Thursday, March 29, 2007

Plays for Mar. 30

Four plays for tomorrow.

Long:
TAG 1.31 it's gone down six straight days, doesn't really fit the description but that's what the filter kicked out, I'm not expecting it to bounce.

BVSN 2.95 it's otcbb

ZROS 1.03 otcbb

YTBL 3.90 otcbb, down nine straight days, not the usual two day plunge

Short:
DVSA 7.84

I've entered a Trigger to sell short 1000 DVSA when it is at or below 7.79 with a LIMIT order.
Stop entered with a trigger to buy to cover at or above 7.95 (2%).

Watchlist:
TRID 19.98 has bounced off this area three times this year, once a month. If it breaks support here, could go to 18.

Today's short play SOIGF went down over 14%, too bad Ameritrade wouldn't allow shorts on otcbb stocks.

Yesterday's disaster all started with using market orders for entries. The open prices were far from my Trigger price and consequently got in at some very disadvantageous prices. On March 14 I had promised to use limit orders but I didn't. Guess I needed another expensive lesson. One should never want to get into a trade so badly that you'll accept any price. There's always tomorrow. The slotmarket will always serve up another play and it may be a better one than the one you missed getting in on using limit order.
The real big disaster was when the stop order for the ROHI long didn't get executed because the market was moving so fast at that moment, the price was at 1.97 which was below my activation price of 1.98 and Ameritrade requires that the stop price must be below the current bid for sell stop orders. By then my short on ROHI had triggered and consequently I had a long and a short on the same stock going on simultaneously. That was the weirdest thing to see on the Ameritrade Streamer.

Hate to repeat myself but hammering is required. No more market orders on entry at the open using Trade trigger.

No comments: