4/30/2012 Update: Why trend lines are important

In my blog last night we took a look at the daily trend lines for $SEFE. We talked about how old support/resistance trend lines can become new support and resistance. Below is a picture of the daily chart for $SEFE.

If we notice Friday's resistance line (the lowest red line) looks to be new support. If you look at the highest red line that is now resistance. If those two trend lines stay in tact we should be able to go off of those lines for an entry and an exit price. If the new support line fails we should see that become resistance again. If it breaks past the 1st red line which is now resistance it could act as support.

The last couple of days have been the 1st time I used daily trend lines but already I can see the importance of using these lines.

Imagine this, you are looking for an entry into a stock. You see the stock hitting the support day trend line, the daily chart is hitting a support line and the level two is stacked on the bid. You now have 3 indicators telling you to buy this stock! You have just minimized your chance of loses and greatly increased your chance of profits into your favor! The same thing can also be done when looking for an exit point in a stock by looking to those three indicators.

That is just something I wanted to share really quickly. Take some time to practice marking out daily trend lines. I will write a new blog as talked about yesterday Tuesday night. Enjoy the trading day!

Game Plan 4/30/2012

The new week is upon already! I hope everyone enjoyed their weekend! This week I will most likely not start my trading week until Wednesday. I have volunteer work that I will be doing Tuesday which will not make it possible for me to take a gap play Monday. On Wednesday all 3 of my day trades will be back as well. I am hoping to use those for bounce plays and have better success then I did last Thursday!

Hopefully the market will be more alive this week as it goes on. $SEFE may be back in play which we will touch on later. Last week also didn't have to many gap plays so this week I am hoping to see the opposite.

I am only going to talk about $SEFE in this blog due to what was stated above. I will do a more thorough blog on Tuesday about my plan for the week along with any gap play that I took.

Listed below are my thoughts and plans-

$SEFE:

This stock, based off of my analysis looks to be back in play. I am hoping to see a steady up trend on this stock through out the week. There should also be multiple opportunities to get in on dips, swing trades or simply just for a quick scalp.

Here is why I feel $SEFE is still in play based off of the daily chart.

If we look at the two lower lines we will notice support (green line) and resistance (lower red line). The support line is based off of previous support which we can see by the chart on how nicely those day lows match up. Since this is the case I will be looking for an entry tomorrow around 1.47-1.50, that's if we see that low tomorrow. If we do see a low around that range I will look at the level two to confirm a bounce off of that line.

The lowest red line will act as resistance. If we can break that line tomorrow it will be a very bullish signal and could act as support after that break. I am suspecting we will see a push above that tomorrow due to Friday's close action. Time will tell.

The very top red line could act as resistance as well. I would call that line hard resistance. If that is broken I would consider this to be even more bullish. If we noticed by that line it was 1st resistance but then it turned into support. In the future we could possibly see that line turn into support/resistance again.

Next let's take a look at the 1 minute day chart.

Here we have multiple support lines to look towards on Monday for a bounce play. If we see a gap above 2$ tomorrow you would have to look at a 3-5 day chart to find older supports to go off of. These support lines are there encase $SEFE falls back around these levels.

$SEFE Support levels to watch:

1.88
1.85
1.80
1.73

Anything below 1.45 would put this stock back in the favor of the Bears and would break the daily support lines. If that happens I will not be looking at this stock till it corrects back to an uptrend.

I will also be taking note of how $SEFE gaps on Monday morning along with Tuesday morning. If that is the case I will start taking this stock again for gaps as long as it closes near the HOD. I don't expect the gaps to be as strong as the originally were.

That's my plan up until Tuesdays close. I will write a more detailed article on Tuesday along with more picks to watch. Enjoy the trading week!

What to do on a slow day?

Like many aspects in life there are highs and lows. They happen in the big board along with the penny market. The longer you trade you will start to realize that there are weeks when you have lots of gains, choices along with gap plays. Then there will be other weeks or days when nothing seems to want to move. Today happened to be on of them.

What do you do when the market is slow? Do you look for a trade as hard as possible and hope to get in one? While that would be nice, it's usually refereed to as forcing a trade, which can lead to loses. Even though you can't invest there is one type of investing you can do. Most people don't consider this to be a form of investment but it actually is. As corny as it may sound it's something very important.

