What do you know! A doji bar right next to resistance??? That is a potential topping formation if market trades down tomorrow. And then yesterday bar may become the 3rd lower pivot high since beginning of March.
As you can see, the 2nd lower high is going to be quite a resistance for the market to overcome. Tomorrow we will know if the today doji bar is a pause or a top.
I got busy with $NUGT in the morning. $NUGT opened with a bang and I added more when yesterday high was taken out. Unfortunately, price could not hold and when price traded below the opening range, I sold $NUGT to lock in gain. I’m aware that $NUGT can be quite volatile and temperamental; therefore, I learn to take profit as soon as I see the upward momentum is fading. Not long after I sold, price began to breakdown below $12.00 and headed lower. I waited for a bounce and thought I found one; but it didn’t last and I was stopped out at breakeven. Since I’ve no intention to give the profit back by over-trading it, I decided to call it a day for $NUGT.
If price bounces off the down-slope line, I may try go long again.
$CERS took some heat in the morning but did a good job gaining back some ground before closing.
As far as I’m concerned, it is still in a bouncing mode.
$LRAD also did a good job recovering from early selling.
You can see $LRAD is trading inside a consolidation range. At least, price had been closing near the top of the range for the last three days.
I sold $APRI today after one day hold (same as $PLAB) for small losses since I wanted to raise cash for a possible correction.
Due to minor give-back from $CERS, my port gave back 0.60% for the day. YTD gain is now at 19.5%.
LRAD, CERS and .37% cash.
My 2 cents.
Categories: Daily trading Journal