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First Short Daytrade- HOKU
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Today I decided to test my skills at daytrading. I have been waking up before the market for the past 2 weeks waiting to test my skills. Today came the perfect opportunity.
I have been keeping my eye on HOKU since i sold my short position 2 weeks ago. This stock has moved so much in recent months which is making it extremely volatile. I have been watching it waiting for a downward breakout. I prefer to short this stock because it has moved up SO MUCH in recent weeks that i dont see too much upside left... LOTS OF DOWNSIDE THOUGH. The stock opened and quickly jumped to its all time high, 14.55. I thought about shorting there but it was just too risky. There was no news but who knows if it will go higher. After it hit that high it tumbled down just below 14. After bouncing off 14 twice, I noticed it had created some resistance there. I sold short 300 shares @ 14 swore to sell if it reached 14.20.
The volume had gotten thinner and thinner, at 9:55 it made its last attempt at 14, failed and got pummeled. I was looking to make .30 a share but it flew past 13.70. I bought back the entire position at 13.35 making a cool 4.6% in a matter of minutes. The stock did bottom out at $13.00 but finally closed at $13.41.
All in all it couldnt have gone better.
I am going to make a list of super volatile stocks for times when im in the mood for daytrading. Considering all the money you can make, I should ALWAYS be in the mood. Problem is it is very time consuming, and sorta stressful. But if I am making money its totally worth it. |
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