When the market is slow and you can't invest in the market you do another form of investing, which is investing in yourself (told you it would be cheesy). Whether you know it or not you are investing in yourself daily. Did you go to school? Did you pay for further education? All those things are investments you make in yourself. Let's face it the way the economy is set up for the most part, the more you know or are capable of doing, the more value you bring to the economy, which in return the more money you make.

When the market is slow don't just take that as a sign that you have the day off or search YouTube videos. Use that time to do more research, come up with new strategies, read different articles on investments. Use that "free" time you have when it's slow to better yourself as a trader.

Since today was slow and I am pretty much out of day trades I have been using today (possibly tomorrow) to map out different charts and to read up on options since I never really looked into it. By doing these things you are bettering yourself as a trader without even trading! Which in return the better trades you will make and then the profits will follow.

Trading plan for tomorrow:

As stated above due to the current conditions I will most likely be viewing the 1 minute chart in the am on different stocks and mapping out how I would play bounces and scalps if I had the trades to do so. That way when the time comes to actually do those trades I will feel more confident in doing so.

$SEFE:

If you watched this stock today you will notice that it went even lower. It broke that support trend line on the daily chart. In my opinion it looks done. However, this is a big however, there is always the chance that more can come from this play. I will be keeping an eye on this stock.

One thing I noticed that I have to work on is getting in a gap play at the EOD. Granted there haven't been many choices lately. What I do notice with myself is that I have no problem getting in a gap play if at the start of the day I was eying it up for a gap play. It was already in my mind that if it closes good I would play it. Where I have the trouble is in the last 5 minutes when I see different gap plays in the chat I can't make myself get in for the play. I think over time as I look at charts more they will start becoming more clear that the stock will gap which will make me more likely to get in. This is the next thing that I will be working on.

That's it for today! Not really looking to play much tomorrow. I will do a new post Sunday night about possible stocks to watch along with possible plays and plans that I am considering doing through out the week!

Enjoy the weekend!

Finally I did some Scalp plays!

Today was a interesting day in regards to trading. Filled with both excitement and disappointment. As talked about in yesterdays blog I wanted to finally start doing quick scalp plays. I was able to get over my fear and achieve that goal. I am down to zero day trades from the two that I started the day with.

One thing that helped me the most was brought to my attention by a guy in our chat room. Let's just say this guy does some pretty funny prank calls so if you are in our chat you will know who I'm talking about. Anyway, through out the trading day I was looking at the 1 day, 5 minute chart. I really wasn't able to see much information through that view and even had trouble pointing out quick support/resistance. I was given the advice to look at a 1 minute chart in a signal day view after the 1st hour or so of trading. Basically you can use the prior days lines for the 1st hour +/-, then switch over to the today view after that time has passed. By then the chart should show you the new support and resistance for that day which you can play off of. If it goes below you would then switch to the one day view to see the prior days levels.

Wow! It was like I had really bad eye sight and I was finally given glasses! I was able to spot out support and resistance almost right away! To a much finer detail then ever before! I now see how people are able to play bounces and scalps off of that information plus the level two. I really can't wait to try and play more of these bounces and scalps!

However, like most new en devours you usually don't get it down right off the bat. My 1st one went great! Bought at support and got to enjoy a nice ride up until resistance and the level 2 told me it was time to sell! Well sadly the 2nd time didn't go so hot. I bought at support based off of the level two action and tried to sell on the way up until e trade decided not to fill me for over 3 minutes and I got to experience a nice drop until I finally got out 10 minutes later! Thankfully I wasn't playing with large amounts so I took a smaller loss on that drop so I am still able to see nice profits for the week so far!

If you aren't using the 1 minute charts yet I highly recommend you give it a try! The trading world will literally open up to you to even a finer detail then it already has. It is honestly like looking under a microscope and seeing details to things that you have never seen before.

Listed below are plans and idea's for stocks that I will be keeping an eye on tomorrow. Since I am out of day trades I will most likely just practice and look for an EOD gap candidate.

$SEFE:

After experiencing a massive drop off I feel this stock is still in play. Not because of the length of the promo, volume, or price action. I feel it is still in play based off of the daily uptrend chart. It was high off of the support line and today it came down to nicely just to gracefully bounce off of it seen on the picture listed below.

If you notice it gently touches that 1.80 mark on the support trend line. Can you see how far away it was from it yesterday? This seems like a healthy drop due to the fact that the support line stayed in tact. You should be able to use this support line in the future to buy at the low of day as long as that support line stays in tact.

