A Solid Trade Executed During A Live Radio Interview
TIM $16,140, Up $134
I didn’t expect any trades today, but when COIN appeared in Barrons recommended by some “guru”, PennyStocking was on (crap company + fluff news + predictable chart pattern = my kind of play)!
If you’ve read this blog over the past few weeks, you know this stock and I don’t get along at all—I’ve had nothing but losses (which I cut quickly) trying to pick its ultimate top. I think it’s a horrible company, but the pumpers are deep and knowledgeable and when they managed to break the stock above a multi-week base between $9 and $12, no matter the hardcore research and anticipation of a double-top at $14, smart were the traders who switched off their emotions and adopted a long bias.
When I saw the news this morning followed by a quick run up to the high $13s, I posted about it on a new thread in the FORUMS dedicated to short squeezes. But, like oft-breaking out sketchy company YTEC, I wanted to make sure this stock broke out before buying. As foretold to me by several failed breakout attempts over the past few days—2 failed big time breakouts today alone—I wanted the stock to break $14.50 before buying, preferably into the market close to scare those determined shorts overnight and create a morning spike tomorrow.
Unfortunately, I had an hourlong radio interview on Voice America Business Radio
scheduled from 3-4PM—prime time for a potential COIN run into the close. I was comforted by the stock’s failed breakout attempt from 2-3PM, so while I kept my trading software open just in case, I expected to focus solely on the radio interview.
The interview was going particularly well when around 3:40pm COIN started acting up around $14.40, so at first, I tried to ignore it, but the buying volume was strong, so as I talked, I bought 300 shares at $14.49. It was a perfect breakout over multiple time frames: intraday, weekly and all-time, the perfect self-fulfilling prophecy destined to take it even higher. I even stopped the interview to detail all this because it exemplified the kind of patterns I look to trade.
Listen to whole interview here!
Going into the market close, my thesis proved correct as the buying volume remained strong, short sellers were panicking and the stock closed higher at $14.74. Definitely click that link above and listen so you can understand my strategies better.
UPDATE: I wanted to hold this position overnight, but I got a call about an important morning meeting tomorrow so I sold after-hours at $14.97, for a solid $140ish profit. Too bad, I wouldn’t be surprised to see the stock surge to $15.50 or maybe even $16 tomorrow morning, but unless the volume can really remain strong—think 5 million +—it’s gonna be tough to hold those kinds of gains. Whatever the case, I def. wouldn’t short this anytime soon.
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| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| July 23 | MKTY | $4.73 | $5.40 | $187 |
| July 22 | MKTY | $4.10 | $4.28 | $240 |
| July 21 | ZYXI | $3.03 | $3.18 | $130 |
| July 15 | MNLU | $6.37 | $6.73 | $340 |
| July 11 | IDAE | $2.27 | $2.49 | $630 |
| July 8 | ERII | $11.29 | $11.00 | $162 |
| July 3 | TGC | $2.14 | $2.39 | $471 |
| July 2 | HYGS | $2.15 | $2.29 | $260 |
| July 2 | TGC | $3.44 | $3.49 | $80 |
Total: $22,457 (
81%)
1Keller
March 3rd, 2008 at 11:03 pm
Tim,
You had a small profit with COIN, then a loss and now a profit within a 30 days period. Just wanted to know will this type of trade is considered as a wash sale on your tax next year? And also, when you file your tax, do you have to enter every single trade or all with total cost price and total sale price stating “stocks various” on your tax form? Just wanted to know the facts regardless of whether you care about wash sale or not.
2timsykes
March 3rd, 2008 at 11:06 pm
no idea, i have my tax guy handle all that stuff. i don’t want it to influence my trading at all. COIN’s a slippery microcrapper, add that to my lack of discipline and u’ll see some good trade and some bad. today was a good one
3lmsmith
March 3rd, 2008 at 11:13 pm
Tim- about time you went long on this………
4NeilTheRealDeal
March 4th, 2008 at 2:45 am
hahaha at exactly 43:40 the advertisement on that radio interview plays the part from Happy Gilmore’s “Happy time thoughts” love it. This interview was awesome! Whole hour with Tim.
5Ilan
March 4th, 2008 at 9:50 am
any one play the SEED
6lmsmith
March 4th, 2008 at 9:54 am
Who is making money today on COIN??? Jump in!!!
7Dan
March 4th, 2008 at 10:01 am
AGIX Buy it its going again today
8KS
March 4th, 2008 at 10:06 am
Tim
Why do you hate the exact kind of trader you are? You are a scalper. Selling for 20 to 30 cents here and there profit or loss is a scalper in my book. Nothing wrong with being that if it works, but I don’t understand why you always say you hate scalping.
timothysykes
Administrator
Registered: 2008-02-17
Posts: 179 Re: COINu can play it however u want, i wait for the ranges to break before i enter. i hate scalping!
