Day Trades for Dec 10th 2012 -$121 Day

Well today, was the first day in IU chat  and I have mixed feelings about it, #1I took to may other trades, and I over traded today, I need to stick with my best play’s and plan’s and add to the chat, vs taking others ideas after they have already panned out. My best trade today came from  my own idea, shorting $ZLC in anticipation of the $4.50 breakdown. So let’s go over each trade.

First trade was a long on $GRPN from 4.50 and as you can see I loaded twice, this idea came purely as a follow from IL in chat, and it didnt work out so well, I set a stop literally .02 from the LOD for my loss but ended up getting a good bounce and took a smaller loss, by the time I got to work. LOSS

 

Next was $VHC from T530 alert, I have seen this guy hit some monsters and this one turned out to not be, I guess the main play with his alerts would be to quick scalp the trade with the volume. LOSS

I had been watching $MCP and wanted to trade it on the next leg up after the $9 break. Took the trade and made an alright profit on it, obviously if I had held it longer it woulda made for a great day. PROFIT

Next was $CBMX and this one had been burning me the most, and is my main loser, lost going long friday and lost today going short, ugh…just wanna kinda see it go away. Took the short on the Para at $13 with a risk to $14 and sure enough it hit and that was nearly the high of the day, as it tailed away all day to close at $10.12. LOSS

Then I tried again later, with my idea of a short and I call this an intra-day pinch play, basically as you can see from the yellow lines, the chart is pinching up and the volume is drying up, this usually leads to a drop more then likely but sometimes a pop. This type of play is worth a good eye on the chart. I should have shorted it at $11.80 but I just got gun shy, this play is highly profitable, as you just need to watch which way it goes, ended up shorting at $11 and covering at $11.09 for small LOSS.

Next trade was $ZLC short, this idea came from support and a big drop potential at $4.50 so I shorted at $4.55 and waited for the tank, but the volume just wasnt there, this trade was my biggest gainer of the day though, covering at $4.44. PROFIT

 

Overall not a horrible day, but i lost more with commissions then I did trading, so the plan for tomorrow is to relax and take on the best of trades.