Patience on GOOD averages but still respecting basing/holding LOD is the best way to do it, I did alright overall on it and made quite a bit, but the first trade, I did it very poorly and I was down 3k+ unrealized to make 2k total and it was very risky, the other re-shorts were decent, I was trying to be patient but it was not "cracking", it worked out okay in the end but I could have done it a lot better and I ended up leaving tons "on the table" because I had already covered it all BEFORE "the breakdown" for a tiny profit just because I got squeezed a bit and it didn't breakdown earlier at 12:00-12:45 like I wanted it to, guess I'll try to manage the trade better and be more patient on the next setup like this.
I have not yet implemented the 3k max loss feature into my account/platform, today is an example where that would have actually hurt me instead of helped me, I'm not sure if I will use it or not, but I've just got to manage my positions way better and not get myself into those situations.
I am going to really trim down the amount of writing on the explanations, sorry if it is not very well explained, just look at the chart and the text below, I sort the trades in chronological order, but I will try to explain it well enough if it is confusing with going long and short on the same ticker.
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.
TBIO
Today's "big mover", it gapped up from 1.89 to 3.20 open on positive data results/studies, the float is 10m and it traded 28m today. Some "pro" traders were very short biased and I sort of had that same "short biased" "conviction" in this trade as well but I managed it very poorly overall and should have done it much better. I broke my "rule" of not holding anything into the open and that messed me up for the whole trade. It went from 2.80 to 3.28 from 9:20-9:28, I shorted a bit too early into that and I was already short 4k shares at 3.16 average before the market opened, I could have covered at 3.12-3.20 at 9:28 but I missed it/didn't. I added some into the first candle and it pulled back to 3.15 and I was up 5-10 cents from a 3.25ish new average, but I was still trying to be more patient for the "big washout/fade", it went up to 3.50+ on the next candle and I added a bit more into that. I had a terrible average this whole trade and I had 8k shares 3.28 average, it washed out to 3.15 at 9:38 and I wanted to be patient for the breakdown under the LOD (3.15) and maybe fade to 3.06-2.90. It came right back up and squeezed up to 3.70's in a two candles 5-10 minutes later. I still had "conviction" but I just did this trade terribly, I held through all of that and covered 2k at 3.07-3.08, readded 1k at 3.20, covered some 3.02-3.05, readded 2k 3.15-3.17, covered the rest 3.11-3.02 (even though it faded to 2.88 there). Then went long at 2.93 and sold for 3 cents wasn't that confident on the long. Reshorted 5.1k shares 3.10ish covered 2.95ish, planing to reshort on the bounce and then hopefully get a fade under 2.95 on the retest and then new lows to 2.70-2.80 was ideal. I reshorted 3k 3.02ish it came back to 2.95ish and I didn't cover any, it popped back up to 3.08 and I added a bit more and had 6k 3.03ish and it came back to 2.95ish again and I didn't cover any, squeezed to 3.15 and I added about 6k shares into that (I had conviction but still not the best management of the trade), to have 12.6k shares 3.0733 average, I covered about 4k 3.04-3.06 to size down a bit and then just took the rest 3.02-2.95 for some reason (possibly annoyed by the 2.95 "base" and looking to reshort again possibly on another bounce). I tried reshorting 2k shares at 2.96 but decided to cover at 2.97 since my entry felt like a "chase" and it was going nowhere, I wanted to reshort again on a "pop" to 3-3.05. It finally broke 2.90-2.95 and started faded from there, I almost chased it at 2.95-2.93 but I decided not to since I was just in and didn't want to get back in again and have it pop back up on me, even though I was like 90% sure it was going lower (from the level 2 action). It eventually faded to 2.60-2.70 range and I left like 3-4k "on the table", I was wanting to/trying to have patience but just that little squeeze up to 3.15 messed with me a little bit I guess, I wanted this breakdown at 12:00-12:45.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 3.26 | 3.06 | 11000 | $0.19 | $2,099.84 | 5.86% |
| Long | 2.93 | 2.96 | 3000 | $0.03 | $100.00 | 1.14% |
| Short | 3.10 | 2.95 | 5100 | $0.16 | $807.90 | 5.10% |