9timsykes
March 4th, 2008 at 10:10 am
I did not scalp COIN, I had an important meeting this morning! Ideally I could be a full-time trader, but my goals are to teach people now. Who cares how I did with COIN, I’ve been talking about the breakout at $14.50 for weeks now. THE KEY IS IT WAS PREDICTABLE
10Scott
March 4th, 2008 at 10:16 am
Tim,
Why is there so much hatred for you on EliteTrader? Seems like all the so called voices of reason and experience over there really have a problem with you and question your honesty and ability to trade/teach. They do respect your ability to self-promote.
11timsykes
March 4th, 2008 at 10:16 am
PS Since I have such a small account and I really need to get over $25k, i’m being extra cautious. u’ll see me hold for days as my assets grow and i can afford to take some risks without losing day trading ability
12tsa
March 4th, 2008 at 10:20 am
I am long on HNAB today
13Stan
March 4th, 2008 at 10:30 am
my positions are full, but doesnt COIN looks good to short? its taken a small tumble from morning highs. momentum probably on the short side
14timsykes
March 4th, 2008 at 10:48 am
coin is a doubly confirmed breakout, where is your short gonna go, u might make $1 u might lose $1, no edge in shorting this strong a pattern. its really only gonna tank $2-$4 when theres much less volume and the chart looks like its rolling over. for now its just a stock fighting lots of demons, its pathetic that it cant really breakout with this strong a base and i think it goes back to how shady the company is, aka shorts aren’t panicking, they’re just adding to their positions
15Ilan
March 4th, 2008 at 10:58 am
SEED will pop soon
16Stan
March 4th, 2008 at 11:00 am
yea i shorted RYL @ 27.40 right now and as soon as I did i saw COIN drop a to a dollar off its highs and now even some more. its too hard to play COIN anyway, id just throw it up in the air for discussion
17timsykes
March 4th, 2008 at 11:21 am
gartman now lightening up on COIN, who lightens up into a perfect breakout…what a pump and dumper, this calls for a blog post!
18Gary
March 4th, 2008 at 11:24 am
This stock is strating to fit the model. Up like 200%
STEN
Keep an eye on it.
19timsykes
March 4th, 2008 at 11:31 am
STEN, gary look in the forums, i posted why it does NOT fit the model–namly too low marketcap, solid earnings
20lmsmith
March 4th, 2008 at 11:35 am
Coin is a pump and dump stock- I played it early in the morning- and only held for 10 min or less, because it goes up real fast….. I am glad I got out at $15.57 today- a quick $200 gain…… Because I swear after 10:30 this stock is knowing for down trending… just look at it now.
21Gary
March 4th, 2008 at 11:35 am
Tim, Sorry…After I hit send went over to the forms and saw it there and read the whole post.
Sorry for the double post.
22Scott
March 4th, 2008 at 11:40 am
Tim,
Any comment on my post above concerning your rep. at ET?
23timsykes
March 4th, 2008 at 11:51 am
i dont pay much mind the haters–especially on ET where nobody ever loses money (even though in reality 95% of traders lose, aka these cowards are ashamed of posting the harsh truth)–because everyone and i mean everyone in this industry hides behind aliases and lawyers. i lay it out all out there, u wanna attack me, fine, but be prepared for me to defend myself cuz i got nothing to hide. some people think my “its sad that honesty is a revolutionary business model in finance” line is some arketing thing—how can honesty ever be confused with marketing?
all i know if that this pennystocking stuff works, i’m not great at it and i think i can teach others to do better. all be resolved eventually so lets see what happens. so far, i’ve been proving my ideas nearly every week while ETers just trash talk and blah blah, not worth wasting my time on losers
24Whiskey Mac
March 4th, 2008 at 11:56 am
feckin long COIN… I’m down $1.20 on COIN. Afraid to let go thiking it might crawl back in the next day or so…..
25Aegir
March 4th, 2008 at 12:00 pm
FINL >> any comments on that one, has been a nice climber?
26timsykes
March 4th, 2008 at 12:04 pm
COIN IS A PUMP AND DUMP, I’M WRITING AN ARTICLE ABOUT IT RIGHT NOW. IT COULD BOUNCE, IT COULD NOT, THE PREDICTABILITY IS VERY LOW RIGHT NOW
27The Barber
March 4th, 2008 at 1:15 pm
THIS COIN ANIMAL IS JUST RIDICULOUS… WHO EVER IS LONG THIS STOCK IS GETTING SET UP FOR A CATASTROHY.. I ALMOST GOT SQUEEZED OUT TODAY BUT HELD,, HOLDING THIS SHORT FOR THE NIAGRA FALLS CHART.. LETS SEE HOW THIS PLAYS OUT…..GOOD LUCK LONGS. A LOT OF MINIPULATION GOING ON HERE…HMMMMMMMMMMMMMMMMMMMMM.
28The Barber
March 4th, 2008 at 1:17 pm
ANOTHER HIGH FLYER THAT MAKES NO MONEY.. I DONT CARE HOW STONG THE AG SECTOR IS… FIGHTING THIS PUPPY TO THE DEATH…NOOOOO MONEYYYYYYYY……………..DIE
29The Barber
March 4th, 2008 at 1:19 pm
TIM DO U KNOW WHEN COIN COMES OUT WITH EARNINGS??
