I left this comment earlier. And I will expand this post later with some charts of a PTIE trade today, and gold charts also:
The pot stocks are WAY overdone. I have been saying that they are not currently a market to invest in (for me). Only to trade. I sold most of my remaining CANN position. Here is the explanation.
Also, I traded PTIE today. INPX I have had a bid in at .28 all day. If INPX holds in until the afternoon, I’ll consider a momentum type strategy.
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.
23 Comments
thanks scott , hope that we do not smoke too much :))
The comments about pot stocks. Please understand that is a time-frame thing. They are in a huge bull market, but they are overdone on a position-basis (to me). I kept some CANN for that reason, the big trend. I will look to add on (if the opportunity arises). So now, trading-basis, absolutely. And the strongest ones I mention are the ones for me, when trading. They are much higher probability to bounce than the relatively weaker ones (like OWCP, INSY). However, the weaker ones will actually bounce more % (relatively), the point is the probability, that is my focus.
Also KODK (Kodak) announced a blockchain blah-blah midday (sneaky). Quite a runner today (momentum stock).
Also, no INPX did not “hold up this afternoon”. Went to a new low, on increasing volume late in the day. Low probability, not for me today. It needs a 123 buy setup.
Now for an extremely high probability trade. And realize, this thing is so high probability, that the probability is in the trade setup itself, it does not require a great setup. It’s already there. My PTIE chart setup – buy and exit. And I ALWAYS keep observing for the next potential.
I put a buy order in for INPX at .30 at the beginning of the day. Of course, looking at the chart, that entry made no sense because support was around .27. Anyway, I totally forgot about that order and it triggered after 3PM. Of course I panicked b/c by the time it hit .27, I was already 10% down holding 30,000 shares. I was looking for it to reach back to .30 because I just wanted to scratch it.On the other hand a little bounce was to be expected so once the market closed, I put in an order to sell at .33 and sold half the position for a 10% profit after hours. So the moral of the story is keep track of your orders and if you get in a sticky situation and don’t feel comfortable, look for a way to reduce your risk. By selling after hours for a .03 profit gave me a little room for when the market opens to sell for another profit if it rallies, but also to break even if it goes to .27. It’ll just be a wash. One thing people forget about this business is that it’s more about NOT losing than winning. Keep on top of your losses and cut them super quickly. That was the hardest lesson for me to learn.
Blockchain green stamps. Good one. And since it’s blockchain, you get them “instantly”. Except it takes about 2 hours. They need to work on that instant deal a bit more.
Yep $10. I wasn’t paying attention, but there was one spot in AH trading there when it got back above the day’s high, trend absorption in that ” rel=”noopener” target=”_blank”>little 8-7.75 area, that thing is a beauty. Anyway really nice volume pushes even in AH, super active stock.
thanks scott , hope that we do not smoke too much :))
Haha. No weed for me tho, I’m confused enough as is.
CANN’s profile conjures up the thought of mob involvement.
And the states can’t wait for their cut. Maybe heroine will be next.
You mean the elect syndicate that runs the lottos and liquor.
That’s the one.
The comments about pot stocks. Please understand that is a time-frame thing. They are in a huge bull market, but they are overdone on a position-basis (to me). I kept some CANN for that reason, the big trend. I will look to add on (if the opportunity arises). So now, trading-basis, absolutely. And the strongest ones I mention are the ones for me, when trading. They are much higher probability to bounce than the relatively weaker ones (like OWCP, INSY). However, the weaker ones will actually bounce more % (relatively), the point is the probability, that is my focus.
Also KODK (Kodak) announced a blockchain blah-blah midday (sneaky). Quite a runner today (momentum stock).
Also, no INPX did not “hold up this afternoon”. Went to a new low, on increasing volume late in the day. Low probability, not for me today. It needs a 123 buy setup.
Chart.
Now for an extremely high probability trade. And realize, this thing is so high probability, that the probability is in the trade setup itself, it does not require a great setup. It’s already there. My PTIE chart setup – buy and exit. And I ALWAYS keep observing for the next potential.
Can you pls explain the set up for the buy in PTIE here ?
I am doing a post about it Visao – secondary rallies, bounces….time-frames.
I put a buy order in for INPX at .30 at the beginning of the day. Of course, looking at the chart, that entry made no sense because support was around .27. Anyway, I totally forgot about that order and it triggered after 3PM. Of course I panicked b/c by the time it hit .27, I was already 10% down holding 30,000 shares. I was looking for it to reach back to .30 because I just wanted to scratch it.On the other hand a little bounce was to be expected so once the market closed, I put in an order to sell at .33 and sold half the position for a 10% profit after hours. So the moral of the story is keep track of your orders and if you get in a sticky situation and don’t feel comfortable, look for a way to reduce your risk. By selling after hours for a .03 profit gave me a little room for when the market opens to sell for another profit if it rallies, but also to break even if it goes to .27. It’ll just be a wash. One thing people forget about this business is that it’s more about NOT losing than winning. Keep on top of your losses and cut them super quickly. That was the hardest lesson for me to learn.
Very good explanation. Thank you. Time-frames and bounces.
Kodak still in business? Do you get free blockchain green stamps with every roll of film?
Maria Bartiromo was pumping NKTR today.
At least she’s pumping your stock, and a strong one at that.
Blockchain green stamps. Good one. And since it’s blockchain, you get them “instantly”. Except it takes about 2 hours. They need to work on that instant deal a bit more.
Kodak still going strong in aftermarket at 8.60 and I thought it was to much at +40%, shows how much I know.
Yep $10. I wasn’t paying attention, but there was one spot in AH trading there when it got back above the day’s high, trend absorption in that
” rel=”noopener” target=”_blank”>little 8-7.75 area, that thing is a beauty. Anyway really nice volume pushes even in AH, super active stock.
Sorry hard to read. On the bright side, the chart looks good tho.
10.85 this morning and it has even reached higher. One to watch today for sure.
HMNY talking blockchain now, crazy.
1997-March 2000+ all over again.