September 3, screen for
stocks RSI: 60 above and ADX 25 above.
September 4 I literally
bought my 1st tranche on top at 1.91 high is 1.93 and expecting for
1.90 to hold as support. This is not a goo thing to do for beginners and should
not be done. The only conviction for this trade is the existing catalysts.
September 5 IRC open at 1.94 an intraday gap. The momentum
we’re not sustained and stock shows some weakness during the day. I set a GTC
for my 2nd tranch at 1.84. I tried to set my buy and sell and
unconventional numbers since nnuebrs like 1.85 or 1.80 are psychloigical
numbers. Many will sell or buy on this numbers. 1.84 got fill, my average now
is at 1.86. since I’m fuly allocated
with this stock I closely monitoring it’s move.
Next 2 days the stock went down as low as 1.81 nearly hit my cut loss at
1.80. an increase in volu me on Friday
EOD is a good sign for the stock ..
The
Exit, Monday was a busy day because of my job. the stock open at 1.95 a gap up
and today the momentum we’re sustained. I usually sell using trail stop but I
cannot monitor this stock I set a GTC at 2.10 and 2.15. sold everything with 13%
profit.
Re-entry, what I sold I literally buy them back immediately. The only difference is this time the
trade has more conviction. Whip will never happen on this play. The stock high
is at 2.42 but closes at 2.34. The next day it was a roller coaster ride for
IRC. The stock goes down as low as 2.12 (luckily I didn't see I was busy , If you don't want to whip do not check) I always joke around. Don’t take it seriously
because it’s wrong. The only difference was my conviction for this trade was at the highest. The stock rally at EOD and
closed at 2.34. Now IRC is forming it’s DNA. Based on observations and notes
the stock tend to rally at EOD. It is important for traders to know the DNA of
the stock they trade. You are not obliged to know what their industry and what’s
their business.
The
exit. September 12, set 3 tranches of selling and end up with an average of
2.63. sold all shares at 20.31% profits. The learning on this play is it will never be
wrong to take profits and as other great trader say don’t be afraid to buy back
at higher prices.
I re-entry for the
third time, now the basis is more on fundamental. We’ll see if it will come to
3’s. follow this blog for the update on
the 3rd IRC play. Godspeed everyone!!!
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