Hello all,
I kept this journal on Friday. Please let me know if this is helpful.
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Held from Previous day - CHDX, MELI.
9:31 - Short MEE - Probably stupid to do this early, but EVERYTHING else is up, and I had this one marked down as a possible short after looking at its chart last night. I only short 200 shares, as it is early and my first time trying to short looking at things from a Hershey perspective.
10:15 - Thinking about selling MELI after it gapped up and than ran up big. It has lost about half its gains, and I am wondering if the gap will fill (unfortunately). I will hold it for a bit longer. On the 5 minute chart, volume is decreasing, so an upward phase may be coming. It is currently up 1.61.
10:30 - I Buy to Cover MEE for basically a wash... I lost about 30 dollars on the trade. I realized that I had NO idea where the stock was going to go. I also realized that this is a well performing stock, and today is an up day. Not the day or the stock to short.
10:35 - GAIA signals buy. The Stoch is at 91% and the MACD is at .017. I also had this stock pegged because of the previous nights look at its chart. Going for 1000 shares. Setting in place a 4% trailing stop (about where it would go negative at this point.)
MELI has indeed turned a corner. The question now is do I sell when it reaches close to the Apex of this upswing. It is currently up 2.00
11:00 - MELI has basically started moving laterally, creating a pennant, if I am not mistaken (this is my first day of understanding what a pennant is and means). It appears to be a nuetral penant, maybe a bit flat on the bottom. Not surprising because of the huge gap and then fall off. I suspect MELI will go up again, especially since this appears to be another strong day for the market. It is currently up 2.13.
11:15 - Just checked out MEE to see how my decision making was... it is up .11.
I also wanted to reflect on a decision I decided was a bad one. JRJC was on my DU list for today. When I checked my charts last night, it did look like it was at the bottom of a channel, but it also kind of looked like it was at the end of a bad pennant. I have been watching it closely today because the volume was almost at DU level. However, I noticed that it was way off its highs and had not gone up once since its opening gap. So I did what I find hardest.... nothing. And I am glad I did. It is now down .09.
MELI continues it's lateral trend. If it continues to do so, or advance, and continues to have decent volume, I will hold this stock until tomorrow. It would mean on the daily chart that it has increased volume and price.
<b>Trades</b>
<b>MELI</b>
Well, my two positions stopped out for MUCH less of a gain than I could have gotten. I saw MELI get back up to its highs for the day and I got lazy. I stopped watching the chart. I also got busy at work, but I still could have checked it now and again. I just ASSUMED (big mistake) that it would not go down as low as it had gotten before with all the upward momentum I was seeing in the market and in the stock. Silly me. However, I still made a profit off of both of these, so I should not complain. It ended up at + .23. It had been up over 3 points!
MELI
Shares â 400
Dollar Profit - 400.04
<b>CHDX</b>
This stopped out as well. I suspect that CHDX may be at the top of its channel anyway.
CHDX
Purchased â 27.72
Shares - 500
Sold â 28.01
Dollar Profit - 144.47
<b>GAIA</b>
I decided to hold this one even though it had not reached FRV by the end of the day. Please let me know if this was stupid. But if I look at the daily chart, volume is rising and the trend is upward. Since I do not have anyplace else to put my money right now, this seems like a good chance to make a profit, even though it is not at the ideal Velocity Hershey is known for. In addition, I think there is a panant forming in the daily chart (attached).
Purchased - .53152
Shares -
EOD Price -
Unrealized PL -
<B>MEE</b>
Finally, I really am glad I pulled the plug on my MEE position. It was pretty stupid thing to do in the First place. It ended up being at +.63. I think I'll start paper shorting first.
Sold Short â 51.68
Shares - 200
Bought to Cover â 51.86
Dollar Profit - -38.04