$SEFE Resistance:

2.19
2.24
2.35 range could prove to be hard resistance and could come into play in the future. If this is broken new resistance areas will have to be charted out.


$SEFE Support:

1.84 Should be key support tomorrow. Any low and that support trend line will be broken.
2.00 Another key support area for future plays
2.10 Area

I will be keeping an eye on this stock along with it's gap history since I feel like there is still more money to be made with this stock!

$LUXR:

This is the 2nd time in a row that $LUXR has dumped on Wednesday! I will keep an eye on this stock to see if it can start a recovery like it did last Thursday. I believe this stock still has 100% gap history since I started looking at it. Don't quote me on that one though!

$IPRC:

This stock had a nice close and many took it for a gap. I attempted to get in at a small position for gap but wasn't filled so I decided not to chase. Tomorrow look for volume similar to today's close.


That is all I will be keeping my eye on tomorrow. Like I said I am out of day trades till Friday so I will not really be playing any other these stocks until close for a possible gap. Hopefully tomorrow will have better choices in regards to gap plays.

Even though I was down for the day (Still up nicely for the week) I still feel like I had a good trading day. I got over my mental barrier of not being to buy dips, along with remaining calm during a tank and still using the tools around me to minimize my loses.

I also may have figured out a way to trade free for a year, but I will be keeping that one to myself :). That will definitely allow me to have a solid year of learning how to play stocks without having to worry about commission.

Enjoy the trading day tomorrow!

Trading plan for 4/25/2012

Today was a great trading day! I bought $SEFE for the gap as talked about and I did hold some of the shares in the AM for more gains as talked about in yesterdays blog. I got filled for a large portion of my shares right @ 2.40 after the gap for $SEFE. I then held 260 shares. I wanted this to be my swing trade except for the fact that I didn't like the action on the level two. It was neat to be able to get out of a trade do to indicators on my trading tools. Not only at a great price point but also the HOD for the next 20+ minutes. I was really happy with this trade and got out the remainder of my trades @ 2.44 for an extra percentage in gains.

The concept talked about above is something that I will be messing around with in the future for gap plays. If things look promising on the level two I will hold a portion of the gap to sell at a later time in the morning.

I didn't take $SEFE for a gap play today because of the EOD action. I ended up not taking anything since I didn't see any really good gappers in my opinion. No position is still a position right?

Here is my plan for tomorrow-

$SEFE:

I really want to try and play a bounce. It's a goal of mine, I see the buy and sell signals on the level two and now all I need to do is actually hit the buy button! Since I have free trades I will try with only 100$ in case it doesn't go well, I will be able to have very minimal loses if I need to get out.

If $SEFE closes nicely today I will be taking that for gap. Most people seem to think tomorrow it will drop a little so I am more likely planning to play some bounces.

$SEFE resistance is around 2.79-2.77.

Here are the support levels:

Around 2.68 should be a key support since it bounced off of that area multiple times.
2.65
2.58
2.53
2.45
2.40
2.30 - Anything lower and will be making lower lows which will make this stock only good for bounce plays till the chart corrects itself.

I will be looking around these areas tomorrow for a bounce play on $SEFE. It could go below these levels though which means you will need to chart out the previous days support levels.

$LUXR:

What do you know, this stock that was going to be my new $STVF is back to life! I didn't take it for gap but this will be my other choice for gap tomorrow if things do not look good for $SEFE around closing time.

If this gaps tomorrow and closes around HOD I will take this for gap if $SEFE doesn't look like a potential gapper.

$LUXR Support:
1.48
1.42 could act as heavy support
1.39
1.35
1.28
1.22

I will keep an eye on this stock tomorrow since it is back in play after what appears to be a shake out.

That's my plan for tomorrow! We may see some dips in $SEFE tomorrow so be careful! Like usual I will update tomorrow night on a new plan, along with any success or failures I have.

SEFE trading plan for 4/24/2012

Today $SEFE had a nice gap up where I received a nice amount of profits for the amount that I had traded with. The only down side was that I got shaken out right in the morning by the 1st red candle and sold @ 1.83. Things didn't look right on the level 2 and I jumped out which proved to be a bad move. I wanted to lock in the profits and profit is still profit so I can't complain!

