$BLNK – Blink Charging – 2nd Day Play

$BLNK was my second stab at a 2nd Day Play. I was a bit torn with this one, as I think it has good long-term potential, and I might have considered investing in it if I were not trading it. It was up big yesterday and I was looking for a continuation, which I got. With rumors abounding about a possible deal with Tesla and a fresh infusion of $11M in capital, they just announced a partnership with a South Korean EV firm that caused the jump yesterday. Fresh news!

I learned from yesterdays haste and waited for the first selloff to bottom before getting in. It sold off pretty hard right away, bottoming at $3.55. I tried getting in at $3.88, but it was moving up too fast and I bought two tiers at $3.95, after chasing it up from the bottom a bit.

$BLNK moved up throughout the day, peaking at about $4.25, before pulling back and consolidating around my entry price. My position was to hold until Reason2Sell, with my stop set around $3.90 – risking five cents for a potential 5x gain.

The position turned into a winner and I didn’t get out. I didn’t take profits when I had a win and let it run for two days before getting stopped out at $3.82.

Lessons: Do Daily Report Card the same day as the trade, so can think through and review the trade before potentially repeating the same mistakes the following session. Again, take profits, and consider sizing up so the profits will be meaningful.

Review: I’m kicking myself for this one. The trade in $UUUU yesterday was such a small winner that I didn’t cover costs, and this one had me up a little after costs, which I didn’t act on. Still, I’m really happy with my improving entries. This is so important, especially in day trading small dollar stocks, where Mike says you really need to fight for your prices. I need to anticipate levels and get my buys in ahead of them, instead of just trying to react to bottoms and then buying, as things tend to move quickly off sharp bottoms.