Day Trading Post #18

Today was a great day for trading. The morning was choppy so I only took one trade in ERX and took $0.61 cents profit. My analysis of this trade is in the image below:

I took another $0.30 cents profit in ERX on a similar long setup later in the day, and scalped $0.20 cents off of SPG at the close of the day. I lost $0.09 cents in RIMM on a trade that also had a similar setup to my ERX trades on the 3m and 5m charts. The only problem was that the 15m chart was showing the stochastics as being oversold, and hence the trade came against me for a small loss. Overall, I ended the day on my day trading account with a gross profit of $102 from four trades.

SWING TRADES:
My swing trades were great today. My penny stock play worked out much better than I had anticipated, and because I hadn't anticipated such a move, I took profits based on the plan I set for myself. I took profits when GGC broke the 20EMA on the daily chart and retraced back to it. I was up $0.20 cents which gave me a 59% return on my investment. That is a great return, but then at the close today, GGC popped up as high $1.38!!!! It closed at $1.27!!!! So if I would have just held on today, I could have cashed out with a 300% return!!!! I can't complain though. I took profits and stuck to my plan. I keep telling myself, "It's ok to leave some money on the table...." It's nice to hit a home run, but if you can consistently take profits, big or small, you will build up your bank roll and start to build up your capital. It's not the type of game where you look to hit a homerun ever time. The idea you have to keep in your mind is "I have to live to trade another day!" So, a 59% return is great! I am very pleased and would consider this a great trade. (On top of that, I am happy that I am able to make such picks!!!!) GGC Charts below:

GGC 15m


GGC Daily


Also, with my swing trades, I took 100 shares of eBay off the table today for a profit of $0.50 cents. I still have 100 shares in play and want to let that run for now. If I see a pullback, I may add to my current position. I am still anticipating a move up to $13.00 or more.

Todays gross profits for my swing trades was $150.

I am currently holding 200 shares of PCX, 100 shares of eBay, and 25 shares of LDK.

That is all for now!