No intraday trading today. Had funding issues. Traded a little intraday on back account, which I will review in the playbook review because it was a really nice setup.
Swing Trades: -$330.Pretty standard day. Had I been actively trading I would have added to BIOC near the open, and managed the same as other days. I also probably would have re-established ADXS short.
BIOC: This is a prime example of how you need to manage a position multiple times to reap the best profit, and rinse and repeat the management as much as possible. By managing a little more at the lows from yesterday I could have added more on the spike this morning, and managed again at the close today. I would have rinsed and repeated 3 times now, which on an extra 200 shares (going from 1/3 of position to 1/2 of position) would account for locking in an extra 30-80c, and I mean I only want it to drop about about a max of $1 from entry price.
It is also a great example of looking after your average price. In this case looking after the average price allows the adding on each pop, whereas ruining your average probably results in covering at the highs (kinda like my ADXS).
ADXS: The end is still near for this stock. So I need to work back into position. This time I will focus on getting a really really good average (after getting 200 shares originally). Can still go to $14ish probably, but the topping process is beginning with a slight change in momentum.
Today I basically got faked out where my max pain was, but also where I would have been adding if my position size was smaller. Quite chunky loss (but I'm not too worried about it exceeding the $300, as mentioned I'm more lenient on swing positions). For tomorrow shorting into todays high, with a plan to scale in, risk based on a hold above $14. The hold below vwap at the end of the day is constructive for the downside, but certainly not catastrophic.
AXN: Indifferent about these short shares because the risk is so low. However, I would love for it to squeeze more, say $1.80 for me to load up nicely. At the moment $1.60 is a ceiling, so ideally a break over there and then snap back down and hold below $1.60.
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