NYMX Trade

I longed NYMX with a buy stop that first day it started to run. I got a 1.38 entry. Today into the spike I sold just over half the position at 1.58 a share. That was a good exit because the highest the stock got was 1.60. I figured based on the past couple days of runs it would usually top out after 10% or so. I was really just looking at the candle lengths though. After selling those shares I immediately put a sell stop order to sell the rest if it hit 1.44. That would still lock in some profit but more importantly get me out of a free fall. Of course it could go the other way and just keep running to 2.00 a share or something.

I always lock in atleast some profit in a profitable trade. I chose 1.44 as a good stop loss area because a technical breakdown would be taking place if it hit below 1.44. Once 1.44 was taken out everybody else's stop losses would trigger. As a result the fill I got wasn't that great. I got filled at 1.40. I would have scaled the same way if I had to do it again. Not selling the entire position at 1.58 cost me a little profit but it would have been way dumber to miss a 40% run or so which this stock has proven to be capable of. The only thing I did poorly on this trade was the entry. I could have gotten the 1.20s or low 1.30s. I probably should have scaled in with a small position first in the 1.20s because I was pretty confident on this run.

In the chart below the yellow lines are under 1.44 that support I talked about.

Watches 5/6

NYMX ran as expected and could run again today. Crude oil is a setup long.

NYMX Looks Ready Again

NYMX has been a big runner lately. The consolidation off the last run looks the same as before. Bull flag forming on light sell volume on trend support. It looks ready to pop again today or Monday.

Wedn 4/29 Recap

I had another good day trading day today. Today offset a stubborn short swing I held and lost about 10% on. ERI the other day. I just had two trades today and they were ones I planned out the night before. I was eyeing JNUG for a breakout long and RIG for a long off of its trend support flag. On JNUG the breakout came early in the morning and I bought JNUG at 23.99. I bought some more at 24.32. Usually when JNUG goes green it continues to run. That's why I like trading these volatile stocks because you can get a horrible entry and a horrible exit and still have a great trade. JNUG kept ramping and oil and oil stocks started moving later in the day. I sold about 90% or more of the position at 24.97. I knew the FED statement was coming around 2pm and figured why risk the gains. Miners did fall off the highs. Right after I alerted RIG at high of day in high 16.00's I longed it undersized for a swing trade. RIG really took off. All of these charts are in the posts below.

Oil Flag on Trend Support

USO

RIG RT

Watching RIG flag here and RT

Double Top On Dollar? Miners Part 2

I've been studying the gold miners chart In the index GDX and GDXJ. Their direction ultimately comes from dollar direction. Gold is inversely correlated to the dollar. All I could see in the dollar chart was this wide trading range it is in. It's testing support of the range now. I kept looking at it and the second test of resistance never made it and this very well could be a classic double top her on the US Dollar. The more I look at it the more confirmation it gives me. The two prints on the top candles were bearish candles. The first was a black candle and the second a shooting star.

The junior miners chart is essentially the same as GDX the gold miners index. Both are tracking gold which is tracking the dollar. GDX and NUGT have a clearer bull triangle forming. There is max maybe a week left until the triangle is done forming. So it could be a week until the breakout up or down or it could come sooner any day now. Here are the regular miners. Much cleaner triangle than the juniors. Definitely bullish now.

For Next Week and Monday

Junior gold mining stocks have been consolidating since March. The index I'm looking at is GDXJ. The consolidation is very clean and well defined. It's a triangle pennant. The triangle is ascending which is bullish, however the move off the end of the triangle is all that matters. It looks right now that it is going down. I'm going to put a buy stop order for JDST around mid 9.50s which is the 3 X bearish ETF. I'm going to scale in small at first though as it doesn't look confirmed yet.

Uranium stocks are in play. UEC URRE and I'm watching NYMX for another run day

NYMX Trade

I put NYMX on my watchlist for today because I noticed it in a scan. The consolidation was clean day over day and it looked like it was finally ready to run as it had printed a couple hammers around 1.00. It is a big runner when it runs too.

This morning I was just watching it pop a little over 1.01 and it just hung there on no serious volume. Then it spiked to 1.09 and fell back. Immediately it shot back to 1.09 and then made a new high of the day at 1.10. This was enough to prove to me it wanted to run. I bought it at 1.11 as you can see on my Twitter. It then started floating on air and went to 1.50. I just then noticed the spike and happily sold at 1.42 after I saw it in the 1.40s. It ran all the way to 1.70s up 70%! Tweeted the exit too. Here's the chart

Trading Watchlist For Monday 19th

After running through a bunch of different scans on Stockfetcher my favorite setups for Monday are by a wide margin shorts. Don't miss CHOP. Classic short setup.

So on short watch we have CLNE. I thought I remembered the ticker but I think that was some other "Clean" stock. A lot of these "clean" companies are just pumped up fluff. This one though I looked at the financials and did some scuttle and it is a pretty good company. The chart is very good for a short setup though after such a consecutive run and a red floater candle above the upper bollie. The "Kiss of Death" as Muddy would say.

CLNE short bias.

CHOP short bias. This one looks like it has the most potential for a big drop. Wow! looks nice. Textbook short. China name too.

AMCN short bias

One for Wedn 15th

longs REN HK AXN ENRJ MDR TTNP HERO

shorts ERI

4/14 Watch List

For longs I have TTNP NBY AXN MDW.