30lmsmith
March 4th, 2008 at 1:21 pm
This best way to play COIN (IMO) is to buy in the a.m about 9:40 hold for 10 minutes, and dump…….no need to stay long after 10:30 this stock can easily take a turn…I have been playing this for months…and it acts the same way…. now, shorting it and getting squeezed…that is not my thing…. good luck to the Shorts on this one
31JMAN1234
March 4th, 2008 at 1:56 pm
Yay, Timmy made $140!!!! Oh my god, monster day dude. You are a hitter!! Piker
32KF
March 4th, 2008 at 2:13 pm
stuck my claws out today. SWC = game over.
33Stan
March 4th, 2008 at 2:14 pm
good analysis imsmith, this is the only repetitive pattern that i see tooo. this is most true the morning after it had a great day and hits a new high.
34COINZMASTER
March 4th, 2008 at 2:25 pm
FINAL WARNING SHORT COIN AND GET BURNED BY WHAT IS CALLED ALPHA WE ARE THE HIGHEST IN THE WHOLE MARKET GO LONG OF COIN AND NO GARTMAN DID NOT DUMP COIN!!!!!!!LONG ALL YEAR COIN COINZ SOLD W’S{NAKED SHORTS CANT STOP THIS MONSTER PLUS FLOAT IS TRADED IN LESS THAN A DAY!$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$DO DD ON GLOBAL WARMING/KYOTO THEN TALK!!!!!!!!!!PLUS WE MIGHT GO ALL ORGANIC IN 5-10 YEARS
==================================THE BEAR TRAPPER==================================
35timsykes
March 4th, 2008 at 2:28 pm
JMAN, aka typical snobby finance scum, the $140 does not matter, its the process. i could take on that same pattern with 1,000 shares, 10,000 and even 100,000 shares. its still too funny to me that the scum in this industry have such trouble understanding what i’m doing here. i guess greed really does blind people, sorry man, i don’t envy u
36Yordan Daskalov
March 4th, 2008 at 2:28 pm
What do u all think for AGIX
37Aegir
March 4th, 2008 at 2:33 pm
AGIX , is holding a nice gaine, up 14%.
38Gary
March 4th, 2008 at 2:39 pm
Why does everyone think they need to SHOUT in every comment they post in your comments segment, low IQ?
39timsykes
March 4th, 2008 at 2:40 pm
swc, damn that chart is a tempting short, might just grab a little bit overnight, we’ll see how it acts
40lmsmith
March 4th, 2008 at 2:42 pm
TIM forgive him- JMAN rides the yellow bus
41lmsmith
March 4th, 2008 at 2:43 pm
swc- humm I am tempted to go long…. I am the opposition… onyl because it was up all the other days, except today- perhaps it might recover tomorrow-
42KF
March 4th, 2008 at 2:47 pm
It was up all the other days? It doubled in a month, because of the palladium trade. But it’s still the same shitty mining company. Say hello to 16.14.
43Jeff C
March 4th, 2008 at 2:54 pm
You mean short bus? Long AGIX for now…..
44JMAN1234
March 4th, 2008 at 2:58 pm
Its not the money, its your inability to see that you suck at what you do and are going to drag down these idiots who think you know what you are doing. The problem with Finance is that people don’t do their homework, they listen to tools like you and Cramer.
45timsykes
March 4th, 2008 at 3:04 pm
haha i admit every day i’m not great at this! learn to read buddy. buuuuuuuuuuuuuut even though though i’m not great, i can still trade and make money, which makes me better than 95% of traders out there. and more importantly, i can teach this stuff to others to do better than me. they can avoid my mistakes. my faults. like archie manning, he never even made it to the super bowl and now look at both his sons. c’mon JMAN, what else u got
46Aegir
March 4th, 2008 at 3:06 pm
COIN >> NIUCE BOUNCEEEEEEEEEE
47timsykes
March 4th, 2008 at 3:06 pm
in the voice and mannerisms of Robert Di Niro, “You Got Nothin’!!!!!!!!!!!” you moron haters forget that I expose, detail and even celebrate all my shortcomings and mistakes for all to see and learn from. people can learn form my mistakes, from my successes, from everything,
again I say “You Got Nothin’!!!!!!!!!!!”
48JMAN1234
March 4th, 2008 at 3:07 pm
What do I have? A rollie, a benz and reservations at Daniel for 8, come on by I’ll buy you a drink and teach you about trading. Unless of course you are trying to pick up nickels all night long
49COINZMASTER
March 4th, 2008 at 3:07 pm
NAIL COIN EVERYTIME LOOK AT PPS WHEN I POSTED NOW LOOK AND SHIT YOURSELF SHORTY BUYIN IMMENIENT ALSO WHY DID TIMMY NOT GO LONG OF COIN AT 4$?OR COINZ AT 2$ TOLD YOU TIMMY POO LOL
=============COINZMASTER===============
50lmsmith
March 4th, 2008 at 3:11 pm
THE BARBEr??? How are you doing- I know you are hating COIN right about now
p.s I mean yellow- I guess in Mass. the yellow bus are for the children.