johnpaulca
12,036 posts
msg #98884
- Ignore johnpaulca |
2/3/2011 11:56:12 AM
Just got my ego handed to me on a platter. Took a large long position this morning, went to teach a class, just came back closed my eyes and hit sell....this hurts and was totally my fault for not placing a stop order. I must never, ever, ever trade Chinese, Indian or Pharma stocks again.
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buckeye
8 posts
msg #98885
- Ignore buckeye |
2/3/2011 1:56:34 PM
I was also looking at ccme, but chickened out, lucky me. Scott Redler at T-3 said that it may be a strong short squeeze
candidate. He commented on how the company had been vetted by Herb greenburg and has top quality auditors.
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machismo
115 posts
msg #98886
- Ignore machismo |
2/3/2011 1:57:42 PM
sorry to hear that JP, btw what do you teach ?? my personal average against Chinese adr's is 100%, as in 100% failure rate, they always screw me some how.
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Eman93
4,750 posts
msg #98887
- Ignore Eman93 |
2/3/2011 2:13:21 PM
sorry to hear that..
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jimvin
173 posts
msg #98889
- Ignore jimvin |
2/3/2011 3:34:08 PM
No offense, but many of the signals leading up to today for CCME were terrbile: Candlesticks are red as tomato soup for the last several days, general movement of the price is down, the MACD has been plunging, and the P&F chart clearly shows sales outpacing buys by a margin of almost 2:1.
Indications are that this stock's move was a trainwreck well underway...
Sorry for your loss, and this is not to say all of my trades have made money, but I wouldn't have taken this one as a gift.
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straken
469 posts
msg #98890
- Ignore straken |
2/3/2011 5:12:02 PM
Sorry for the hard loss JP. CCME was second only to RVBD in put volume yesterday. 4925 puts to 383 calls with 83% put flow purchases on the ask. Someone knew the crap was about to hit the fan.
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Mactheriverrat
3,153 posts
msg #98897
- Ignore Mactheriverrat |
2/3/2011 11:22:32 PM
I looked at CCME and I didn't see anything that would make me want to buy other than being a short jumping on the bandwagon. Now on the other hand like always there will be a jump back up. Last Friday StochRSI took a dump. The following monday you had a EMA(4) cross over the EMA(10) along with everything else. Thursday was Friday sellers beating other to the punch.
Hindsight would have been buying CCME 9/27/2010 EMA(4) crossover of the EMA(10) with the Bollinger bands breaking out . Some would have got out around 10/18/2010 when StochRSI crossed .50 from above. It seemed that price Consolidation was going on but holding onto the EMA(4) staying above the EMA(10) . From the 10/25/2010 that CMF started creeping back up for another bull run which it did around 11/01/2010 when the StochRSI crossed back up over .50 . Then around 11/08/2010 everything took a dump after that. Seems there was a small rally here starting at the first of the year but it has wnet south. Then on the other hand could get a bounce here back up.
Oh I've had my share of master screwup's but I try to learn from them.
http://stockcharts.com/h-sc/ui?s=CCME&p=D&yr=0&mn=5&dy=0&id=p60071546599
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johnpaulca
12,036 posts
msg #98908
- Ignore johnpaulca |
2/4/2011 12:17:47 PM
Thanks guys....lessoned learned. CCME gained $3 today....figures., I took the day off from trading, heading to Old Havana in a couple of weeks for mojito and cigars...will help clear the psykey.
My system was fine, I saw the red flags, this is where you can make allot of money or get hurt badly, unfortunately I was on the wrong side...as they say, shit happens.
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miketranz
961 posts
msg #98910
- Ignore miketranz |
2/4/2011 12:31:20 PM
John,I feel for you,but next time either don't take your eyes off the screen,or place a hard tight stop right under your entry.It's all about discipline,focus,money management.Either you learn to discipline yourself or the street will do it for you in the most ugliest,costly ways imaginable.Don't feel bad,did I ever tell you about the $2500 lunch I had a few years ago? Mike.....
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