Later on, I forced a trade with too much size on AMCN when there was no reason to short (Slow grind up above VWAP = NO REASON TO SHORT/BE SHORT, only parabolic's for scalps or lower highs/backside). It was too thin to take the loss with my size without affecting the stock and I added more and just held and hoped, I only ended up losing $50 bucks on the whole trade and it could have been -2k at the worst and +1.5k at the best. I should have been waiting for WHOLE AND HALF DOLLAR MARKS, I traded it decently on the 6 push earlier and I should have been waiting for 6.50 next, not shorting it midrange at 6.20's when it was still just a "slow grind". Also, I cannot size in too big for how "thin" the stock is, I couldn't even take a 5 cent loss very easily when the spread was 3-5 cents and there wasn't very much size on the ask and I would "pop it back up" and "help it keep spiking" if I took it. Also, I have to ALWAYS "SAVE BULLETS" just in case, I've gotta make sure to not go "full size" too quick, I need to always have room to add higher as a "last resort". I ended up breakevenish on the trade, but it was risky, and I missed the GOOD OPPORTUNITY of shorting 6.40-6.60 and covering 6.30-6.05 on the way down from a GOOD AVERAGE, if I had waited for whole and half dollar marks and not been so early.
Still a decent day, I just made that last stupid trade on AMCN and almost gave it all back, I "got lucky" once again, but I've got to try to follow some of those things I just wrote, whole and half dollar marks, not too much size for how thin it is, and always "saving bullets" just in case.
This is my 9th consecutive green day, which might be a "personal record" but I haven't really kept track of "green day streaks" so I don't really know for sure.
Sorry for the late post, but I was busy at the "Afterhours Casino" today, I made 3 AH's trades today, and I normally make maybe one trade during after hours per month. It's risky, and not recommended for newer traders and you have to use much smaller size, I just took advantage of what I thought were decent opportunities today.
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.
GIGA
"Former runner" with 3m float, it had a big "up day" on May 13th, from 1.66 to 2.98 on positive news and has come down from there to 2ish, and now gapped up to 2.65 open on some more positive news (earnings and another order/contract). It spiked up to 3.15 in the first 5 minutes, I scaled in with 3k shares short 3.07 avg, I covered 1k at 3.01 when it was absorbing then readded it at 3.13, to have 3k shares again 3.09 avg, and covered it 2.96-2.92, there was quite a bit of volume already and I was trying to be somewhat careful with my shorts. I then went long at 2.87 and sold at 2.94 when it couldn't get back above VWAP. It ended up having another push up to 3.08 and I shorted into that with 3k shares 3.05 average, and then covered it all from 2.96-2.98 for a small profit when it seemed to be holding VWAP at 2.95ish, I had one readd attempt at 3.03 but only got 100 shares filled. I was really trying to not be too short biased and not staying in and "trying to make it work" if it spiked higher, it tried to "perk" at 10:33, it went to 3.07 but then was "stuffed" back down and then it broke 2.95 and slowly faded from there, that "stuff candle" was the sign to get back in but I didn't. I didn't trade it the rest of the day, but that 3+ EOD "premature breakout" was perfect and it faded back to the lows by the close. 
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 3.09 | 2.96 | 4000 | $0.13 | $530.00 | 4.29% |
| Long | 2.87 | 2.94 | 1000 | $0.07 | $70.00 | 2.44% |
| Short | 3.05 | 2.97 | 3100 | $0.08 | $236.00 | 2.50% |
- Lessons:
- Pay attention to "stuff candles" and "failed breakouts", they are often good places to be shorting
- A "breakout" at around 3:30 PM EST is often a "premature breakout", it is a good place to be selling if long and/or possibly shorting if you manage your risk well
PTBI
This had a decent run yesterday on a bigger picture "breakout chart" on the daily, it opened up somewhat weak (was down below 9 during premarket) then made it's way back above 10, up to 10.20's. I missed all of that and was waiting for a dip to go long, and I nailed the bottom of the dip and had 2k shares 9.86 average, the very lowest it hit was 9.83. I wanted a quick pop to 10-10.10 to sell into, it tried to perk through 10 but failed at 9.98 and some big buyers were "smacked" back down, I thought that might have been it, and I got 1k sold at 9.96 and "ditched" the last 1k at 9.90 just so I wouldn't "try to make it work" if it washed out lower. It consolidated there and spiked up to 10.80's eventually and I missed all of that (and sort of left a lot "on the table"), and it gave almost the whole move back, closing in the 9.40's, I missed all of that as well (I don't have shares to short).
