More Runner Discussions, 123 Bottoms – SPY, HTGM, MRNS, EKSO, ZSAN

A quick post about the buy setups, exit areas, and longer-term vs shorter-term bottoms. Most of the text is on the charts themselves.

First, MRNS, talked about this screw-up recently in premarket. I know exactly what the mistake was, I had a 5.75 target in mind and did not stay strict with my work. There were clearly some spikes, and indications, to sell into, which were not abided by. It was a 5% plus trade, but I had in mind something a bit bigger. I had set my stop for the day, but it gapped lower, and I did stay strict there and sold in premarket trading.

Also, that trade setup was not the same as the EKSO (long) setup below, which has/had a much better structure with the multiple down wave setups within a bigger setup. MRNS needs more shorter-term setups within a bigger structure – for me – this trading thing is 100% about PROBABILITIES. For the folks who were on the recent conference call, that trade setup in EKSO is very similar to the one in MYSZ which we discussed. And remember, when the #1 bounce pushes back into the range, I do not use that to start the count, so it was not 1234, but only 123. And I was using the support area which I love – “the bottom bar before the blast off”.

I am very strict about my entry points, very frustrating at times. Wednesday, the SPY was setting up beautifully for a call option trade back into the resistance discussed. I was waiting for the next push down, #3, which did not go to a lower low, and I missed it. Here is the call I was targeting, a double yesterday, up to I believe 2.89:

 

 

 

 

 

 

 

I am very strict about my entry points, very frustrating at times. Wednesday, the SPY was setting up beautifully for a call option trade back into the resistance discussed. I was waiting for the next push down, #3, which did not go to a lower low, and I missed it. Here is the call I was targeting, a double yesterday, up to I believe 2.89:

 

 

 


This is a conversation from Wednesday with a friend about the runners, observations, and what I was watching:

Me: 10:23 AM: AMZN, HTGM. ANF back to highs. I like it overall, this is where it gets tricky, you are a daytrader.

Friend: I got $1.00 out of ZSAN. I know I get out too early but I’m okay with it. I’m having a good and very cautious day. Crap. Look at that thing go.

Me: Did you pull out profits? So what. You can’t know that rally is non-stop. But you see now you are trading movers.Still have 1/2 htgm, now it’s going.. So should I sell? Kidding.moved stop up to 4.99.

ZSAN was an outstanding trader on Wednesday, I was focused on HTGM. The setup, the profitable exit points, etc are on the charts:

 

 

 

 

mm
About traderscott 1047 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

3 Comments

  1. Thanks scott , can you please post the chart set up for MYSZ ? I would like to see if your set up is like mine . Many thanks

  2. ZSAN was an outstanding trader yesterday also. Got $3 profit out of it. Looks like it still may go today, we’ll see. Thanks for putting that on my radar. Winning 😉 Great post. Awesome charts!

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