Intraday Trading: -$40 for the day. When I was reviewing this I actually thought I had made quite a bit of money, I thought I was around +300ish. So it's a little disappointing to come out with a loss considering I nailed some good trades in SQM and WG. Good thing is that I nailed the NVGN short in my back account for approximately $900 which brings this up quite a bit (but still thus far I'm excluding my back account from any reviews).
Obviously the loss for the day arises from the VXX long trade. This was a pure lapse of discipline in position sizing. Did a "reasonably" good job of cutting it short though. Overall my level of discipline is still up considerably, and while it still needs to improve further this is good.
SQM: This was incredibly frustrating because I had been watching for the washout. $15 represented a nice low from around the GFC and $13 represented the wick low from GFC. So I was watching it looking for a wash through $15 to pick up some extremely good entries. This was a trade that I would have got really large in. Unfortunately it didn't play out that way, but very happy with patience and not losing my cool after missing the bounce. The low was $15.02.
So I guess I should have expected that when you look at the volume, remember even if it washed through $15 there would have been an opportunity to buy $15, cover risk at $15.50ish before the wash. So I should have played smaller size at $15. But like I say great patience not getting too worried about it.
Now the actual trade I made was long on the tight consolidation, stop below which paid off for approximately 5-8R so that was a great trade. This consolidation was slightly above vwap and was grinding up slightly so this was the "tell" for a break higher.
LL: I tried the long right before the big perk from red to green with a super tight stop and was stopped. Then missed the long so only got 1/3 of the size I wanted and didn't get a chance to manage. The quick retracement from the perk and slow grind was the signal to stopout, which I did. Basically mistake I made was that I should have been buying dips when it was perking to r/g zone.
WG: Huge washout and reclaim vwap. One of my favourite setups. Had to chase a little because it literally just didn't give any nice RR dips. Covered ris kquickly and managed perfectly. Great trade!
VXX: Obviously the mistake of the day. Tried to fade the fed news after it got riddiculous. Naturally it got more ridiculous. Mistakes were: (1) Too much size, (2) Scaling in too quickly. It did give nice bounces on extremely short time frames, so if I had been scaling better I would have been able to cover risk on a lot of attempts. Completely different to just getting size at all the same time.
SBUX: Took a way bigger loss on this than I should have. Should have had a hard stoploss entered, or been tighter with mental stoploss. Got an enormous boost with the market.
ORCL: Chased the short below $44.00 when it was holding. Tight stoploss. Should have had a better entry, was risking about 13c, but should have been about 5c. Was targeting $43 for the final 1/3 of position. Unfortuantely I hadn't edited my stoploss, so I was long 2/3s of the position when it got over $44 on the fed news. Sold for a loss immediately. Great trade!
HZNP: Shorted this into the 52 week high. Momentum fading and already moved an ATR on the day so good trade. Stopped myself out on hold over $23 and got back in when it peaked out. Reality is that I probably was in a little early. Good scalp though.
HLF: Shorted into the high from the prior day, and was stopped. Then shorted as it peaked out into $39 and nailed it. Covered a little and was stopped on the rest over $39, was waiting for either a nice midday high of day rejection, or short into $40. Never came. Good trading, just one of those times when your idea is spot on but you just don't quite get it. Better to keep risk nice and defined.
Swing Trades: +$1011 for the day. This profit was basically just an unwind from yesterdays loss (aside from the gains on ADXS). I am still offering out for CRMD (and I am the best offer), but not hit yet. As for AXN I set some criteria that was going to allow me to stay in the trade and it literally fulfilled exactly those criteria, and I was all prepared to cut myself out as well!!! From here I will take off size into breakeven, and then re-evaluate/re-establish higher.
GENE I am building a position into weakness. Won't have any size on it, but playing the long side will allow me to nail the short.
BABA I really slopped this ipo lockup short. I covered my risk by delta hedging in premarket, which worked perfectly. But I hadn't anticipated how illiquid the options would be on the open, they had a 10c spread compared to 2c yesterday when I established position. They were also trading at a nice juicy profit, while I had > $100 profit on my delta hedge. Should have been more aggressive on my offering basically.
I still want to scale back my swing trading, but with the CRMD options position I don't have a choice but to sit on the offer.
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