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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: HiStakes who wrote (4)	11/20/1998 2:40:00 PM
From: the Chief	Respond to of 62348

BII was a stock that required three times the speed and three times the intelligence(mine) to figure out. The stock has progressively moved up over the last week. Each retracement was followed by an astounding advancement. Yesterday was a huge dissappointment. I waited till after the morning rush pushed the stock to $3.50 and the retracement began. It bottomed at $3.10 and did a small bounce to $3.20. Then retraced to $3.12 I put in a buy at $3.20 an caught it at $3.14, still above the bottom, with alot of buying present. When my buy was confirmed there was over 260,000 shares wanted over a five cent span. However the bids/offers were changing so quickly "momentum" could not be identified, and that is where I failed! I interpreted instantaneous volume with momentum.....wrong. I had a stop loss at $2.90 which kicked in 20 minutes later. The stock retraced to $2.70 then built very quickly to $2.80 with significant demand! I repurchased at $2.80 The stock then commenced falling in an irregular pattern to the final close of $2.38 Second mistake, I did not want to put in another stop loss because of its irratic movement!!! Logical, no, but I had been kicked out of BII the day before with a stop loss at $1.85(closed at $2.20) so was still feelin the pain!! I doubled up at $2.41 prior to close, yesterday. I entered a sale of the $2.41 buy this morning at $2.70 recovering about .25c per share. I still own the $2.80 shares and will transfer them to my longterm account, unless BII moves again.( I already own BII as IL) Lesson learned 1) Always use your stops even though you got dumped out the day before on a piece of bad luck!! the Chief