornly re-entered on break back above 60 at which point the long argument was not there anymore. Turned a winner into a loser.

4. PIKE: Bought OR breakout in stock that was back above declining 8 day MA.

5. MGM: Bought a HOD breakout (after it had already broken out of OR) in one of the thickest stocks on the planet. Major no-no offering your money to HFT.

6. VCLK: Put 2nd stop too tight on this excellent short candidate and got taken out.

Cost of mistakes -$900.

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