With a short week, I've not been able to share any of my plays from this week so far. Not a lot of action as the market has just been grinding up without a pull back which makes day trading extremely difficult. Monday the NYSE was closed, Tuesday was a scratch trading day and so was Wednesday. I got my butt handed to me today and at one point I was down 3 risk units early this morning, but I was able to fight back and ended the day down just 1 risk unit. So I only have tomorrow to make this last week in May a winner. My trade I'm going to share is from Wednesday 5-28 in RIG that I found in the morning while scanning for gaping stocks. Rig was gaping below the previous day's green bar which I scored as a Tier II mortgage type gap. I usually will wait for a pull back but the first 1 minute bar was a small topping tail or doji style bar and I found myself entering a little late but managed to get a fill short @ .31 cents. Price sold off rapidly hitting my first target @ .10 cents where I covered 1/3rd of my shares. Price just continued lower in a nice little grind to my second target of .65 cents where I covered another 1/3rd. By 10:15 am I attempted a little add and reduce lowering my stop to .71 with my last remaining shares. Unfortunately, I was trailed out of the play soon afterword @ .69 cents. This happened to be my first real big winner of this shorten week...
RIG 05282014