Trade Recap 6/18/12
Closed out a swing long in ONVO from a 6.69 Friday entry. I closed out half on the gap up at 7.40, then sold the other half at 8. Sold way too early as ONVO went past 10, but as I’ve said before, you need to sell these OTC morning spikers into strength. If I were to redo it I would take off a quarter at 8 and hold the rest just in case.
I also longed a small position of BODY at on the morning washout at 8.70, and kept my position very small in case it pulled a TPX. Once it stabilized I added some in at 8.58. It started to pop towards $9; I wanted to sell at $9 but it started to stall in the $8.80′s so I sold at 8.80. BODY did end up pulling a TPX later, and I was smart to sell when I did.
Took a few small losses today. I was stopped out at 0.68 on a tiny 500 share swing short of the pump ‘n dump XRMB from a 0.58 entry. I was also stopped out on a a small 3000 share swing short of MYOS, covering at 0.36 from a 0.315 entry.