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Long | 9.86 | 9.93 | 2000 | $0.07 | $140.00 | 0.71% |
- Lessons:
- Try to be more patient when "long on the base" on a "big runner", I should possibly try using hard stops 5-10 cents below my entry or the base and then trying to "let it run" and be more patient with a winner
AMCN
This had a "daily chart breakout" yesterday above 5.15, and closed at 5.50ish, it gapped down to 5.05-5.20 on no news, and was a slow and steady "ABCD grind" all day, from 5.20 all the way up to 6.60, on pretty light volume. I shorted the 6 push, because it was somewhat of a "parabolic move" compared to what it was doing before. I scaled in with 4500 shares 6 average and covered 5.91-5.88 right away, I wanted to stay away from the grind because I thought it would just continue to keep grinding higher, I wished I had longed my covers but at least I had covered it all there. It was "speeding up" again to 6.18ish and I thought I would try shorting again there, I accidentally shorted a bit more size than I intended (I had an order waiting and then I put another order in without canceling it and both got filled). I had 5k shares 6.21 average and it came back down to 6.15, I got 1k covered on the bid at 6.16, but that's it, and no one else wanted to hit me, and 2000 shares (from other buyers) popped it right back up to 6.22 by 6.25 (it was very "thin" today). I knew it was still just grinding but I was just hoping for a big seller and a washout or something, I was readding more from 6.25-6.33 when I should have just been taking the loss and waiting for higher. I had too much size (7.3k shares) and a terrible average (6.25ish), I almost stopped out at 6.40 and almost at 6.50 but I didn't and just held and held, I was down 2k unrealized at one point at 6.55ish. It started fading from there and that would have been the perfect place to have been shorting with no position but I was already "stuck" with this bad trade, I scaled out 6.35-6.13 for a small loss overall, had I held it all to 6.05, I could have also made about $1500, but all good, it could have also been a lot worse.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 6.00 | 5.89 | 4500 | $0.11 | $487.50 | 1.81% |
| Short | 6.25 | 6.26 | 8300 | -$0.01 | -$51.00 | -0.10% |
- Lessons:
- Slow grind ABOVE VWAP = NO REASON TO SHORT/BE SHORT (only shorts to take are, parabolic's for scalps or waiting for "topping action" and lower highs, ideally at whole and half dollar marks)
- Do not size in too big on a "thin stock" where you cannot exit your position very easily without affecting the stock
- Do not add too much all in one area, always try to "save bullets" as a "last resort" if it goes higher, I have try to spread out my entries and properly manage my risk by never being in too big too quick
PBMD
This stock gapped up from 52 cents up to 80 cents on some positive news/earnings I guess (also has SSR on which "helped it" squeeze), and the float is apparently 42m, but it normally trades 10-100k shares volume a day and now it traded 2.5m (similar to BSQR and FCSC, I still don't understand how it works but basically if it trades a high relative volume compared to what it normally trades, it can have a big move even if the float isn't that low). So insane, I was watching it go from about 90 cents up to 1.69 in the last hour, I didn't go long and then I tried shorting into the last 15 minutes for a quick scalp. This was a very risky trade, and on something I'm not very comfortable with, a 1-2 dollar priced stock. I ended up with 4.2k shares 1.61ish average and I covered it all 1.53-1.57 in the last 3 minutes for a quick scalp. It started gapping up afterhours up to 2.55 eventually, thankfully I had covered it all before the close. I couldn't resist shorting for a scalp during afterhours when it was getting to 2.40's, I shorted 1k at 2.42 and 1k at 2.44 (I should have spread out my entries better and had one entry above 2.50), I covered it 2.30-2.32 for a decent profit, this was somewhat risky AH's "casino trading" but I had relatively small size and I waited for what I thought was a great entry.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 1.61 | 1.56 | 4200 | $0.05 | $229.00 | 3.38% |
| Short | 2.43 | 2.31 | 2000 | $0.12 | $246.00 | 5.06% |
- Lessons:
- Be more careful/avoid shorting into the close, especially if you do not want to hold overnight
ACHN
This had "positive" news (or what was initially perceived as positive), and was halted for 35 minutes and opened up at 16:35 (during after hours, 35 minutes after the close), it opened at 12.56 from 10.68 close, and pretty much went straight down, I was watching it at 11.75-12 and it was getting "smacked on the bid" (probably people shorting), I didn't short it but didn't go long yet either. I still didn't short it at all and it went all the way down to 10.27 and it was now red on the day (from previous day) and lower than where it closed at (today). I went long 500 shares 10.33 and sold immediately at 10.54 for a quick scalp, then it washed out to 9.90, I scaled in a bit too early into that and had 1.5k shares 10.06 average and I sold it immediately for a small profit, I ended up missing 20-40 cents when it bounced to 10.50's but I was just playing it safe since it's afterhours and I didn't really want to be in that big.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Long | 10.33 | 10.54 | 500 | $0.21 | $105.00 | 2.03% |
| Long | 10.06 | 10.18 | 1500 | $0.12 | $175.00 | 1.16% |
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