I'm Looking forward to a volatile trading month. Discipline is going to be key to my success for the month of April.
Although I was looking forward to a volatile month, I did not anticipate taking multiple stops right at the open. Not a great way to start the day.
April 3, 2012 10:15am
On April 2, we announced our picks for this mornings session, WOW I got hammered on a couple of the picks. This watch-list was calculated based on the closing prices on April 2, 2012. This list was compiled by using the closing prices from NASDAQ and the NYSE percentage up and percentage down securities. We then used a MetaStock filter overlay of volume, share price and percentage increase on average daily volume over a 24 hour period.
 |
| Click Image To Enlarge |
UPDATE: MITK Keeps falling.....I'm flipping and going short.
Here is our closing trade blotter for April 3, 2012 for the mid morning of trading.
 |
| Click Image To Enlarge |
Unlike yesterday, today started out pretty rough. I took two stops right out of the gate which never sets a good tone for the remainder of the day. After taking an immediate time out, I came back to my station and re-evaluated my positions and started to focus on MITK. Once I picked my short entry, the stock traded far better than anticipated from the short side which helped re-establish my confidence. From 11:00am to the close, I expanded my stops to .25 for to allow for greater swings.
 |
| Click Chart To Enlarge |
(The picks announced below are for information purposes only and not to be construed as investment advice. We DO NOT get paid by third parties to announce our picks. The picks announced are for trading in our portfolio only and not to be used to unjustly influence the market.)
Pantheon Traders incorporates a short-term trading strategy we coined the “Controlled Bounce”. This strategy is implemented by executing trades in stocks that have seen a market anomaly in their share price. We have found that historically a 25-30% next day reversal is more often than not the norm on a stock that has been the recipient of either a positive or negative percentage change of more than 11% intra-day. In order for this reversal to be confirmed to trade, the individual issue’s volume must exceed 2(x) average trading volume prior to the market close with a stochastic crossover above 20.00. For this trade, we implemented a leverage ratio of 4:1.This is not an offer to buy or sell securities. This information is used to track the performance of our own portfolio ONLY and is not to be construed as investment advice. Trading involves a high degree of risk and should not be attempted by people that are risk adverse. Don't invest what you can't afford to lose.
