Hammy Trade: AXL

in at 2.55

Update 6/3/09:

Out at 2.29. This was about 10% down. It didn't break formation, but this is more than I wish to wait for.. for now. I'll get back into this if it shows an actual breakout.

Hammy Trade: XTXI

In at 3.85.

Bull flag breakout. Nice pattern, though it got a little close to the apex for my tastes.

Update 6/4/09: Decent pattern so far, not perfect,but not failed.

UPDATE 6/15: Still holding:

Update 6/16: Not sure if I wanna keep holding these breakouts when the market is stalling. Still holding until SPX breaks down:

Hammy Trade: FSIN

Need to research this position a little more.

UPDATE: out at 7.07

I put down an arbitrary stop before leaving the house, and behold- it stopped out at a low open then jumped back up.

I would like to get back into this stock, as it's set to run up, but I'm tired of chasing stocks right now. It feels like I'm chasing my own tail.

No.. some money is going to sit on the sidelines for now. I'm going to cool the jets for the time being.

Update: FSIN about a week later:

The lesson learned on triangle breakouts is to allow them to move back down to their previous uptrend. Don't get jerked around by volatility. If need be, scale back a little bit.

Hammy Trade: PLLL

Bought PLLL at 2.21. It's currently at 2.08, down 6%:

It's not a horrible pattern, but also just not a great one. It's just about failed, and I'll probably sell soon for a 8% loss.

Update: Out at 2.05 due to stopping out.

Update 5/18:

I don't really think this was ever a "triangle pattern." Also, notice the price action around the 100 DMA

Hammy Trade: ELN

ELN: in at 7.31

Insert pictures here.

Sloppy chart work driven by impatience. This is pretty disappointing.

Update: OUT at 6.67. The stock got stopped out, but the pattern is broken, anyway:

Hammy Trade: NFP

NFP had a nice triangle, breakout, and bull flag. Trying to anticipate the break-out, I chomped on the bait:

Dumbass moves:

1) Didn't wait for an actual breakout.

2) Didn't put in a stop.

Now, had I actually done a little bit of journalling and planning with this stock, I might have realized that I should have put a safety net in place. My impatience and greed got the best of me, and I'm out big time on this stock. I got in @ 9.13, and out at 6.95 for about -35%.

Hammy Trade: ABK

This is another penny-stock breakout, pointed out by Chart Addict.

Again, I would classify this as a "price breakout", one that busts up through prior highs after some consolidation. This also might be considered a bull flag, based on the recent run-up. I expect it to repeat the last move.

I will sell for a loss at 3% below the breakout point (breakout-1.56, -3% - 1.513)

I will sell for a gain at 1.70. I would like to be out, regardless, at the end of the day.

UPDATE: sold at 1.54 at the end of day. This is classified as a "dumbass" trade.

Hammy Trade: SPRD

Bought SPRD at 1.919...

This is a little bit extended from the breakout point around 1.80, but still not a bad intra-day trade. This is a pure breakout play on a penny stock, and I don't intend to hold it too long:

My assumption is that we're seeing another typical penny stock breakout. This will be proven wrong if the stock goes down below the break-out price.

I will sell for a loss at that point. I will sell for profit at a 7% gain.

UPDATE:

Sold at 1.93 at end of day. This was a pretty stupid trade, now that I think about it.