Day Trading Post #20

Today has been an AWESOME DAY in the markets for both day trades and swing trades so far! I managed to catch a move on NOV as it was setting a 3 month high and approaching the high's from last November. I caught a pretty nice move on ERY when the market pushed down around 11:15am. Along with that I scalped 10 cents total off ADSK off the open. I only got out because I realized that I was late on my entry and that I was chasing.

My swing trades are all in the money now! PCX has shown great strength, gapped up 30 cents to open just under the $4.00 mark and continued up as high as $4.89 cents. I am still holding 200 shares to see if I can't take profits over the $5.00 mark. Ebay is showing decent relative strength in that it hasn't broken down much. Finally, LDK is such a small position, but I am slightly up on it, and the daily chart still looks good. One move I missed was a swing on another penny stock that I had put a limit order out on yesterday. I had CNO on my watchlist and it gapped up 20 cents today. I'll post the charts and details for my day trades and swing trades after the close today.

UPDATE AFTER THE CLOSE:

Afternoon trades did not go so well for me. My PC crashed while I was in a position and I took a hit that I shouldn't have. I ended the day up $0.39 cents after being up as much as $1.72 cents. Regardless of the 3 trades I took which went poorly, I would have to say that today was a good day overall. It would have been nice to not give back most of my profits, but it happens.

My swing trades are looking very good right now. EBAY held above the $12.00 level despite the market falling off at the close. On top of this, PCX is still showing good strength and I really like how it looks on the daily chart. I think it has a little more push left in it and I am planning to take profits around the $5.00 mark instead of the $4.50 mark. Also, LDK looks great on the daily chart and the stochastics are still oversold but trending up. I would like to see LDK break the $5.00 mark and get back up to $6.00 or more.

Here are my biggest winning and losing intraday trades of the day:
(Click on the images to read my analysis of the trades)

WINNERS:
NOV:


ERY:



LOSERS:
MT:


My biggest loser was due to technical problems. I was long on BXP and my computer crashed. By the time I logged back in I marketed out for a loss of $0.92. Unfortunately, I was unable to close out sooner due to tech problems, which has happened all too often in the past.


Overall, my day trades were profitable. As I continue to review my trades and refine my strategies, I am getting better and more consistent. For the past 2 months, since the begining of February, I have day traded a total of 20 days and of those 20 days, I have been profitable 14 days. Therefore, I am in the money with my day trading 70% of the time since I have changed up my strategies and taken it upon myself to read books, attend trading shows, and listen to the teachings of daytradingradio.com on a daily basis. This is an enormous turn around compared to the first couple of months I was trading.

That is all for now!