I didn't do much of what I said I was going to do on my monthly recap yesterday. I forced a stupid trade on LL ($20+ dollar stock with some intraday news), luckily that ended up breakeven from all of it, and I didn't cover ALL on GBSN for breakeven (I tried and missed it but still could have taken the ask for a 1-5 cent loss many times), and fought with it forever leading to a $1200 total loss (which is also more than the $1000 limit that I was trying to keep my losses less than).
New day tomorrow, start fresh, don't try to make anything back, be happy with being positive on the day and don't force too much size.
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.
VLTC
This is a 150%+ gap up from about a dollar from some well known guy (Carl Icahn) buying a bunch of shares (like 4+ million shares). The first minute candle was pretty crazy, hitting 2.61 and then spiking back up to 3.09. I didn't have any orders already in, I put an order in for 1000 shares 3.09 and wasn't getting filled, then put another one in for 1000 at 3.08 and got 650 filled, I was surprised I even got that filled, the next second there was a seller at 2.90. Would have been amazing to get both filled to be short 2k. I figured it was going to washout when it was looking weak around 2.80-2.90, but didn't add any "to a winner", just waited for the washout and covered into it at 2.65. Almost reshorted into the 2.95 push but I wanted 3 and I missed it when I tried to get filled. Chased a terrible entry at 2.69 when a big bidder was getting hit, it popped up to 2.80s and I tried to add 500 shares but only got 100 filled. Got the washout I wanted and I covered at 2.50 for 20 cents. Was busy with GBSN after that and missed any reshorts.
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short | 3.08 | 2.65 | 650 | $0.43 | $279.50 | 13.96% |
| Short | 2.70 | 2.50 | 1100 | $0.20 | $222.00 | 7.47% |
- Lessons:
- Try to avoid hitting the bid when a big seller is getting hit, sometimes it works, but most times they will "refresh" their order, or new buyers will step in just above or below
CRMD
Wanted to short into that 10.25 parabolic, had orders waiting too high like 10.28 and 10.30's and never got filled, and didn't chase it down. Went long at 9.66 and sold at 9.70 when it wasn't bouncing much.
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Long | 9.66 | 9.70 | 500 | $0.04 | $20.00 | 0.41% |
LL
Wanted to short this but my chart was lagging and all I saw was the level 2 at 34ish, but the chart was behind and I couldn't see the last 5 minutes of candles, it washed out huge from 34 to 32.30. I went long for a scalp, 300 shares at 32.63 and it did a quick spike to 33.20 but I didn't have any orders in at the time and got greedy because I had missed that. Added another 300 lower, now had 600 shares 32.48 avg, had 20-30 cents profit for a second on 600 shares but missed that, it did a quick washout to 31.93 and then bounced to 32.50 and I sold HALF at 32.47. It washed out lower to 31.66 and I added another 500 into that and I sold all my 800 shares for basically break even from 32.08 average.
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Long | 32.19 | 32.19 | 1100 | $0.00 | $1.00 | 0.00% |
- Lessons:
- Be careful/avoid trading intraday news related stocks, use much less size or avoid altogether
- Make sure to not be too greedy on exits on quick scalps like this
- Make sure to put the order to SELL ALL instead of trying to scale out for an extra 10-20 cents and missing it
GBSN
Missed the short in the first few minutes at 4.10ish, woulda have been a nice gain down to 3.60's. It started to grind and make higher lows and regained VWAP and went red to green on the day, all signs of strength and to be more long biased than short biased. I shorted at 4.09, covered at 4.06 when it wasn't breaking down. Then shorted into the parabolic 1k at 4.23 and 1k at 4.29 and it didn't pullback much at all on the second candle was just hanging around 4.25, then it went to 4.49 and I had no more room to add since it was under 2:1 limit today. I knew 4.20 was the previous high from yesterday, so I should have been more careful shorting it around there. It came back to 4.27ish about 5 times (my avg was 4.26), I missed covering for breakeven the first two times, eventually got 600 filled at 4.27 and then was trying to cover the rest at 4.26 and I got