Trade – April 26, 2016

Trade – April 26, 2016

Today I had high hopes.  I wanted to trade yesterday, but we got destroyed at work the previous night and I was way too sleepy to make good decisions.  So, I slept.  Today I was well rested and ready to play!  I did my usual morning routine and watched things unfold after the open.  As I have been trying to do, I am waiting for the initial movements to work out so I can see a bigger picture.  Here’s what happened.  Let’s start with SEED.

seed-april26-2016

I will spoil the ending here and let you know that this ends up a loss for me.  The thing is, I really like my patience on this one.  I’m just a crappy dip of a penny from holding this and probably breaking even by end of day.  I knew there was a lot of emotion based on news in the last day.  So, anyone who bought before or at close yesterday got a nice gap up in the morning.  I figured there would be some profit taking but I didn’t want to get short.  I watched as this thing flirted but I knew I didn’t want to touch this until it came down close to its previous close.  I showed some good patience on the entry and finally went long at $2.26 ish.  I had it go for me for a bit and then drop.  My hard deck on this was $2.15.  Beyond that, it could wildly drop and I wanted no part of bag holding.  So, I got close but didn’t touch my deck.  It came back up and just grinded.  I considered this a good thing as there was going to be some event so I figured that the low would hold and should work it’s way up to reflect all the positive news.  Unfortunately, a mid afternoon drop kicked down lower than I thought and took out a stop at $2.15 and that ended my day.  To be honest, I didn’t see that it would drop that low again.  Of course, it went right back up after that and gave plenty of opportunity to get out for scratch.  Oh well.  My trade idea was well thought out and I was patient with my entry.  Maybe my only regret is not adding in on the initial drop under $2.20 which would have given me a bit more wiggle room.  Oh well.  Hindsight is 20/20.  Even a best case scenario only has me gaining a couple cents on this.  Tomorrow might give another crack at this if it opens weak and finishes shaking out this round of profit taking.

Next up, BCEI.

bcei-april26-2016

I was actually a little late to the game on this one.  I was busy dicking around with other charts and didn’t notice that this had worked its way back up to the high $3.80’s.  I wanted a short on this after it’s drop off at open.  My target entry was to base off that high at open with a mid $3.80’s entry based on the action.  Well, there was plenty of chance for that had I been paying attention.  When I finally realized where this was I decided I still liked the risk/reward and got short at $3.78.  It was still a good call and this worked its way down quite nicely.  I was up 13 cents at one point and this looked like it could spend some time fading away.  Unfortunately some strength came in around $3.65 and brought this back up.  I wanted to give this some room to work but I was very cautious and decided I had enough when I got back to entry.  So, I covered there.  It turned out to be the right call as the best I could have done by holding would be an 8 cent gain.  So, this one is a scratch save for a couple bucks of commissions.  After close it looks like this is back up a bit.  I am hoping to base another short off todays key areas tomorrow morning.  I hope for a nice gap up and fade.

So, here is todays summary.  Kinda crappy about SEED.  Today should have been a break even kinda day.  Still, I liked my entries.  I made them logically and had a plan the whole way.  Nothing wild and stupid about it.  Sometimes, you just lose.

trade-april26-2016

 

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