Intraday Trades: +$240. In terms of intraday trading it was a good day. Quite selective, and the only trade that didn't work out was one that in hindsight I probably should have stayed away from, or done smaller size.
Overall though, collectively it was another bad day. Am feeling quite stressed about my positions (which usually isn't a good sign!), and made a big mistake in loading up on the CRMD options, so as I felt my discipline lapsing I took the rest of the day off. As an example of how stretched I am feeling, see those 50 CYBR shares that are left... I didn't even notice them going into the close, I had been planning to sell them into $53.
Tomorrow I will scale back. Need to reduce the pressure. So I will take everything but the ADXS position off. Need to stop messing with the euro as well. It is my focus to work on consistency, but it is a little hard to work on consistency when loaded up in swing positions that aren't working too well (more explanation in individual stocks). I think to reduce my stress, and focus on intraday trades I will take swing trades in my back account (I have enough BP for one normal position size), and then I can focus on getting the intraday consistency while having the variable swing trades away from main account.
LEAF: Shorted into the all-time high. Was a good patient trade. However, there is one key takeaway. Notice that the price was simply grinding rather than being an overextension. This was a key signal not to take quite as much size. Good stopout. It is quite interesting that it pulled back to $52, but I had logged off by then. Probably a no edge trade after the break anyway.
CYBR: Got long this after it got through the secondary price ($51). I only got chase size (1/3 so 100 shares), was bidding for more lower so that's kinda annoying because if I got the size I wanted it would have been a big trade. As mentioned, my attention is so stretched that I completely missed I still had 50 shares.
AAL: Was a very basic notice that it's holding near the highs, after a gap, above vwap, with oil selling off hard, grinding up. Interestingly, reviewing the trade I think I possibly would have had better risk-reward characteristics if I had been playing the stock rather than options. Not 100% sure on that, but good food for thought.
BABA: Is the ipo lockup expiration today, so was aiming to build a position from a good average short. So got a nice low risk short again yesterdays high, and rinsed and repeated. Great trading!!! Ultimately it's behaving pretty strong, and it seems like a crowded trade (being on CNBC etc), so I wouldn't be surprised if it didn't work... But that's the point of making sure have a good average rather than chasing.
Swing Trades: -$939. As an aside, it's a bit of a joke that when I get a really really nice crack on a swing short that I have been trying to nail with good size to have a negative day of this proportion.
ADXS: Finally got a nice downmove. I was offering higher to get really large but never quite got it. Now below $12 will accelerate to the downside. I can't believe I didn't manage in front of $12... The way I was rationalising it was that the downmove was so consistent it should continue. Good eye, but should have managed, especially given the options position I started.
Now I really like this options position because I established them at 15c (low risk), and if it worked out they could be worth >$1. Great RR. Probably has a reasonable chance of success as well. Now I will compared to the CRMD below and see why that's not a good options position.
CRMD: Was swing short and looking for the red move, shorted into pop, but did a great job of not being stubborn and closed for a loss. Good trade!!!!
Now the options cost $0.75 and at that price the spread is a large amount. Also my risk is very high. RR isn't quite as good as ADXS options but not too bad. Bad trade! I will be offering out for these tomorrow.
AXN: Got stubborn on this. Needed to get out when it reclaimed vwap. This can go to $2.50. The stubbornness arises from missing the management down at $1.60ish. The only situation I won't get out is if it looks like it's going to go red before 10am, or a big gap up and never gets back above vwap.
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