Daily profit: $523.92 (unrealized losses of about $2700)
Weekly profit: $8,207.68
0 thoughts on “Trade recap for May 14th”
Why were you whispering like that ?
I don’t know.
I’m short HAUP too… Don’t really care for the position though. It feels like an ENCO type play at the moment. http://biz.yahoo.com/e/100514/haup10-q.html
Although it is easy to say “short a huge run up of a stock I don’t think has value”, the actual implementation of that strategy is fraught with the same difficulties and complexities as trading other “real” stocks that are mocked by this crowd. If you look at Tim’s entry on 5/13 he was in near the top- 3.20 and he covered immediately on a pullback. That is a tricky trade. So unlike many who lost on this stock he wasn’t holding overnight. The high from 5/13 served as premarket resistance so when it broke 3.50 I’m curious why you didn’t cover at that point. It’s kind of a bull pennant at that point. On 3/14 if you watched the tape it was clearly a long in the morning. This is just an example of how your trading bias negatively impacted your trading. Again, if you look at Tim’s entry on 3/14 he shorted after the two morning runs. I just happened to be screen capturing HAUP on this day (because I was trading it) and I looked back at Tim’s entry. First of all, the tape was completely dried up and it was clear the run up was done. Importantly, he made an entry when there was two 12,600 bids at 4.42 and another 12,800 bid at 4.40. The prints were all red. I’ve seen him do that before. That is how he uses Level 2 (I never watched his DVD so I don’t know if he explains that or not).
Oh yeah I knew just about everything about holding HAUP was violating my trading rules. I was being dumb.
I think level two helps to get in and out of trades if you have alot of capital.
For my small position sizes, I try not to ever hit the bids, because sometimes my order of 500 shares gets filled on a low volume wick giving me that 3-10 cents benefit. I’ll chase if i see that ideal sideways price action.
The chart now is beautiful.