For the 2nd time today a large buy block of 92,000 shares has been put up at 1.78. I entered a buy order for 2000 at 1.79 and got it immediately. Now I will watch that large buy block and if it wears down to less than 10,000 I will immediately sell out at 1.78. I lose $20 plus $10 comm. That's the way I played it yesterday at 1.84/1.85 whwn the buy block appeared at 62,000 shares. I lost $20 plus commission but no complaints here. I want to be in this stock because vip news can appear overnight and my risk/reward ratio is practically nil.
I know several of you laughed at my last trade selling at 1.78 because the large buy block behind me at 1.78 was reduced to nothing during the day. It cost me $30 including commission. Well, you can laugh some more because I just bought 3000 shares at 1.69 a penny above a 92,000 share buy block at 1.78. It was 2000 shares last week, now it is three thousand. My same rule applies, if the large block is taken down to a small figure I will be out at 1.68. Mt total loss will again be $30. He who laughs last laughs the loudest !
Park. I have a watch list of twenty stocks which do not demand my daily attention, three of them bank stocks which have nearly tripled in the last 18 months. I use the 'large block defense" for certain situations and presently PIP falls into that category. I will not just buy it and leave it alone because at the moment it can move sharply either way and I have never taken a deep loss in my life contrary to posters who acknowledge owning a stock now down 50% or so. We all have our own systems and reasons and I am more than happy with my results. If PIP divebombs Monday I will be out with minus $30 but if another 90,000 share block appears at a lower price it will once again serve me as a buying opportunity one penny above it's Bid price.
Hi Tim, In no way am I a scalper, one who plays for the small gains and does it over and over. I do my buying in that manner only when I am backed up with a huge buy block directly behind me but that is the defensive posture I take. I think this stock will be much higher in coming months will all the good news about to come out and I won't be selling it for a buck or two, that's scalping. I see a 30 t0 40% move from here but am not willing to ride it down another ten or twenty points, hence my positioning myself to only a small loss should we see a couple more hundred point downdays like we saw Friday. Enjoy your weekend. The biggest flaw in my argument is how do I know that huge buyer will be there Monday and I don't know that. History tells me he will although maybe a penny or two lower/higher depending on the open but I gladly accept that limited risk.
I don't know if you meant to be sarcastic with that remark because my planned trading is up over 60% this year. If you read my post the most I could lose was $30 but I stood to make good bucks if the market turned up. Well, it sure didn't but because I only bought in at 1.79 was because I had a 92,000 bid right under me at 1.78. So the market fell over ioo points after my buy but the big block was unscathed and remained around that firure at the close. The stock closed where I bought it so I didn't have to sell and I of course will be waiting Monday to see if the big boy remains in the market at that price and if he is there so will I be.