Still today is another sideway for the US index. As long as the index sideways, it is safe to long strong stocks. HNSN and TNAV, what a good move today from yesterday's watch list. They are such a quick mover. I spotted TNAV at 9:35AM for 18.90, which is already 2 percent up. I am not sure to chase it from here or not. It turned out the pullback at 10:00Am is good entry for TNAV. And for HNSN, same story here. I need to chase them.
Lesson from Mautzman:
On fast moving stocks i have a perfect trailing stop - try the 9EMA in 15min chart - works nearly perfect an all stocks who make moves over 3% on a day.
Today I made four trades.
1. Close QID trade at 48.40 for less than 1 percent loss. Today we see the market gap down due to the weakness in the euro market. QID was around 48.50 pre-market. At that moment, I raised my stop from 48.15 to 48.40, which yesterday's close price. I feel it is better to close this bad short trade ASAP. Very quickly I was stopped out. Now it looks like a good cut loss trade. Market is strong, do not short, but focusing on strong stock.
2. VRX is my top pick yesterday. So I longed VRX at the open for 53.83. What a pity that I did not pick TNAV or HNSN, but instead picked VRX. I just feel I am always to pick up the wrong one, LOL. VRX did not act strong as I expected. But as long as VRX hold 53 zone, I am not worry about it. It has a four month consolidation. Once it breaks out the 55 zone, I believe it will fly. Remeber the trade for GLNG. Today may be just a pause or hestitation for VRX. I am going to hold VRX as long as it goes for a swing trade.
3. I got a message alert for RAX at 44.74. When I saw the text message, RAX goes like 44.80, 44.85, 44.90 in one minute. Based on the volume action, I decided to chase. I longed RAX for 44.90, and booked the 2 percent profit at 45.80 around 12:30pm for the 2nd round push up. RAX will break up the 46 zone soon. I will buy it again. This trade convinces me to buy strong stocks with momentum. It is like a tide, the boat is easy to be up in the pace of a tide. Also price confirmation is important. I used like to buy on pullback at 9EMA on 15m chart. But sometimes this pullack will drop more than I expect or start a down trend, e.g. my old AVL trade. So it is better to long at the previous high point for a safe break out. Look at IPSU today, morning it was down to 19.50, which looks like a short. But from 10AM, IPSU was up sharply, buy at 20.25 is a good entry for IPSU. Now IPSU looks so charm to break out tomorrow.
4. Before close, I long MAKO at 33.23. Actually I was thinking about longing MAKO yesterday close, what a miss for a 5 percent move today. Anyway, I longed MAKO today for Aa intensity breakout. It should be up tomorrow to follow its momentum. Stop is set at 32.27.
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Watch list for tomorrow: COOL, IMGN, ISTA, BSFT
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