Trades for March 20, 2015

Awesome day, wanted to make sure to stay green today and not give it all back like I did on Wednesday, I've been forcing stuff too much this week and just wanted to finish out the week with a solid green day.  Two VBLT trades and then one trade on NXTD was pretty much all my of my gains, ended up minimizing VBLT, but oh well, on my first trade, my average wasn't very good, and my second trade I didn't replace covers on the bounces. NXTD worked out better than expected,  I shorted resistance area around 4 on the daily chart, and got a nice fade from there and a big washout on lots of volume.

My trading was somewhat sloppy this week, I traded way too big early on, and forced things on other days and turned an $1100 day into a -$600 dollar day on Wednesday.  Was happy to finish off with a solid green day, making my total for the week $2600 before commissions.

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.

VBLT

Scaled in short into the first few minutes parabolic, but started in a bit too early, ended up with 1500 shares 5.86 average, it touched 6 and then pulled back to 5.75 and I should have been covering all or at least some at 5.75-5.85 (like I've said before many times, always cover some into quick washouts when shorting parabolic's in the first 30 minutes, it gives you some profit cushion and the ability to add more again higher).  It popped to 6.20ish and I got another 900 filled with some partially filled orders 6.09-6.15, new average was 5.96, 2400 shares.  This was an "add, add, add", but I had pretty strong conviction that this was junk and would easily fade back down once the momentum fizzled off, I just should have done it much better by covering into the first dip and reshorting again higher with a better average, then I could have been more patient with it.  It broke back below 6 and below VWAP and I covered everything pretty early 5.76-5.91 and it hit 5.50's, should have been more patient with it since it broke below VWAP and waited for whole and half dollar marks or a base to form.  Tried again later at 5.84 and covered at 5.77 when a big bidder starting propping it up.  Then shorted into strength around 6.30ish, ended up with 2000 shares 6.35 average and covered it on the way down for around 20 cents, should have been replacing shares into the bounce in the 6.25-6.29 area after covering 500 shares at 6.23 and 1000 at 6.17. Also missed the re-short on that 6.20 push and it went down to 5.80's in 10 minutes, now it was definitely the backside (back below 6 and back under VWAP), which means short all pops for more fade, while still respecting key areas of support (5.50 area from the open and from 9:52, held as support once again and it bounced to 5.80's from there and then it was a channel between 5.60-5.90 the rest of the day).

Type

Entry

Exit

Shares

+/- $Amt

$ PnL

% Pnl

Short	5.96	5.84	2400	$0.12	$290.00	2.01%
Short	5.84	5.77	500	$0.07	$35.00	1.20%
Short	6.35	6.16	2000	$0.19	$375.00	2.93%
Short	5.83	5.68	500	$0.15	$75.00	2.57%

• Lessons:
• When shorting parabolic's in the first 30 minutes, always cover at least some into a quick washouts, takes some risk off the table and gives you room to re-add higher
• Once it drops below VWAP, try to be more patient with covers (focus on whole and half dollar marks and wait to see if it bases/starts to grind back up)
• Once it does a big pull off of the HOD area, that can be seen as "HOD rejection" and it's often a trend change to the backside, at least temporarily, either be more patient with a winner, or always be covering into washouts and then replacing those shares again into bounces until it starts to base and make higher lows (in this case 5.90's), then cover ALL, and can re-short again into a bigger bounce (6.20 offered at great spot to reshort)

FOLD

Didn't have an amazing average, and was too greedy on covers (I had an order in at 11.58 which was right above VWAP but then I moved it lower and missed it), then was going to take the ask 11.64ish on the next dip if it was still holding and it popped too quick because of SSR.  Ended up covering it all for 4 cents and didn't reshort it again when it spiked to 11.80's.

Type

Entry

Exit

Shares

+/- $Amt

$ PnL

% Pnl

Short

11.74

11.70

500

$0.04

$20.00

0.34%

• Lessons:
• Don't be so greedy on covers when it's holding above VWAP perfectly
• Try to be one step ahead when SSR is on, make sure to cover (even by taking the ask), if it looks like it's not breaking down and is starting to make a higher low, it can pop back up very fast

NXTD

Shorted into some "speeding up" around 4 (focusing on whole and half dollar marks and also key resistance area on daily chart), got 500 shares partial fill at 4.03 (tried for 1k), tried to add at 3.98 and got 100 shares filled, then added 1k at 3.95 and had an order in to cover 800 at 3.89.  Got 700/800 filled at 3.89, then readded another 1k at 3.94 and got a big washout, and covered it all into that (somewhat early because I had some orders already in, the last 100 at 3.89, 1k at 3.83 and 800 at 3.77).  Later, I reshorted at 3.80 and covered at 3.72 for 8 cents and that was it.

Type

Entry

Exit

Shares

+/- $Amt

$ PnL

% Pnl

Short	3.96	3.83	2600	$0.13	$345.00	3.35%
Short	3.80	3.72	1000	$0.08	$80.00	2.11%