So since I didn't have any trades left, I shorted COT at 4.16 towards the end of Tuesday. I entered the trade because I saw the volume decreasing, and lower highs. I figured if it took out the $4 support I'd be in pretty good shape. It didnt, and I tortured myself by watching this thing until the close.
After the close futures started tanking and I was overcome with a feeling of relief. But then because I like to torture myself, I watched futures start to climb back up from -90, to being positive before the open! I was pretty panicked when I woke up at 3:20 AM to check premarket action. It opened and was sideways for hours. When I went to sleep I put a stop at 4.23 and when I woke up at 7am, I saw that it was barely under $4 and climbing back up. I took my $30 profit at 3.99.
The next trade was MEE. IL alerted it as a possible short fade after the run up. I went short at 22.96 after it started coming off of its high of 23.56. This thing was awesome to watch fall. It fell, and fell and fell until it stopped at the 22.20 support level. I sensed that the run was over and I got out at 22.22. I'm pretty proud of myself for exiting at the perfect time. I ended up with a modest $22 gain.
COT - $30
MEE - $22
1 comment:
Hey man! Cool blog! Keep it up: even with 4K you can make nice gains.
One advice: about COT, try not to short a stock unless it already broke the support. Your short should have been activated only if it actually broke the $4 support. That way, you are limiting the risk of a bounce. Anyway, COT is up on earnings and is consolidating, no short here!
Post a Comment