opk kind of a crash

    Posted by alseq on 7th of Sep 2018 at 02:10 pm

    opk kind of a crash

    definitely!  Technically it was coiled

    Posted by matt on 7th of Sep 2018 at 02:54 pm

    definitely!  Technically it was coiled up so a big move was coming.  Was a nice trade back in May and in July.  I was not in it now and hopefully none of you were either as it never triggered again over the upper trendline, but if it had that's what stops are for.

    trading suspended

    Posted by alseq on 7th of Sep 2018 at 03:04 pm

    trading suspended

    Yea not good news. I

    Posted by shinkans3n on 8th of Sep 2018 at 10:01 pm

    Yea not good news. I had a small options play on this that completely crashed...

    Shady stock manipulation by Phillip Frost.

    yeah it's unfortunately but guys

    Posted by matt on 9th of Sep 2018 at 01:38 am

    yeah it's unfortunately but guys that kind of crap eventually happens from time to time when you trade long enough, you just move on, that's just part of trading.  If you are employing proper money management you are fine.  If you were in options you were probably screwed on but otherwise if one was long the stock you should have been fine.  Personally I probably would have had only about a 4 - 5% stop based on the chart, which would have been hit LONG before the 20% drop on Friday. That's what stops are for.  

    I would also argue why anyone was long anyway as it never had a reversal to trigger long.  I said it was in a triangle pattern and to monitor it, all it did was drop all week long starting from Tuesday, no reversal, that's why I wasn't long, it never bounced off any support,  but even if I was long I would have had a stop in place.  Taking a shot with options I understand but that's generally small capital anyway.

    You’re absolutely right.  No blame on

    Posted by shinkans3n on 9th of Sep 2018 at 07:42 am

    You’re absolutely right. 

    No blame on you Matt. I took a risky Play and it didn’t work out.

    Stops and triggers for the win.

    Yep and I know you

    Posted by matt on 9th of Sep 2018 at 01:10 pm

    Yep and I know you understand that well, sorry of my post was a bit strong.  I had just responded to an email that came into BPT support from someone who wrote in angrily saying they lost 20% on OPK (and that was still on my mind) and that how that put into question all the insider long ideas!

    I had to point out the flaw in that logic -for example let's say that we only put out trade ideas based off ascending triangle patterns and something like this happened, would you then say"well that now puts into question all ascending triangle patterns"?  Of course not as that's absurd, and the same thing applies here too with the insider long ideas. It's just some random BS thing that unfortunately happens from time to time when you trade long enough.  That's why you always need to do proper money management via proper position sizing and stops so that when those unfortunate random unlucky things happen, whey they are annoying as hell they don't wipe you out.  I think this individual may also have placed a large % of their entire capital into the position, which made it hurt much worse than it should have, and of course didn't employ a stop

    I'll also point out that RNET which was also discussed on Monday along with OPK went up 29% for the week! while OPK fell only 18.1% for the week!  So if the same person had placed the same amount in RNET they would have more than made back the OPK loss, but again one should have been stopped out on OPK well before or not in it at all

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