I also wanted to get in $SEFE for a swing trade but failed to do so. I had many opportunities to try but I still froze when it came down to it for buying in. I really need to get over this fear and play a stock during the day.

Since I took $SEFE for a gap I am going to sell most of my shares in the AM but leave a portion of it for the day. This will be my swing trade entry and I will set a stop loss and a more detailed plan listed below.

I noticed I am having trouble playing a stock during the day due to two reason. One being that I only have 3 day trades in a 5 day period. Since I value them it makes me not want to waste one trying to get in a stock only have it not work out. 2nd being that I worry the stock will tank or go down a great deal. These are all things that I need to get over!

Here is my game plan for tomorrow:

$SEFE:

Tomorrow I am going to sell most of my shares in the am. If it gaps down I will most likely sell for a loss unless the Level 2 shows me a possible run right after the gap down. If it gaps up I will let my order fill for the amount of shares that I plan on selling into the morning gap.

Tomorrow will be the start of my swing trade. I am going to keep a small amount of my shares (260) and try and swing trade them. My stop loss will be the previous day's low unless things look really bad for the stock which in that case I will get out for a loss.  I will set my stop loss for 2.17 on $SEFE. I am doing this on the 1st day due to this being the max I am willing to lose on this swing trade. Anything lower and I will sell.

Resistance:

2.30 - May gap above this price and use as support in the future or during the market. If gap fills would like to see it touch this price area.

Support:

2.26
2.25
2.21
2.17
1.98-1.99* This should act as key support
2.13
2.11
2.09
2.03

Anything below 1.80 and I will no longer be playing this chart due to it not making higher lows.

I we will see how everything plays out tomorrow and I will update tomorrow evening on how things turned out, changes to plan along with my plan for Wednesday.

Enjoy the trading day!

SEFE Game Plan for 4/23/2012

Today was an exciting day! My nervous definitely got the best of me, should sleep well tonight! It started out selling my very small gap in the am of $SEFE. Buying at my support yesterday proved to be a good buy. However, I would not hold overnight with a big position when that close happens again. One rule for gap plays is to look for it to close at or above the days high.

There was a rumor and proof in the after noon that $SEFE was SMA new pick. I jumped in this stock with a small position. However, I did not like the sell action, volume, and the level 2. Things did not look right to me based off of what I have learned so far. I jumped out of this stock 1 cent lower which washed even with my gains in the am from the gap. This stock continued to dipped lower even though it eventually did end up going back up past my entry for further gains. I did consider this a good trade though because things did not look right from my indicators and I got out minimizing my loses. The opposite could have happened and it really wasn't SMA pick which would cause it to drop even lower. It was really neat to take in the little volume action, sells vs buys and level 2 to come up with my sell sign. Which was accurate since the stock ended up going 3 cents lower before coming back up. It would have been a scary hold if you did, which could have resulted in selling lower.

$SEFE did get announced as SMA pick about 20 minutes before the close. However, due to what happened earlier I wasn't as quick to jump in (1 day trade left for almost a week). I left a lot on the table but took a safer buy and bought at EOD at the close price just like I would for a gap. Monday morning pre market will determine how I execute my plan.

I will only be focusing on my plan for $SEFE in this write up due to it being my main play and I don't have any other picks I am considering playing. I will do a write up on Sunday about other stocks to watch, including updates.

$SEFE:

Resistance:

1.75- Was EOD resistance for this stock which should break Monday on gap. This could act as support both right away and further in this stock.

Support:
1.73
1.70*
1.66
1.64*
1.62
1.60
1.57
1.55 - If it breaks this support which is Friday's LOD it will mean $SEFE is no longer in play for me till things change.
* = Could play a really big role in support.

Here is my $SEFE plan for Monday morning and further along in the promotion:


In the AM I will look at the level 2 to see how $SEFE will perform. If it looks bad I will sell and get in on the dip. If I do end up holding I will look to see if in the 1st 3-5 minutes the volume matches or beats the 3-5 minute volume on the chart towards Fridays close. If the volume does not I will sell. The level 2 will also be an indicator towards my actions. If everything looks good and the volume holds out I will sell on the way up while keeping an eye open for the volume and level 2 action to start dying down (level 2 should become stacked on the ask and you will see sells going off). This will be a sell indication for me. If no dip occurs I will continue to hold, there most likely will be a dip though.

