Two ways to make more in OPHTDec 12th, 2016 | By Bella | Category: General Comments
I gave a Junior Trader a hard time in our review after the close for not holding a winner longer. In all fairness, I should do the same for my trading. There are two areas where I could have traded OPHT better, consistent with trading that makes sense to me.
I like trading stocks like OPHT. They had horrible news in a very important drug for them (see below). This breeds a LOD opportunity for my trading system.
The intraday chart pattern set up very nicely, with OPHT unable to trade below 5.85, nor above 6.10.
I made some money trading OPHT today. But I need to do two things better when trading such an opportunity that fits my trading wheelhouse.
- I need to hit much more for a scalp below 5.85.
- I need to increase my swing short from below 6.10 area when OPHT trades below 5.85 for LOD Trade2Hold.
I was swing short below 6.10 and 6.25 from the open and holding for a Trade2Hold LOD trade. But when OPHT trades below a price that it couldn’t for the entire day, I need to add to my swing short. I did. But not by enough. Doing so would have made me much more and still offered an excellent R/R. Plus, the trade was working.
Further, while I do not like to scalp trades that I am swinging, I should have below 85c. It NEVER traded below there in a stock searching for its new low and with LOD possible because of the negative news catalyst. Even though the move for the scalp trade was only 20c, I have edge there. And I need to be in much more size for that scalp than I was. I am simply leaving free money on the table by not taking that trade with more size.
We need to make more from the trades that work and fit our trading style!
*no relevant positions