Intraday Trading: +$629 for the day. Really solid day. Had plenty of trades that I missed because I was waiting for slightly better prices, but was very psychologically aware/disciplined and went for a walk. In particular there was 1 trade I missed that was a home run (ALTR bounce long), but there was then opportunity on the short side (and then long side again which I missed) which was a really good reminder that it really only takes 1 or 2 trades, so you can miss plenty!
Again, all pnl ended up coming from oil, which I'm not amazingly happy with but it's just the way it is.
The one lapse of discipline that occurred was with JRJC. I had already met my goal for the day, and thought JRJC was a nice trade (details below), but I went too large. If I was going to bend rules and lapse then I should have only traded tiny (which I did originally!).
For tomorrow:
(1) Keep losses on individual stocks less than $300.
(2) Try and have a higher level of conviction on trades. Especially if building up size. Do not be afraid to miss a trade for the sake of having a high level of conviction in it.
JRJC: Really nice perking up at the end of the day, with volume coming in, and over vwap. Chinese stocks super strong so plenty of reason to be long (even overnight). Got 300 shares really early (which I had planned to go overnight with), but then when volume came in I just added silly size (eventually got to 2000 shares). Stopped at the low and then a newsletter bought it lol...
The tape was actually quite indicative that it had lower to go, offers were holding and the spread widened once it peaked.
CL: Was above US session vwap and flirting with Asian inclusive session vwap. Also breaking downtrend and had a generally tight range overall - so had plenty of room for an explosive move either way. Unfortunately missed my low risk entry that I wanted at 50.80ish, so I got long on a dip with slightly wider risk, and smaller size. Then waited until increased confirmation, and I could trail my stoploss and add to position. This is really really good trading! I didn't get the entry (with low risk) I wanted so I adjusted and still ended up taking the same low risk (if not lower), despite original widestop. Haven't used this method much before but quite like it.
ADXS: Was up quite decently on this short, but it was only a small position, and didn't lock in enough/trail stoploss effectively.
Nice trade though. As usual it was saved I should have really considered the long.
ALTR: Liked this for a bounce early morning, but played out too quickly for me!! $42 was the r/g mark, and it "blew off" above $42 and created a nice short opportunity. I shorted against this level quite large, and managed aggressive. Then reloaded a little back into $42 and managed 1/5 of position, was going for a reasonably big trade on it. Then it started perking up, but I missed it and should have covered (at least half or more). This was a great long opportunity but didn't take it.
NVGN: So I absolutely loved this short but had no borrows in main account or back account. Would have been a big winner as it played out exactly how I would have nailed it (short at premarket high etc). Was planning on trading about 5000 shares so would have been a $3000+ gainer...
So anyway it seemed to be holding the opening low quite nicely and perking up, so I tried the long. This is probably a reasonable example of only taking trades with high conviction... If I had such high conviction in the short how could I have high conviction in the long. I'm fine with the trade, it wasn't that bad, but perhaps sizing was off.
There was some tells in volume/level 2 as well. Volume died off from open (just like every other time it failed gaps), and spread started widening.
CRMD: Only got 200 shares short (narrowly missed my other offers). Was up quite decently at one point but with only 200 shares I didn't lock it. Naturally I should have!
Swing Trades: -$119 for the day.
GENE: Just an FYI, I'm keeping this 100 share short on permanently because I want to keep track of it. There will be a great opportunity for a dead-cat bounce, or a short in a couple of $$ rally.
AXN: Really interesting day today, hence including the H1 chart. You can clearly see what I'm keeping an eye on, and hard stop is above $2. On the break of $1.80 there was a massive buyer, and I was getting nervous/anxious that I was going to get stopped out. If this were a more liquid stock; one that I cannot have a strong fundamental opinion on I would have simply stopped on the big volume. However, it completely failed $2 and more or less came back down below $1.80.
This is interesting because it's exactly what you want to see from a short perspective. It has been struggling to selloff, presumably because no-one really has any reason to sell - chart looks nice. But now with this high volume fakeout it puts a few people underwater, and gives me a higher probability of success. Very interesting stuff.
I tried to add a little to short once I realised that it was going to be a fake, but no borrows and wasn't going to back account for it (due to borrow fees, and minimal possibility of big intraday movement).
Back Account: +$255.
This was just a JRJC short into the parabolic. Never quite got high enough to get serious conviction/size on it - although it got close! So shorted 1000 shares, covered half into wash, and held other half for close to vwap.
Really good trading. Reason I'm really happy with it is that I didn't get carried away and jump in with size, like say the PSTR trade. Good stuff!
Updated intraday goal graph. Move up today, so step in the right direction. Be good to end the week on a positive note and make a higher high back towards that 0 line!
No comments:
Post a Comment