If I sell for any reason stated above, I will be looking for support and buy there. Once I have that buy in place on the dip I will continue to hold as long as the stock doesn't make lower low's. What I will be looking for as a hold signal is higher highs and higher lows (on the daily chart).

$SEFE should become my new gap play if everything goes ok like $LUXR was suppose to be. Hopefully this outcome will be better. But hey I did get one gap play out of it. I will sell the gap, and leave those initial shares that I bought on Mondays dip for my swing trade (it will be my 1st time trying this!). I will not play the gap on days that $SEFE closes in the red. It most likely will not gap and even if it does it is not worth the risk to me. I will only play the gap on green days where it closes near the days high just like I would with any other gap play.


That is my game plan both for Monday and further into the trading week. I will give an update on Sunday with other plays or if I change anything outlined in my play. Enjoy the $SEFE gains everyone! This should be a good play!

Mid day update for 4/19/2012

I decided to do a mid day update since a lot has happened in the 1st couple of hours in the trading day. It turn's out my "mistake" yesterday of selling RSRS before close proved to be in my benefit. Not only did RSRS look bad before the close, it also looked bad pre market on the level two. If I am ever in a gap that looks anything like RSRS did today, I know to put my sell order in below the bid right away to make sure that I get out. I am now happy with my small loss that I took yesterday.

This also shows what separates bad traders (or ones just learning) from good traders. A good trader would have went in early when RSRS was alerted, made their profit, even play it one more time and then proceed to walk away from the stock and never look back. "Take the money and run!" A bad or inexperienced trader would see all the hype around a stock like this, wait and then jump in. Then, Bam! That is what the promoters are looking for. People like that to dump their shares onto. I should have stuck with my initial plan to not even play that pick once I missed the initial play on it. I mostly kept to that plan as I didn't try to swing or day trade this stock. Rather I was just going to use it as a gap play. This was definitely a great learning experience and was glad that I was on the other side of this stock and not in.

I did feel horrible for people in the chat while watching this. So much so that I missed my dip play on SEFE that I wanted to do. Oh man would that have been a sweet play if I was able to ketch it. Hit off of my 1.53 support twice to then have a nice run up! I am seeing these plays ahead of time now all I have to do is actually execute it! I may take this stock for gap and try and play the dip on it tomorrow. More about that below.

Here is my opinion on the three stocks listed below.

RSRS:

In my opinion this stock is done, I will not be touching this stock again, period. All gains were given up and a lot of volume came out of this stock. The fact that so many people had a really hard time getting out makes me not even want to touch this thing. Also if you look at the volume it is pretty much dried up at the moment. Some pretty big things would have to happen for me to touch it.

This stock would have to break 1.06 or me to even give this stock a second look. So for the most part this stock is off of my list and in my opinion done.

LUXR:

This stock had another morning in a downward movement. It has started to make an uptrend but on low volume. I am only keeping my eye on this stock and wouldn't recommend playing it till things start to turn around more for it.

SEFE:

Had a nice gap up in the AM but then closed the gap 2 minutes after. This stock hit off of my support level of 1.53 two times in the morning. If you were able to buy around 1.53-1.54 you got to see some nice gains. Not after the 1st hit but after the second test of 1.53. If you did buy at the 1st hit you would have been fine as long as you set yourself a stop loss. You would have been able to hold the 2nd dip and then enjoy those nice gains. 1.50 would have been my stop loss.

I will see how this stock closes, if it has a nice close I may consider this for a gap play. I will also look for another dip as an entry point.

That's my update so far for today. If I have the time I will write another blog tonight about my plans for tomorrow. Hope none of you were caught in the RSRS drop!

What I've learned and stock plan for 4/19/2012

Today was both a learning experience and an annoyance at the same. I was able to sell the gap in the AM averaging around 1.2005 for LUXR. It didn't gap as big as I wanted to but it did gap. I was glad I averaged in on this trade or my profits wouldn't have been as big. The bad for LUXR is that the promo seems to be over already. It suffered a 21% drop after the 1st ten minutes of trading till the end of day. It also gave up all of the gains for the past two days along with most of the volume coming out from the stock. I am taking this stock off of my watch and gap list as it seems to be done unless things change for the better tomorrow. It was cool to see a plan I had since Monday come together for a success!

