Intraday Trading: +$107 for the day. Overall, a reasonable day with some good trades and ideas. Main takeaway from today is that there's still work needed on controlling risk. But mainly that I need to manage my positions quickly to lock some profit in. I was up multiple times quite good money on many trades and didn't lock in enough so it turned into a loss, or nowhere near as big as it should have been. BBY, LEAF, and BABA being the main culprits, but I think a lot of the trades would have benefited in a small way as well.
CAPN: This was a chase at the end of the day. Not a very good trade, had I not fumbled with the order it would have been a good trade (and about $400 better in profit). Basically was too much of a chase on a spready stock. Instead of missing my original entry and chasing, just leave it and don't get in a huff about it. Nice setup, but yeah just no chase. Or use tiny size. I had been trying to take the offers at $6.60, but missed ended up taking just below $7...
BBY: Good trade late day with a tight stop. Added once confirmed. This is one example (of many today, was very greedy with profit targets), of how I need to aggressively manage positions at 1.5-2R. Was up reasonably decent on it at the peak.
EYES: Took this trade by pure chance. Hadn't had EYES shorts all day and then noticed that I did. Shorted the pops after the opening trend. Good trading. Again, should have covered more into the first move lower. Did a good job of not panicking into the low volume wicks up.
ZIOP: Great trade. Noticed the grinding pattern and started into dips. Then as it got tight I placed a stop-limit order and got some on break of $12. Now as time went on and it got tighter and tight this setup got better and better, so I really should have been more onto it and got a bit more size into this. I was looking to add dips, but they just never came!!! Great trade!
TRIP: This was a real pain. Got stopped at the low. I tried the long the first time, but it was a bit of a random place, so I deserved to lose on that. But then I looked at the daily, got a good level to trade against ($88) and got stopped at the low. I need to spend some time working on why I keep getting wicked out of trades like this (like CRM on the open yesterday) and adjust accordingly. Great idea, just poorly executed, could have been an extremely profitable trade.
In this case TRIP has an ATR of $2.50 so an appropriate strategy would have been to bid against $88 with a stoploss 20% of the ATR. However, I'm still not entirely sure about CRM.
SHAK: Tried the long on the grind but had the bids pulled. Was a low risk dip buy, and was working for a time being so pretty happy with trade.
OREX: Really slopped this one. Shorted parabolic against longer term $7.90 level and was stopped at highs. That's fine. Rode momentum lot long for a little bit, which put me at about nett b/e. Nailed the next parabolic into $9 short and was up a bit at this point, covered about half, but didn't really recognise the saying power it was having, then tried to short as a hod rejection which didn't work. Then was in no position to actually nail the top (which was very very clear at the time). So the real thing that lost me money was the sloppy execution on my poor call. From there, happy I stayed away. Was trying to nail the secondary pop, but didn't get high enough, so that's all good. Good patience!
ONCY: About $100 of this is attributable to the swing long for gap up. Shorted the gap up, and rode down throughout the day. Then cut it as it held and didn't have enough size left to care. Great trade!
LL: Finally nailed this one, holding for the big move up and caught the top. However, I still actually would have benefited from taking half off pretty quick. The gap up sort of ruined my bounce play to a certain extent so glad I made it work.
One huge positive about this trade. I was watching it consolidate over $41.50/$42 and was getting extreme fomo about the move that I thought I was about to miss, but was patient with bids and eventually got in with a nice entry.
Gave back a bit of money in the afternoon trying to catch the rebound, but I guess this is similar to the comment yesterday about the anti-playbook (I forget what stock it was).
LEAF: I was up massively on this stock but was being too greedy hoping for the big fade which never came. And there was soooo much opportunity if I had been managing aggressively at 1.5-2R. It literally popped back, and completely retraced enough for the cashflow trades to be a home-run. Good stopout.
ECIG: This was really frustrating because it wouldn't fill my order in the morning because of some limit cap with IB, and so I was in a chasing position and got swamped by that midday break, which is annoying because of course the trade worked out.
CRM: Took long against $67, covered risk quickly, with next 1/3 a tiny bit higher and just missed. Good trade. Held $66.70 to the cent, so obviously I should have revisited, but nevermind. It's pretty weak.
BABA: I originally lost too much money on the long side of this trying to buy into the previous all time low of $81.80. Then I switched short as it retested $81.80, great trade!! I then foolishly added on a chase, which ruined my average, and it went in my favour and I was massively up but didn't cover any... So was stopped out on the lot for a decent sized loss. Very very very poor trading.
Faded the move into $80 with call options, and traded them very well covering risk on half quickly. Great trade!
Swing Trades: -$28 for the day. Excellent pickup with ONCY gapper. The ATOS one just simply didn't work so I cut it premarket. And ADXS against $10 was stopped out. Nothing huge on the swing side as of this stage.
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