The adventures of a new Trader

Just bought SYNA pre-market at 29.00.

This stock gaped up on high volume and consolidated for three days. I didn't want to make the same mistake I made on LOGI so I waited for the pullback to end. Yesterday the stock broke its consolidation pattern in a continuation gap and is headed upward.

An exhaustion gap could be hear so I got to watch out. My stops are at 27.45 (1.55 risk). PT not yet established.

Daily chart for SYNA below:

 

Buy stop order placed on RHAT at 15.80

I'm bullish on this stock, as all three gap patterns have occured, now its just a matter of time. I expect to see consolidation as bulls test the water. I want to buy strength, in this case, .84 cents above the current quote.

cm69

daily chart for rhat below

 

RHAT is in a huge down trend. Gapped 3 times down and you're bullish on the stock?? There is a reason why it has gapped 3 times to the downside. Good luck, but it looks like you jumped in front of the train, hope it slows down for you.

 

I dont have any position in rhat right now, I have a buy stop order meaning only when it rises 83 cents, will i get size.

The 3rd gap, in this case looks, to me, like an exhaustion gap which in SOME cases can signal the end of a trend. However this stock my be news driven, which is another reason I'm only going to buy into strength.

cm69

 

Looks like you got it.

Where are your exits?

 

Why Pre-market? Are you afraid of it getting away from you?

 

yeah, kinda

exit at 15.20 / PT 17.00

cm69

 

I don't quite understand your reasoning for buying SYNA @ 29, can you elaborate?

 

I don't trade stocks, but I do trade futures and whole numbers are usually strong support/resistance. Something about those round numbers people like alot. I don't think buying right at 29 ( which is in this case resistance) is such a good idea.

I could be mistaken, maybe round numbers aren't as important as in other markets.

 

Yea, not the best idea. Down .66 at the time of this writing.

I sold SYNA, daily charts are looking ugly. I pretty much gave back all my profit from LOGI, so i'm not that mad about it. My day is quickly turning to shit. I'm .20 away from being stopped out of RHAT too.

Drew, I got SYNA because yesterday it formed a continuation gap that had risen above the three day consolidation, I figured, well..ok, its going to continue its uptrend now...

I blame the dow/ S&p for all this. lol

cm69