Now for the shame I brought on myself today. I pulled a trade like a complete newb. I did get a learning experience out of it though which is always a good thing. If you are going to lose, you mine as we'll learn something from it, right? After telling myself I wasn't going to play RSRS, I did. LUXR was off of my gap list and that was the next best thing that I saw. This is where things get ugly! I do (and from now on) two things when getting into a gap play. One option (if the stock looks good like LUXR did) is to buy 30-20 minutes before close to ketch more gains on an upward trend. Then do 1 last buy for another buy for half of my shares right before close for a nice average in at a price lower then the close. I love to do these when it works since it lowers your risk for losing. My 2nd options is to buy right before close at 4:57-58. That way if any EOD dips happen you can get in at a lower price or choose not to play at all. Today I took a gamble and bought 10 minutes before close. Right after I bought RSRS experienced a dip all the way to 1.22 from my entry of 1.27. Never again will I buy around that time at close. What I should have done was averaged in at the bottom to increase my chances of getting a profit out of it. However, I didn't. I made another huge mistake that cost me. I figured I would leave it and just sell the gap and hope to break even. Well, I set my sell at the ask with 30 seconds to go and I get filled at 1.24! Not only did I lose some money, but also a day trade! I was still up for the day but not as much as I should have been.

From now on during a gap play I will set my sell order right after the market closes. That way I can edit the trade in the AM if things don't look to good. I should still be able to get filled right away. Another rule I am setting for myself is having all resistance and support in mind before entering a trade. I had no idea where that stock was going once it started dropping. No stop loss, no support levels, nothing! Next time before I even enter I will make sure I have all support/resistance levels identified so that I can react better when something like that happen again. The importance of having a stop loss!

Here is what I am watching tomorrow and my thoughts on some of these stocks.

SNPK:

It happened today, what I have been waiting for. A huge 50% drop after 11. There are some interesting things to note about this drop that makes me want to continue to watch it. One being that WDCO walked this stock down again. Two being that the bounces weren't that big. They were nice bounces but they weren't huge compared to previous APS picks and previous bounces that happened on SNPK. Another thing to note is the volume. While a large amount of volume came out, it didn't seem enough as if they were going to dump their shares out. It did drop a lot so I will just continue to watch this stock.

 SEFE:

This stock had a lot of movment today both up and down and closed just about flat with a gain of 2%. I would like to try and play a bounce on this stock so I will mark key support levels to watch for.

SEFE Resistance:
1.59

SEFE Support:
 1.55
 1.53
1.52
1.50**
1.47
1.45

I will keep an eye out for morning dip and try and play the bounce. I most likely will not play this stock again for gaps unless it really starts to move. If you can play the bounce I feel it is more profitable then playing the gaps.


RSRS:

I am mapping you and coming for you, this time for blood! I will not allow myself to make the same mistake twice. I will have a plan next time I play this stock. This stock is still in play as long as it doesn't turn out to be a one day promo.  I want to see how this stock gaps and reacts tomorrow. My options are to buy the dips and possibly take it for gap.

RSRS Resistance:
1.31
1.32 (see if this will be a good break out buy)

RSRS Support:

1.27
1.25
1.22
1.20
1.17

Again I will try and buy dips on this stock but 1st I will want to see how this stock trades.

That's all I am taking a look at for tomorrow. Keeping it small while I learn. Tomorrow I will try and make way better trades and decisions then I did today and will continue not only to learn but to also learn from my mistakes.

Stock Plan & Experince for 4/18/2012

I really like how everything went today from a trading prospective, minus one thing. 1st off as stated
yesterday I wouldn't be around the computer till close. 2nd, since I was away I started using the
E trade Pro app on my iPhone to get a feel for it encase worse came to worse and I couldn't get out of a stock I had that for an option. Through my phone I was able to call the bottom (Buy) and the top (Sell) for SNPK during a dip. It was really neat to be able to call that not only in general but from only having the ask and bid shown on my phone along with other limited information.

I have been following LUXR since I saw it gap up on Monday. My plan was that if it gaped again on Tuesday morning it would be my new gap play. I am happy to announce that I have stuck to my plan! I got home around 3 today and got right on ready to take it for a gap. I wanted to get in @ 1.15 once I saw the 1.16 starting to get taken out. However, this taught me how quickly things can change. I allowed myself to become distracted for a second and missed my entry. I got in @ 1.16 which proved to be a good entry. Then something unfortunate happened... My computer locked up. Not only did this make me nervous because I was in a trade, but that the market was going to be closing in 5 minutes. It was a good thing I learned how to use my phone today! I pulled that out while I was in the midst of a restart and watched LUXR like a hawk till I was back up and running. I then put my 2nd buy in for 1.18 for an average of 1.17. Now all I need is for a gap in the AM along with a quick and good fill!

