Another red day, I am losing some of my consistency I had earlier in the month, that's 3 red days in the last 5 trading days now, but at least they have been relatively small, only giving back one day or half a day, not a whole week like I've done in the past. Really frustrating because CNDO is my favorite type of stock to trade ($3-6 dollar "momentum" stock up 20%+), and these are the types of plays where I could easily have a 1-3k day. Also the 2:1 limit came on pretty soon and because of wiring out earlier this week and then losing money yesterday and this morning, I could only trade small size on it afterwards.
VWAP is a crucial indicator of price trend, in the future, I need to be much more long biased whenever the stock is above VWAP, and much more short biased when it's below VWAP. Examples from today were, the bounce at 9:40, the bounce at 10:13, the bounce at 11:48, and most importantly, the VWAP fail and then reject around 12:20-12:28. All pops were sold into after that, and it eventually faded to 4.20.
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.
CNDO
Was watching this right from the open, missed the short on the 4.05 push (my order was 4.09), thought about going long around 3.90 on the VWAP hold, but wasn't sure, you never really know if it'll just fade off or be the next "supernova". Started shorting way too early (only 10 cents past the previous HOD when it was spiking on big volume), added a lot all at once (like I've done everyday this week), average was 4.23ish, 4000 shares and it quickly pulled to 4.18, but my orders were lower than that. Then I didn't cover any for breakevenish, it was 4.23-4.26 for a minute or two, it spiked up again and I added another 400, which didn't really help anything. It hit 4.74 and I was down $2000 unrealized, and I never covered any into dips around 4.50's when it was holding that level, and it hit 4.70's again, then it eventually came down and I covered everything 4.42-4.52 for a $940 loss, thankfully I took the loss on ALL OF IT right there rather than fighting it again 5+ and losing a few thousand. I also went long there 1k at 4.37 and sold super early, should have been much more patient with that, as I had a perfect entry and it was holding above VWAP and still "early" on this "supernova". Traded it some more, made some lost some. Then went long at 4.73 looking for VWAP (4.80) reclaim and planned to sell around there if it failed to break above it, I tried selling at 4.79 but didn't get filled when I wanted to, and then didn't hit the bid 4.73-4.76 (I was trying to make back as much as possible so I was concerned with every penny), it faded to 4.60 and then bounced back to my entry but I didn't take it, then it faded to 4.50's, then bounced again on some volume and I sold 4.68. I should not have still been in that trade, my thesis for the trade was no longer valid and VWAP and 4.80 support was becoming resistance. I was still trying to "make back" and forced some stupid longs when it was still down-trending and well below VWAP and not really showing any signs of strength, did 4.44 to 4.50, and then later bought again at 4.45 (risk basically 4.40), and it came down too quick, I tried selling into those two candles but didn't have orders in at the right spots (it hit 4.43ish twice but got rejected back down), it faded to 4.20's and then I sold at 4.34 on the bounce. Lastly, I shorted 4.45, and covered 4.29, finally a trade that worked out, I should have been SHORTING ALL POPS once it went below VWAP, instead of trying to go long, every single bounce was sold into.
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
4.25 |
4.46 |
4400 |
-$0.21 |
-$940.00 |
-4.94% |
| Short |
4.88 |
5.09 |
900 |
-$0.21 |
-$189.00 |
-4.30% |
| Short |
5.33 |
5.08 |
750 |
$0.25 |
$183.75 |
4.60% |
| Short |
4.96 |
4.72 |
900 |
$0.24 |
$216.00 |
4.84% |
| Short |
4.45 |
4.29 |
1000 |
$0.16 |
$160.00 |
3.60% |
| Long |
4.37 |
4.43 |
1000 |
$0.06 |
$64.00 |
1.46% |
| Long |
4.78 |
4.94 |
304 |
$0.16 |
$48.64 |
3.35% |
| Long |
4.73 |
4.68 |
1000 |
-$0.05 |
-$50.00 |
-1.06% |
| Long |
4.44 |
4.50 |
1000 |
$0.06 |
$60.00 |
1.35% |
| Long |
4.45 |
4.34 |
1000 |
-$0.11 |
-$110.00 |
-2.47% |
- Lessons:
- Always pay attention to VWAP, and be much more long biased above it and much more short biased below it
- Do not add, add, add to a losing position all in one spot, have to always make "smart adds" and not be in too big on a stock that can move that much that fast
- Be more patient on longs on these "supernova's" when somewhat early in the day and holding above VWAP
- Do not "hold and hope" being long on a down-trending chart below VWAP, always have a plan and stick to set risk on key support levels and respect them (should have stopped out at 4.70 and 4.40 on the support breaks)
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
|
|
|
| Short |
12.53 |
12.24 |
400 |
$0.29 |
$116.00 |
2.31% |
|
|
|
|
|
|
|
| Long |
11.86 |
11.98 |
500 |
$0.12 |
$60.00 |
1.01% |
| Long |
12.87 |
12.99 |
500 |
$0.12 |
$60.00 |
0.93% |
|
|
|
|
PRTA
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short |
40.98 |
40.01 |
90 |
$0.97 |
$87.30 |
2.37% |
No comments:
Post a Comment