Intraday Trading: +$488. Pretty good day. Felt myself starting to get a little fatigued towards the end of the day so pulled back a little bit and began closing out positions early. For now the focus is on keeping composure etc. The larger BITA loss results from a little bit of a chase and too large position size, so I'm actually pretty happy with how I controlled risk on that trade.
I did a much better job of managing my positions, taking some off ASAP. However, it was still lacking, there was one instance where I gave back about 5R (because I had quite tight risk), and another instance where I gave back about 2R twice (again because I had tight risk). Obviously the tighter the risk the closer the first management position is, which I wasn't quite 100% prepared for.
CYBR: A very basic buy the secondary price. The price was $51 a very deep discount from the closing price so to expect it to hold below on first attempt would be unreasonable. Steve Spencer suggested that it may flush through 50c, but that seemed a bit hopeful to me so I got an average around 50.90ish. The low of the flush was 50.55... Interestingly accurate intuition from Steve. When I consider why that is, I think the spread, liquidity, and ATR play a role.
Also got a tiny long at the end of the day. Will play exactly the same strategy again tomorrow.
GPRO: Was a tight consolidation near the end of the day, just above vwap and trending up. Good trade, but chased entry a little too much (although was hard to tell if I should be or not so happy with that). Managed into highs. One thing about deciding the direction of the break of consolidation. Notice the wicks below the support, each one holds so I imagine that was faking a lot of people out each time, so then when the pattern of lower highs stops it's game on.
QCOM: Wee scalp into close, was risking 3c to make 20c..
NETE: Saw news posted on twitter from a CPT, and that he was going long. The news had obviously just broken. Also very clear volume, different pattern to prior price action. So just got long, managed some, and then sold it once momentum fizzled.
MYL: This trade was unbelievable really. I got long with risk on $60 which was the breakout level (vwap about 60.10) when it started holding, managed some quickly, sold some into highs, and then it just spiked like mad. Clearly would have been a great one to revisit and you can see my alert there just narrowly avoided being triggered. Oh well, that was below vwap so it looks hard to play.
MW: Got short against 52.10 as it rolled over and held against $52. Because risk was so tight I could have been managing a little bit on those mini washes which would have easily covered risk. Was quite big because of the tight risk so would have been a very good idea to cover risk. Then as I was stopped out I got long, which was a bit of a chase but I think it was high probability. Managed half quickly when I noticed the offer holding and stopped on the other half. Good trade despite loss, (aside from the failure to lock some in).
LL: Did a great job in this one. Started in long a little early before the open, but got it off quickly so that I could get adds lower on the open. Managed quickly, and was stuck in the halt for only 1/4 of position, which was quickly exited. Then shorted against the premarket high, excellent trade!!!
Then shorted as it rolled over midday, which I think was a good trade, and was up about 3R but just failed to manage position effectively because my risk was only 15cents ish. Narrowly missed my first target, but my first target should have been so close it would be hard not to miss. Good trading overall though.
GENE: Bought the breakout on the big volume, and being around the appropriate level I like for a bounce. Managed half, and was holding the other half which I hoped it could sustain the bounce for at least a day. The thing here is that I guess GENE has proved itself to be a complete dog with regard to other float rotation stocks, so on the stuff through $5 I should have been thinking that it doesn't help the bullish case. There were shorts available, so this was an options as well.
BITA: The big loss of the day. Oversold chart, was looking for it to go red to green and get a perk up. Basically was too large, and also didn't look after my average enough. the r/g level was at 50.00 but 50.30 was a big level, so going long at 50.20 was a stupid thing to do! By comparison, being patient, getting entry a bit lower would have resulted in selling some in the pop through/to 50.30. So that's one way the trade could have been improved (aside from the size).
The second trade was a chase on the break of 50.30. Again was just too large, and risk far too wide. But overall I'm happy, continuing to trade this BITA could have resulted in a larger loss (even despite the recognisable pattern of holding below 50.30 and then 50).
ACAD: Had the wrong bias. Tried to get long at the highs after a hold there. Thought it had breached $36 (which was the level I had in mind to get short) by too much. Clearly not the right idea. And definitely should have revisited the short idea! I was looking at it for a short but it just seemed really hard to get the risk tight enough.
Also disappointed I missed the long into the morning low, which it held to the very cent. I had actually looked at it, I just hadn't thought about it. Even if you didn't want to go long and bottom fish cause of the grinding pattern, there was a clear higher low there which would have been perfect.
Swing Trades: -$150.
AXN: Basically just started scaling in too early. My desired position size is about 2000 shares, but my average isn't going to be too good at this rate. Would expect much further upside, so will aggressively selling into any gap up, cover risk, and short pops and manage accordingly from there. The higher this gets the better the RR.
Thinking something like gap up, over/under $2, then fade off for a bit before either resumption of uptrend or continual fade.
BIOC: Got down to about 10-20c off my target so I decided to take most of it off. Kept 100 shares on because I would love to revisit the trade idea. Really I want to be wait for the $3.50ish area again though, the RR down here just isn't worth it.
ADXS: Couldn't go green on the day, so that just makes me more frustrated about getting stopped out yesterday. From here will add all pops. I've noticed that it can really only sustain pop of around 0.80-1.20, so any pop greater than 0.80 I will aggressively short like crazy, from an intraday perspective to get a nice swing entry.
LL: Heard there are 5.5m buyins over the next 3 days so just picked up some options to potentially play the squeeze. Remember vwap is a good indicator for buyins.
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