BPTH was on the radar today and I took two stabs at it both profitable trades. The problem here is I did not add when I was scheduled to and it blew the the point I wanted to add and did not give me an opportunity to add on a pullback. Both trades basically performed the same way and I should have added when I saw the breakout happening.
There are a few very clear points on the chart that you can see where there was an opportunity to add in the size that you wanted. If you look at the volume at the point of the breakout, that also gave you another indication of what is happening. Two very good trades, just not enough size. Instead of going home with a homerun, I am currently sitting on 1st base. I do not plan to trade this stock anymore but my read of what was happening was spot on. Watching the tape the buyers and sellers and looking for a pattern to trade instead of just blindly hopping into a trade without a plan is the biggest difference for me. This was a huge difference this last week of my trading. Picking my points understanding what is happening in the trade and getting a better read on the time and sales for everything that I traded.
Small profits – $27ish could have been worse, I could have loss money. Good way to close out the week on a green day. So I am starting March with a Green trade, which is great. Starting the month off on a positive note, I will finish the month of March on a positive note as well and I mean growing my account! Happy trading everyone.