Intraday Trades: +$674.
Slept in and missed most of morning time for preparation (stupid daylight saving!). Napping midday (EST) has become a lot more important! Did a good job of creating some good morning ideas without trying too hard and forcing unprepared trades.
Was up quite decently in the morning (around +400), but gave it all back due to (only slightly) sloppy trading. Then missed a really really nice oil long (missed execution by about 5c, but great patience not chasing it!), which would have been >$1000, but didn't get too annoyed by it, and got a really nice patient trade on it the second time. Basically exactly how oil should be traded (intraday), 10-20c stoploss and 40c-$1 targets. Great trading!
After that there were some trades I wanted to take but didn't because I had already met my $600 goal for the day. I did however still trade PSTR (no borrows in main account) in my back account.
CL: The trade that I missed was the 11:30am complex pull-back. Based on bigger picture I was looking to establish long, and the opening drive and consolidate with complex pullback gave entry opportunity. It basically took off right after I placed my order and I just missed, but didn't chase which was good stuff!!! Really happy about the patience I had. Better to miss an opportunity than have a loss bigger than it should be, although it would have been a really big winner if I had caught it.
The next trade (which I caught this time), was buying into the $53 support which coincided exactly with vwap. Stop-loss was entered before entry (great stuff!) but there was a few emotions with this trade because I didn't want to miss it after missing the morning opportunity. I did however hold back those emotions quite well. Target was to cover risk, and then let it ride, but I took the entire position off once my target for the day was reached.
This is how I should be trading oil!!!
One thing this trade really drives home for me is that you can have both a hard stop-loss and a mental stoploss. For example I was buying into $53 with a stoploss expected to withstand a flush through $53. In this scenario a mental stoploss would be a hold below $53. Neither of these obviously occurred but point being that both at the same time are feasible.
LL: Bought this into the low and was stopped below after narrowly avoiding some management. Entry was $34. Interestingly if I had got entry at anything below $34, say like $33.95 I would have got management.
OHRP: This was a little disappointing. I love the hourly chart and was so tempted to swing it. RR is around 10x or better for swing (assuming no gaps), and from an intraday perspective was around 2-4. Basically risk below the lows risking 10c, and ended up selling late day (before spike). Disappointing because I really liked the setup and had decent size.
BAS: I'm really happy with the way I traded this. The way it behaved is probably something that I would usually lose money trading (despite being up decently originally). Bigger picture buy dips type thing. Bought mid morning dip to/below vwap, managed some quickly, narrowly missed selling some into second target and then sold all when there was a character change.
Kinda funny to see that I could have bought into the high and/or shorted the high, but all good!
OCN: Gap up and was holding. Sold some at first target and sold rest after character change. Probably could have done a better job of managing a little bit on the morning volatility.
VLTC:
Would have been an easy weak open r/g type trade but wasn't prepared due to sleep in.
Narrowly missed getting good size on dips in the morning. Could have played a lot better, shouldn't really have lost money on this. The sale into yesterdays high was extremely obvious $4.73) but I missed it due to only having tiny size. I wanted 500 shares on dips in the morning but only got 200 shares. Then added too much size after failed test of yesterday high. Good stopout though.
My lack of morning preparation probably hurt me in this one (in terms of missed profit potential), but certainly didn't affect me too much (by which I mean the loss of money was nothing to do with it).
QUNR: Chased downside in this and covered quickly. Doesn't look like a chase in hindsight of course, but it most definitely was. Should have gone to more effort to join once trend was confirmed.
There was also an easy buy into $41.50 support that I missed.
DYAX: This was another that I missed some decent profit potential due to lack of preparation. Easy weak open r/g setup. Traded from the short side into the prior day high after that. Got some really nice entries and managed to rinse and repeat a little bit (no arrows) and was up decently about 11am was down to 2/5s of size at $28, then added back into pop near 28.50 (full size) on which I was stopped over $28.60. I guess I should have been looking for better RR to get back to full size, but overall tough stock, really looked like it was going to get under and hold below vwap.
Swing Trades: -$52.
AXN: Re-established this as a swing short (after the buyin). This time all size in main account (shares were available, AND it's cheaper to hold!). Looking for it to fade off as people forget about it. From what I can gather it is only up due to buyins, and volume has completely stagnated. Therefore I will hold full size until $1.20s or 5 down days.
Rest of swing trades just standard. Offering out ADXS options, hopefully get met but unlikely.
Back Account: +$784.
PSTR: This didn't even get on my radar until mid $4s, by which point it was up about 150%, and up in absolutely dollar terms more than those other days it had decent runs. Basically idea was that 150% is about the limit so began scalping half and holding half for lower. Never breached and held below vwap (although closed at vwap), so could have further upside, but I wouldn't expect it tomorrow. There should be an amazing short on the open against the highs.
The spread made for amazing scalping, and the fakeouts above highs were really really nice as well. TTL also gave a nice short spot!
Missed the end of day short, but I'm comfortable with that given that I don't fade late day momentum.
Intraday trading goal met for the day, and here's the updated graph.
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