Intraday Trading: -$3024. Was one more oil trade after the screen shot. This is really pissing me off, the back account PnL makes this looks acceptable... But it's not because I did a poor job of controlling my risk. I even manage to catch a decent portion of the oil afternoon fade off, but because traded poorly obviously didn't capitalise.
I still stick by the fact that I have a huge edge in oil, when controlling my risk well (risk kept to 10-20c per trade). Also, as I keep saying, futures will really emphasis when you're trading poorly.
For tonight, I am below the PDT in main account so I won't be trading like normal, but I have a couple of high conviction setups in back account so I will be trading heavily via that. I will also trade oil, which is setting up very nicely for a short, and I will control my risk. This is not a case of trying to make back the money lost, but a case of proving can trade it correctly. I will aggressively look to manage my psychology, perhaps taking a walk after every loss. I will also enter in my stop-loss prior to my entry.
ETSY: Would have made a really nice swing position for a move to the $28-30s, but met my intraday target so took it off.
The fakeout below yesterdays low of $25 was the key to get into the position.
CL: Basically was waiting for price action to tell me what way it was going to go, with a slight fundamental bias towards the short side (for now). Originally in the morning I played the range quite nicely, and then paid the fakeout over $58, which I didn't control my risk very well on - then when I finally stopped out I basically re-entered slightly lower and ripped up some more money. There was never an individual loss greater than (approximately) $700 (which is still too large), which illustrates how I kept re-entering.
Swing Trades: -$26 for the day.
SHAK: Got a downgrade overnight... Ahhh well.
PSTR: Seems to be fading off nicely after yesterday pop. Won't begin to look to cover until the $3.80s.
CRMD: Basically got squeezed and stopped on hold over the $9.50. Would have loved to add there, but with this horrible psych at the moment, as I mentioned yesterday I'm trying to downsize everything.
Back Account: +$8572. Incredible day... I crushed the overnight long on VLTC and sold premarket (before a $4 rally), and absolutely nailed the BIOC short with size.
This $8500 comes approximately from this breakdown:
+$1500 VLTC overnight long.
+$2500 BIOC short.
-$1000 LOOK short. And a slight positive long on the eod.
+$5000 VLTC late day long.
VLTC: Sold this gapper premarket because, although I had noticed the change in character late day - via the mention where-ever it was, it was having no volume premarket (which is usually should if it's going to run like mad). Basically turned into a gap and go, and didn't look back until $14 at 10am, but these things happen and I executed my plan.
The late day long I almost minimised when you consider how I traded it. The setup was the opening drive, which never really pulled back, and a big change of character from the prior few days where it punished those who paid the breakout. I entered 4000 shares around $15.20 which was a chase (but the hold meant extra conviction). I was thinking absolute best case scenario, a measured move from the morning move, and so I didn't actually expect it, and was aiming to hold half until the close.
So I sold half into $16 when it paused, then the 1000 shares at $17.44 (happy with this sale because it made holding the remaining 1000 shares more manageable), and was stopped on remaining 1000 shares below $17 (down $2 or $2000 from peak, which coincided with the measured move)...
Going forward, while it seems like it had a blowoff top, and I would love to CRUSH this short it is important not to be too short biased. It could easily squeeze past $20. The tell will be if it's holding and not going down, slowly grinding up, so for example if it goes red morning (which will load up the shorts), and then manages to grind around and make green midday, a consolidation day (slightly green, near the highs, perhaps slight new high) and then breakout tomorrow would spell another big squeeze. Looking at some of the other major squeezes (LAKE, DGLY), they never had a daily candle with a big wick to the upside like, so I am short biased on pops (at least first the first half of day).
If this does setup for a short (and I have them available, seems unlikely at this stage of the squeeze) I will short serious size, say 4000 shares and then add to position if it moves in my favour - but can't be too impatient waiting for the setup.
BIOC: Shorted size into the $4 pop, covered, and reestablished into vwap. Nailed the morning trade, but missed the reload and late day fade (which was a super nice setup). High conviction short here again tomorrow, pop to $3.40s.
LOOK: Short idea was good, but lacked patience. Was stopped at midday high. Entry was $1.72, when in reality it should have been near the high. Will be a high conviction short tomorrow though - a complete piece of garbage.
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