Trading Recap 7/10/15

I was actually profitable today and I believe that is part in due to the fact that I cut my watchlist down and stopped watching these bullshit stocks with no momentum/volume. Any stock I play has to have some sort of reason for the move. It doesn't have to necessarily be a fundamental reason but it can't just be a technical pattern on a random stock. I did miss one extremely easy layup today but I am just happy I am profitable. I am going to shift my focus to just being consistently green everyday and try to make $50/day (or at least green). I should have done this a while ago but I thought $50/day is too small and I should be going for $100+ gains. But that is unrealistic for my account and I am just tired of losing. We'll see what happens.

White arrows are entries followed by exits. First two are entries and last is all out exit.

SGYP: This was the first stock I played and I was looking for continued selling for a short. A descending triangle formed and it looked to have peaked 8.9 so I started in short before the 8.8 support cracked and when it did and it seemed to have peaked, I added in but it reclaimed so I took it off when it looked like it was going to go higher. At the time I covered, it actually looked like a stuff because the offer had absorbed a lot of shares and volume came in but it didn't budge. It went lower to retest 8.8 and I thought I topticked it yet again but it just ramped higher and continued higher for the rest of the day. Looking back it didn't seem to have really peaked but almost based just below 8.8 but it is difficult to ascertain this in realtime. I will look out for this in the future though. This is definitely a tricky stock.

XOMA: I had this on watch for r/g and almost took this off until I saw it consolidating and perking above the consolidation. This was a classic r/g setup and I knew a lot of people were watching it so I went long. I then added when it went green and it consolidated before going higher. I played it well and held it until it had a lower high and lower low. It had a HOD consolidation pattern and went lower but looked to have held a higher low and perked before getting rejected and coming back down. The only thing I could have done better is add earlier before going green but it was still a decent gain for me.

KONE: I completely missed this layup short. I thought this would squeeze a lot more but I guess everyone is more careful after the PBMD fiasco. I saw it perk above the line in the sand only to have it peak again and I wanted to get in at 6.70s but I was preoccupied with SGYP at the time and it just flushed so quick and afterwards I thought it wasn't worth it anymore but it faded a decent amount more the rest of the day.

Things to work on:

1. Continue to narrow your focus down to a few stocks that actually will move and provide good trades.
2. Become consistently profitable.