another 600 filled and I sorta "held it up" and then Tim Sykes (he was short 5k at 4.38, really frustrating when he makes a trade on something that you are already in and makes it "super crowded") covered at 4.29 and made it pop to 4.38. I readded 800 shares at 4.36 (new average 4.31) and almost covered for breakeven. It tested 4.30 and held then a big buyer came in at 4.31 and I tried to cover everything on the bid at 4.32 instead of taking the ask at 4.34, I didn't get filled and then it soon was 4.50 again, it seemed like it might be "stuffing" in this area at HOD, so I added another 400 at 5.53. It pulled to 4.43 then popped to 4.70 in 2 candles, which is super frustrating when you are short, just like GENE yesterday a few minutes and it changes the PnL dramatically ($500 dollar difference). Didn't get any covered into dips, I was going to cover 4.50-4.56 into a washout but it never got there, it looked like it might wash out again at 4.65ish and then another huge spike up to 4.90 (another $500 dollar differnce). I waited for a dip to cover into and got 1000 shares filled at 4.76 (covered 1k in one order and then was trying to cover the other 1k and missed it), readded 700 at 4.87, missed covering everything at 4.80 and straight up to 5.10 (another $500+ difference), it dipped to 4.93-4.95 and I was going to cover 4.80's, then it popped again to 5.20+ in one candle (another $500+ difference). Covered 500 at 5.20, readded 200 at 5.34 and then covered everything at 5.05ish. Scalped it long 5.01 to 5.06, missed the reshort 5.20, went long 5.05 and it was hitting 5.15 for two candles and I was trying to sell for a tiny profit, ended up getting 100 shares filled at 5.11, added a bunch more trying to "make back" and frustrated for missing my fills and getting a partial fill. Had 4000 shares 5.02 average, it hit 4.92 then bounced to 5.04, I got 2500 sold for breakevenish (missed some fills), added more lower in bad spots, ended up with 4000 shares again 4.94 avg and it hit 4.78, luckily, it bounced to 5 and I sold it all into that for breakevenish. I didn't "flip short" after my sells, it faded nicely to 4.40s and I scalped it long again a few times and made back a little bit.
| Type | Entry | Exit | Shares | +/- $Amt | $ PnL | % Pnl |
| Short | 4.09 | 4.06 | 1000 | $0.03 | $30.00 | 0.73% |
| Short | 4.41 | 4.70 | 4100 | -$0.29 | -$1,185.94 | -6.55% |
| Long | 5.01 | 5.06 | 1000 | $0.05 | $50.00 | 1.00% |
| Long | 4.96 | 4.95 | 7600 | -$0.01 | -$68.91 | -0.18% |
| Long | 4.52 | 4.56 | 2878 | $0.05 | $137.80 | 1.06% |
| Long | 4.45 | 4.56 | 1000 | $0.11 | $110.00 | 2.47% |
| Long | 4.41 | 4.48 | 1000 | $0.07 | $70.00 | 1.59% |
| Long | 5.01 | 5.06 | 1000 | $0.05 | $50.00 | 1.00% |
- Lessons:
- Stocks that faded in the morning and did a "weak open r/g" are much more likely to continue higher because they've already consolidated and flushed out the "weak hands" and trapped some shorts and there are obviously still buyers supporting it higher
- Be careful shorting close to a "daily chart breakout", try to wait and see if it acts as resistance or breaks past it first
- Stay away from the slow grind/holding of support without breaking down, MAKE SURE TO COVER ALL, can TAKE THE ASK
- Whenever you are in a stubborn trade with too much size, have to be SIZING DOWN OR COVERING ALL into dips and then just replacing the shares again higher, even if you think it is going down by the end of the day, if it looks like it's going higher at that moment it's better to cover and then RESHORT AGAIN HIGHER
- Going along with that, if you are in a stubborn trade with too much size and you were just down on it and it comes back to breakeven, have to be COVERING ALL and then looking for better entries later on, don't get too greedy trying to turn it into a profit
- On these crazy, low float "spikers" on the FRONTSIDE, only PARABOLIC shorts and cover ALL into dips, better to be going long off dips but if you are shorting that's what to do
- Once it makes a significant pullback after a big run (5.40 to 5), can now reshort all pops/bounces for continued lower highs and fading
- Follow the trend, it's much easier than fighting it (I was fighting it short on the way up and then fighting it long on the way down)
- Do not "revenge trade" with too much size trying to make back a loss
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