Another thing that I found useful today was a little white arrow at the bottom of the Level 2 on E trade. This brings up a buy/sell window right on the Level 2! Gone are the days of fussing around with the buy/sell window trying to get it into a position that allowed me to see it and the chart. 1 less distraction while trading!

As usual here are my watches and plans for tomorrow during the trading day!

SNPK:
Again, I'm going to watch this only. Would really like to try and play a bounce off of it during a dip.
At these levels a big dip is due for any day (I could be wrong).

SNPK Resistance:

2.28 is Hard resistance
2.25 could also be resistance but most likely will gap above that and not look back with the possibility of using 2.28 as support in the future.

SNPK Support:

2.22
2.21
2.19
2.16 ( hit multiple times during the day)
2.09-2.10

Lot's of support for this stock. I most likely will not play it unless I see a good bounce play. This stock has turned into a nice gaper if you have the nerves to play it. Me, I like my sleep!


SEFE:

Again this stock is slow moving so a lot of different levels can be support so I will look for the main ones. This stock may be ready to really start beasting soon with almost 10% gains today. I will look for a morning dip again if one happens and try to ketch some of it gains. I still would rather do that then take this stock for a gap of 1-2 cents. However, as this starts moving more and more the gaps could become bigger and bigger.

SEFE Resistance:

1.52
1.53
It will most likely jump past these points in the Am but may act as support for dip.

SEFE Support:

1.48 looks to be a big support play for the day, it was resistance and then turned into nice support. If I was looking to buy during the day today, that would have been my entry price to try for.
1.45 is the next bigger support area for the day

LUXR:

This is the one I have for gap, my plan is to sell the gap in the AM no matter what! I already have my sell price set for 1.19, if premarket, 10 minutes before open it is still at that price or lower I will cancel my order and set it around or below the bid and take the loss. If it is a big gap down I will either take the loss or if it looks possible wait and see if it will rise to get back some of the loses (This will depened on the level 2).

LUXR Resistance:

1.19
Hopefully it gaps above this price

LUXR Support:

1.16 should be a good support for tomorrow if it comes around that price
1.14
1.12
1.11
1.04
Any lower I'd be cautious of it filling the gap


RSRS:

This stock was said to be an upcoming promotion and SH announced tonight that it was. I may play this one depending on how it plays out. If I can get in around the morning before the volume starts to show up I will. I may put a small amount in right away at open as long as LUXR doesn't keep my attention. I could swing trade this for a day or two if things look nice on it.

RSRS Resistance:

1.12 this is ATH and a breakout buy could turn out to be nice, will keep an eye
1.10

RSRS Support:

1.08
1.05
1.02

Anything less then a dollar would be sell for me. I may put a small amount into this in the AM, my stop loss would be 1.08 - 1.05 depending on the price I get in at. This may also prove to be good entry points.

Those are my main watches/plays for tomorrow. I am hoping to see good results for taking the time to do this. I will put another post up tomorrow with my results along with new watch's I am looking at or plays I am thinking about doing.

Stock Plan for 4/17/2012

While I didn't make any plays today I must say that typing out a plan and identifying support and resistance the day before definitely made me feel more "in control". I was able to have a plan for each stock where I could buy and sell without having to worry about jumping in and coming up with a plan after. Today I got to see that plan in action with SEFE. It bounced off of my key support I marked out, which if I bought and held for the day I would have gotten to see nice returns. I will not be at my computer tomorrow until EOD but I still wanted a plan for all these stocks for when I get back. Wednesday I will come up with a plan again for SEFE and put a small amount in it to see how my plan turns out.

Here is my plan for some of the stocks on my watch list listed below.

SNPK:

Again this stock is going to stay on my watch list. It is not going to be in play for me since it is very toppy at the moment, or at least seems to be. I expect to see a pretty big dip in the upcoming days.

Here are the two options I have set for myself:

1. Wait for a bigger dip and play a bounce, or wait for a small dip and play the small bounce
2. If the day has huge volume and enters into a state where it starts beasting up, play it quickly.

