Intraday Trading: +809 for the day. Great day overall, couldn't have had a better first day back trading on my real account. Great discipline, and objectivity. For the most part great size of winners compared to losers.
Referring back to my goals:
(1) Controlling risk. For the most part this was exceptional! There was a slipup on fading LL into support where I lost about $200 more than I should have by not having a hard stoploss in. I have withdrawn the profits from today to focus on repeating a day like today again.
(2) Focus on getting correct patient entries. This was also exception and helped me control risk nicely. The biggest temptation moment for lack of patience would have been LL, but I waited nicely for it.
(3) Curbing the level of over-trading. This was also excellent, when I felt I was pushing myself to the limits of my attention to detail for each trade I eased back and didn't rush in anymore.
(4) As per the over-trading comments I was psychologically fully committed to the trades I was in for most of the day so I didn't feel the need to search for better setups elsewhere.
CHGG: Was looking for a wash and weak open for red to green move. Midday you can see volume started to come in after a break of the triangle so I got long and added to decent size because I felt risk could be controlled well. By about 2pm I decided that it should have done something by now, and shouldn't have stayed red for so long so I got out of the trade.
Good trading!
PTCT: This was probably the worst trade of the day (besides the execution slipup on LL). Basically shorted the pop midday because it seemed to be coming from the PCYC rumours, but the spread was enormous and it had only moved 1ATR. Covered some immediately when I realised and just before I was about to get out of the other bit it spiked with enormous spread, but I didn't panic and actually added, top ticking it at just under $75 (which I had the power to do because of the immediate cover initially), then just bid to get out ASAP. Scary trade. Positive is I realised when I was out of my depth and gtfo.
LOW: I didn't trade this on the open. However, I noticed it regained vwap and joined the grind. I was a little late to the party though. Had I been earlier this would have been an exception trade. Cut for breakeven, after failing to notice the double top, which probably would have been a nice entry for a fade back, given that it occurred at the hod, and would represent failing to hold green. I guess the thing is here, anticipate the right of the chart by looking at the left. This should have been +$90ish by exiting at the double top, and possibly shorting there (or maybe not, but certainly selling position).
LL: Stock of the day for volatility. $54 was longer term support so got long into that and managed to sell a 1/4 on pop. I will do a playbook review on buying this panic I think because it is a potentially enormously profitable trade, I just slopped it a bit (was close to perfect though). Basically I should have been bidding for size below $54 because it was likely to whip through, secondly once the relative low was in and I was trying to hold need to trailing stoploss tightly to low. Lucky I got back in and caught the 4 point bounce.
I broke my controlling risk rules a little bit here, but I'm okay with that. I was probably at risk of being down about $400 on the stock (rather than my max of $300).
Midday hold and triangle breakout I relonged with size with tight stoploss and was stopped, but that's okay.
Didn't get the short into the close, but closing at the lows will make it a nice continuation play tomorrow. Possibly even a wash, reclaim vwap for quite a bit move up.
FSLR: Shorted small against prior days high on the open. Only got small, so didn't get covers into wash, retested and I got a little add, but I noticed it held higher, so I covered full position. On new highs I chased starter size looking to add lower, but didn't get execution. Pretty good trading over. Good position sizing and patient.
Probably should have set alerts given the morning action confirmed possible trend, there was a very basic pullback trade.
EYES: I got starter size on the open against a level from yesterday and sold into $12 and never got a chance to add. Would have been a killer trade if I had managed to hold the starter size to $14 lol... Good thing I had my back account long, which I sold at $13.89. I had been aiming to hold it until the third day, but couldn't help it - probably a good decision given that it was already a home run.
CYBR: Should have considered the short after this rollover, but difficult to borrow so not too worried. Basically just noticed it was grinding midday and noticed a spot to put on a lot of size for very little risk. Had it made new highs I would look like a genius, so I'm reasonably happy with the trade. Perhaps should have gone a little smaller - can always add.
BIOC: Biggest gainer for the day. Very basic play. Gapped up and a piece of crap like this you know people are heavily shorting it, so when it was still holding by 10am you HAVE to look to get long. So I started bidding, snagged a start, added on new highs with trailed stoploss and sold into $4.80s. Great trade!
Midday (11:30am) this pulled into vwap and there was huge negativity about the stock, but I figured with a low risk long here after it looked to have wicked through would be good RR for a move back to (close to) the highs. Worked perfectly, but I was a little large given it was a B setup.
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