I shorted into the first minute candle at 3.79 (top was 3.80), and could have covered 3.63-3.66 when it was not breaking down, that would have given me a small cushion and made my average much better when I was adding at the top. My last add was a top tick at 4.05 and unfortunately only got 78 shares filled. I covered half around 3.73, it bounced some but it was rejected by the VWAP, I thought about re-adding covers but didn't want to get in a bad situation if it starting ramping higher again, it pulled to 3.60's and then tried to get above it again and failed again and I covered the rest 3.53ish and stupidly tried to flip long in one execution at 3.52 and ended up adding lower and getting out for a few cents profit on that. There was no reason to flip long in one execution, that's just overtrading, and my add's were in a bad spot just a few cents below the previous low, usually it will go at least 5-10 cents lower before choosing a direction from there. Missed any re-short into the 3.53 "perk and tank", then it was just hanging around and flat-lining and didn't take any short on it, I wanted a bounce/pop to short higher but it never came. Could have tried a short at 3.28-3.30 with a hard stop in at 3.31-3.32, just to be there if it falls because you won't get filled if you try to chase it down with SSR on, it was still acting weak and couldn't bounce off the LOD area.
I usually stay away from gold ETF's because I have lost on them overall in the past, from add, add, adding and thinking it's gone too far, it has to bounce/pullback (whether I'm long or short). I feel there's just too much you can't control and they can go much further than you expect. It was just brought to my attention today because Nate was trading it (and nailing it on the short side). I did an add, add, add into way too much size and almost gave back half my day's profits, but got lucky for a small profit into the bounce. Then traded it again and was too greedy not taking my 10-25 cents (which is all I was going for considering it was still downtrending), but thankfully cut it for a tiny loss. Then shorted into the parabolic for 20 cents and missed another 40 cents on it. I was at $1940 on the day, so I decided to force an EOD trade just to try to get over $2k, even though I didn't want to hold into the last two minutes and didn't want to hold overnight, I add, add, added way too big, really stupidly, and got out for a tiny loss overall, could have easily lost $500. If I decide to trade these ETF's again, I have to be more controlled with my emotions, no adding to losers and always use smaller size, today I made some on it overall, but I traded it poorly and got lucky.
FOR NEW READERS ONLY: If I am scaling in and out of a position, that is considered one trade until I am completely out of the position and then it becomes a new trade, that's why some trades have a lot of shares, even if I never had that much at once, if I cover half and then re-add my cover, it's still considered one trade until I am completely out. The entry is the average of the entries and the exit is the average of all the exits. The entries/exits are rounded to 2 decimal places, but the exact number is calculated for the PnL, so that's why the dollar amount may look different than what you see. (it may be 7.165 instead of 7.17, etc). Also, you can click on the charts if you want to make them bigger to be able to better see the entries/exits.
MELA
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 3.91 | 3.63 | 4078 | $0.28 | $1,141.34 | 7.15% |
| Short | 3.63 | 3.44 | 1000 | $0.19 | $190.00 | 5.23% |
| Long | 3.48 | 3.51 | 3000 | $0.03 | $90.00 | 0.86% |
- Lessons:
- Take quick profits when in the first few minutes, I had 15 cents on my first entry but didn't take it when it was still not breaking down, it would have given me less risk and a better overall average, and a small profit cushion
- VWAP rejects help give you confidence in your short position (as it did for me and I held for 30 more cents)
- Lately, some of these stocks just have a morning push and then fade all day (like NVGN did), they are holding well below VWAP and aren't coming back in the afternoon (like CDTI did in October), can try to be more patient with shorts and hold onto a winner longer
- Do not try to exit one position and flip to another in one execution, that's just over-trading, exit one and if it sets up for the other one, then take the trade
- Do not be buying/adding to a long just below the previous low, usually it will go at least 5-10 cents lower before choosing a direction from there
JDST
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Long | 15.51 | 15.68 | 2200 | $0.17 | $369.00 | 1.08% |
| Long | 14.79 | 14.74 | 1000 | -$0.04 | -$45.00 | -0.30% |
| Long | 13.87 | 13.85 | 2000 | -$0.02 | -$45.00 | -0.16% |
| Short | 14.69 | 14.47 | 500 | $0.22 | $110.00 | 1.50% |
- Lessons:
- Always be careful on ETF's, they can go much further than you think
- Use smaller size on these and do not add, add, add to a loser
- Be careful/avoid fighting the overall trend
- Have a set risk in mind before you enter the trade and respect it
- Do not trade the last 2 minutes on these gold ETF's, big moves usually happen and your odds are 50/50
CAPN
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Long | 6.67 | 6.85 | 500 | $0.18 | $89.00 | 2.67% |
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