SNPK Resistance:

1.97
1.99
2.00 (Hard Resistance)
    Both of these levels could act as support if it gaps above or runs above these resistance points

SNPK Support:

1.94
1.91
1.89
1.88
1.85 (This should act as key support, if breaks it could go a lot lower. Could also be nice bounce)


SEFE:

SEFE is an interesting one. It is a very slow moving stock so almost every price can look like support. I did my best on mapping out different support levels I feel could be beneficial. A lot of people like taking this stock for gap, it may get you a 1-2 cent gains. It also can not gap at all. Personally I don't like taking this stock for gap, I'd rather play the morning dip. SEFE dips every morning which is why it's key to find the support levels. If you find and play them this stock can turn out very profitable for a swing or day trade. Today SEFE hit my support in the AM (1.30 which was resistance but I said could act as support) which if I bought would have had nice returns. However, I chickened out and did not play.

SEFE Resistance:

1.38 (Could act as support for gap up or run)

SEFE Support:

1.36
1.34
1.33
1.30 (Could be key support)


LUXR:

This stock I am only watching right now. If today's gap is any indication it may play out to be the next STVF of gaps. Gaps have stunk lately so I am really looking forward to this one for gap plays.

LUXR Resistance:

.9892 was days resistance, will have to watch to see how this stock reacts to breakouts

LUXR Support:

.9205 to me looks like key support for this stock since it has bounced off of it multiple times

I will definitely keep this stock on my watch list.


RSRS:

This stock people are claiming may be a future pick. I don't like trying to guess a pick in advance. However, I will say that people who bought SH call and sold today when it ran got to see nice profits. Next time I may put some $$ into his early calls and just try to ride a quick scalp when the volume starts to come in.

Stock Plan for 4/16/2012

Today is the 1st time that I will be 1. writing down a plan in my blog but 2. the 1st time that I actually took a couple of hours to analyze a stock. I wrote down all my support/resistance marks along with a plan for each stock that I will be following. I'm curious to see how this will effect my trading since before I really only looked at stocks the day or around when I was considering trading them. I now have a plan so this should make me feel more in "control" when getting in and out of a stock.

Here is what I came up with for during the week to watch:

SNPK:
Should not buy SNPK at these levels, almost 40% dip should be soon. Look for 1.20-1.10 range in drop
- 1.82 was Friday EOD resistance
- 1.83 is the all time high, buy if it looks like it will break above that (lv2 Ask not stacked)
        - It may gap above this price on Monday Morning, if so this may act as support.

Area's of support (SNPK):

1.80
1.77
1.75
1.72
1.70 (should be a key support)
1.67
Any lower proceed with caution do not play if it falls below 1.50-1.55 range


SEFE:

- 1.30 Was Friday Resistance
- 1.31 was all time high, buy if it looks like it will break above that (Lv2 must not be stacekd)
        - It may gap above this price on Monday Morning, if so this may act as support

Area's of support (SEFE):

1.28
1.24
1.21
1.20
1.19
1.18
Any lower proceed with caution, do not play if it falls below 1.17 (unless bounce acurse). Someone in chat said that this promo was over. I will have to see how it trades Monday to know whether it is still in play.

LUXR:

See how it performs on Monday, may have been an EOD pump. Most volume in the last hour of day. I will keep this on my watch list

.8904 is LUXR all time high. Keep on eye for break, if gaps could prove to be new support. I may buy this one if it breaks that resistance.

That is my watch list for the week. Depending on how they perform I may add/remove tickers from my list. I will also update my plan every night so that I can stay on top of the performance of these stocks. I also updated my layout on e trade so I have a separate screen in the program where I buy and sell. I was losing focus on the trade due to moving the balance, buy/sell and order status around while I was in a play. I am curious to see if this will allow me to trade better and also allow me to not be as nervous.

UPDATE:
In the new AP email they stated that SEFE still should be "watched" but it doesn't seem to be their pick anymore. Will definitely have keep my eye on it to see how it performs on Monday. On a positive note, they will be releasing a new pick soon which I will add to my watch list and may buy into if it looks good.

Reason for Blog

I have created this blog to track my learning experience as a new trader. I started the 1st week of January 2012. I have been following StockHaven.com as a learning tool. I have come a long way since I first started trading but still have much to learn. I'm hoping this blog with help me on this journey. After each day I will write in here what I've learned, trades I have made etc..