| Short | 3.07 | 3.01 | 12600 | $0.07 | $861.00 | 2.22% |
| Short | 2.96 | 2.97 | 2000 | -$0.01 | -$20.00 | -0.34% |
- Lessons:
- NEVER HOLD ANY POSITION INTO THE OPEN (only premarket trades should be done much earlier, DO NOT ENTER ANY NEW POSITIONS 5-10 minutes before the open), this is just my rule that I have, because I would rather just "react" at the open rather than "try to make something work"
- Try to have patience with a GOOD ENTRY, but make sure to be sizing down for breakevenish if you know you have a BAD ENTRY and TOO MUCH SIZE
- LOD often acts as support on any washouts/dips for at least one more bounce, good place to be covering at least some (3.15 held and it had another squeeze up to 3.70's 5 minutes later)
- Not sure how to put this lesson, try to cover when it's still basing but also try to be patient when it looks like it might breakdown, I was trying to be patient around 12:15-12:40 for a breakdown under LOD but it was still holding and I should have probably sized down/covered all and waited for 3.10-3.15 resistance again to re-short, this stock held 2.95 support and squeezed up a bit but that was the "last push" into the 3.15 resistance and then it faded from there, cover at support and reshort at resistance, the more times it tests support, the more likely it will break, try to be more patient "with a winner" for "the big breakdown/fade under the lows" after that "last push and fail" into a resistance area
OHGI
This was pretty "thin" today and turned SSR on when it did that washout, it went from 3.87 to 3.30 in two candles, I accidentally bought 2k at 3.57-3.58 (I put order in for 1k, then that didn't fill and I put another one in and got both filled), I added 1k at 3.46 and tried to add more 3.30-3.40 but missed those entries. A 20k bidder popped it right back up to 3.58 and I sold it all around there for a tiny profit, I didn't have a very good average and I missed some of those adds 3.30-3.40.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Long | 3.54 | 3.58 | 3000 | $0.04 | $130.00 | 1.23% |
ESI
Pretty "beat" daily chart with that fraud news a few weeks ago, and this had a huge move today from 2.50ish up to 4.80's on really good earnings (made 29m instead of losing 27m). I saw this gapping up to 2.80 (from 2.41) in premarket on my HOD list. It went from 2.50 up to 3.80 in 20 minutes, came back to 3.20-3.30 and held above VWAP and went up to 4.50's from there, Nate nailed it long for a dollar+ per share, I was still too busy with TBIO. I scalped one washout long for 11 cents that's it (there were no shares to short and that's all I did).
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Long | 4.42 | 4.53 | 1000 | $0.11 | $110.00 | 2.49% |
VBLT
Big squeeze today on the "8 dollar breakout" on the daily chart, Nate and Derrick nailed it long, I almost chased it at 8 but decided not to. I bought 400/1000 shares on a washout at 8.26 but then I thought it was going to go lower so I canceled that, I added 500 at 8.15 then decided to take the 3 cent loss when it still seemed weak. Tim Sykes bought it at 7.76 and "created" the EOD squeeze to 8.50, I almost chased it at 7.90 but didn't want to be a "sheep"/actually follow his stupid alerts. It washed out to 8.06 in two candles and I scalped it long for 12 cents in the last 5 minutes, there is a presentation on Monday and I didn't want to hold into afterhours/overnight.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Long | 8.20 | 8.17 | 900 | -$0.03 | -$26.00 | -0.35% |
| Long | 8.06 | 8.18 | 1000 | $0.12 | $120.00 | 1.49% |
HRTX
This gapped up AH's and premarket up to 16-18 range from 12.35 previous day close on positive "phase 3 data results". It held some higher lows and VWAP "over/under" in the first hour and squeezed all the way up as high as 21.22 eventually, many people were short biased and probably ended up on the wrong side of it and helped fuel it higher. I scalped it for 15 cents on very tiny size, I missed another 30 cents but I just wanted to cover to focus on TBIO and possibly add some more on TBIO into that 3.15 push.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 20.11 | 19.96 | 400 | $0.15 | $60.00 | 0.75% |
ATNM
"Parabolic scalp", 3k shares 4.06ish to 3.92-4, I covered it somewhat early considering it hit 3.84 into that dip but I was just looking for a quick scalp.
Type
|
Entry
|
Exit
|
Shares
|
+/- $Amt
|
$ PnL
|
% Pnl
|
| Short | 4.06 | 3.96 | 3000 | $0.10 | $290.11 | 2.38% |
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