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Hello Traders!

Another strong day in the market and the $SPY squeezed into the close.  Today I locked up the daily goal by 10am trading small caps $ENOC, $MNOV, $RATE, and $KEYW.  I accidentally got short $MNOV due to a hotkey error, and covered that for a loss.  Trading is hard enough without screwing up my hotkeys but what can ya do.  It happens.  Accuracy was great today, but follow through was lacking. I had lots of small winners, and one big winner on $ENOC.  So lets go over today’s trades.

 

Trade by Trade Analysis

$ENOC – This one I absolutely loved the daily chart.  It had a few things going for it.  It’s a former runner (1), it’s a low float stock (2), it was surging up with a ton of volume (3), and it’s daily chart was really nice (4).  Any setup with that much going for it is something I’m gonna really go for!  I first saw $ENOC on the HOD momo scanner as it was surging up to $5.90.  As soon as I saw it I knew it was approaching the whole dollar and I was quick to punch in the symbol in my broker and prepare an order.  I got long at 6.00 for the whole dollar roll.  This resulted in a quick squeeze into the 6.20’s, and a quick $250 winner on 1500 shares.  I added back at $6.29 for the move to $6.50 and sold that for a total profit between both trades of $469.58.  Not a bad way to start the day!  I didn’t overstay my welcome on this name.  It’s important to learn to hit the momentum then get out of the way and look for the next one.

 

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$MNOV – This has been moving up on the daily chart but on extremely light volume.  I haven’t taken many trades on it because it trades too thinly but at the same time I keep thinking maybe it will have a day where it goes parabolic and shots up several points.  I thought maybe today would be the day and I took a stab for a trade over $6.50.  I sold 1/2 into the spike and stopped out of the rest.  The end result was a small winner.

 

$RATE – A trade a took right out of the gates for a gap down reversal.  Looking for a quick surge up but this one was too heavy.  I sold 1/2 and stopped out the rest at breakeven.

 

$KEYW – This one was an all day grinder.  I was really impressed at how strong this stock was, while at the same time, being extremely jumpy on the level 2 and choppy on the 1min chart.  I took a few stabs at this one but only walked away with $47 in profit.  My entries were okay, but it seemed to like to pop up, then drop back down below my entries, which caused me to get back out flat when it came back up.  This is an example of my mentality of Breakout or Bailout keeping me out of a big mover, BUT, giving me a small winner.  This is the same mentality that has resulted in 65 trading days with only 1 losing day.  So the strategy works, but sometimes I get irritated when I see one of these stocks run 50 cents without me!

 

 

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