Main Account: +$816. Another solid day with plenty of opportunity. Again fell into the problem of putting a bit too much size on with respect to my max loss. Today I was able to pinpoint this into the fade trades. Which kinda makes sense that I try and get quite a bit on near the bottom and then add. So will need to bear that in mind for future.
A note on GMCR. In the SMB midday meeting it was brought up that because it has such a high short interest and has a massive gap down on really negative news the short side is likely to be crowded and therefore it's more likely to be range bound rather than trending down. This obviously didn't apply to LL yesterday (even that gave a nasty squeeze on open) but I like the thought process. I usually only incorporate a high short interest into squeeze ideas or when thinking of a low float short as crowded.
Positives for the day:
(1) Really solid patience, waited for the prices I wanted and then managed to keep a small portion of position for decent move.
(2) More solid reads and high probability of success today.
(3) Hit target for the day really really early (9:45). That's why I continued trading (although I took the foot off the pedal a little). Cool thing is that at this point I hadn't used too much size and had simply met target from catching solid moves.
Negatives for the day:
(1) As mentioned got sizing wrong on the fading moves. Was also a bit pre-emptive on adding to one position once I thought it had trend changed rather than waiting for it to tell me when trend had changed.
(2) Aside from the open didn't get amazingly good entry. Was a sign of impatience re-entering my mindset.
Back Account: +$193.
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