Intraday Trading: -$600. Another lapse of discipline where I basically struggled to cut losses because of a higher conviction idea. Some other (less serious) lapses of discipline also occurred when I starting getting fatigued, and the other when I got beaten up from the CYBR in the morning (bit of a spiral effect).
The other thing that took it's toll on results today was getting a little aggressive with profit targets and size. i.e. poor trade management. LL, MEIP, CAPN the culprits here (LL and MEIP more so).
I think going forward I might make sure I have a midday nap (just 20-30 minutes) to ensure that fatigue isn't playing a factor in the late day (which is around 8am local).
RADA: Got a really nice short in back account on the 11am fakeout, then flipped long into late day. But reality is that it was a chase and I had too much size for a chase. Proper entry should have been sub $3. Had some decent unrealised PnL and locked in about half (good), but then chased the reload, which was intended to be a small scalp but RR was basically horrible. This was the lapse of discipline that occurred in RADA.
Should have been profitable in RADA had I traded it correctly. It was a high conviction idea, and with proper entries, and proper management it would have worked out seriously profitable.
CAPN: I just traded this with a small position size, but reality is that I should have taken 40c profit. Take some freaking profit when it's available! Lost some money buying the late day dip, lacked a little patience with entry here.
BIS: Just didn't quite work out. Still like the long bigger picture. Probably should have had a better entry.
MEIP: I had enormous size in this at one point. A great setup. The problem arises in the speed at which I took the size off. I have a tendency to spread my orders out evenly. Reality is that they should be skewed towards getting more off earlier (depending on current size of course). So I still had ~2000 shares at the high, whereas I should have been down to >1000 shares.
But... Good job with patience, this was a really slow grinder.
LL: Probably one of the best trade ideas I had for the day. Fakeout below the 52 week lows, then reclaim vwap. The volume also quite indicative of buying. With the short interest reasonably high probably of some sort of squeeze coming.
Now I had the rebound trade pretty under wraps (aside from lack of management and averaging up too hard), but what let me down was the trading prior. I got long in front of the level, stopped below (not exactly an amazing trade), then chased it lower... Basically was all over the place.
MON: Trade of the day. Missed the morning reload at $114 for vwap, but basically the jist of the trade was that it was already nearing a technical breakdown, so then with news propulsion it helped the breakdown. Again, probably didn't manage initial size enough, which would have allowed for reload at vwap.
CYBR: Came in with the idea that with the lockup expiration I wanted to build into a short position throughout the day (managing appropriately)... Basically this was a case of stubbornness and strong conviction mixed into a nasty cocktail. Now the initial short into $53 area was fine (although I was too eager/not patient and so I slopped execution of that as well), but I basically failed to pay head to price action which was holding the opening drive and then after the opening session it was grinding higher.
My final short into the close, designed to hold overnight should have been literally right at the close, rather than 30 min before, because price action wasn't agreeing with it.
ADXS: Shorted the $1 move higher (which is an overextension by definition of ATR), but again, as with CYBR didn't really pay attention to price action which was more grinding type rather than emotional overextension. Good cut of losses.
Swing Trading: +$182.
AXN: Real nice drop today. Interesting food for thought here is that perhaps I could have gone long in back account instead of covering swing because of the volume flush, plus the fact that's it's going to be difficult to get reshorts.
FB: Nice correction in the morning. It held which is really healthy behaviour. Should have quite a bit more juice in it yet if it keeps having minor corrections but holding. I should have looked at intraday trading it because that chart is textbook.
GENE: Don't want any size in this any more. Gave it some thought. GENE is way more of a dog than it's similar run stocks (PLUG etc). I do however want to short the crap outa a ~$1 spike... So happy to leave these 200 shares on to ensure I see it.
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