8:23: Didn't realise it was daylight savings in the US, but lucky I came in early and so didn't miss too much. Bit slack not knowing it was daylight saving time - thought it was later seeing as ours is later.
8:25: Goal for today is to get stop in on every trade, even starters.
First log on and see GWPH up 120% or $45 up from $40 previous close. Immediately want to short it, but need to be patient for better prices, it has already done an over-extension, but need to be patient to ensure I don't just jump in without being prepared -- so get ready for open and assess GWPH like normally would.
8:36: Am feeling pretty impulsive, I guess as a result of seeing some serious exciting moves premarket (ZYNE and GWPH). Need to mindful of this and act accordingly, only need to catch one decent move of one of them to make the day. Completely okay to miss...
8:58: Didn't chase ZYNE or GWPH and feeling really good about it... But of course the chases would have worked. Not at all worried though, it's not the times that it works that chasing gives you grief. Especially on big ranges like these ones.
9:35: Feeling the pressure trading GWPH given the range and size (200 shares is a lot on such a big range) I'm trading, probably not a bad idea to lower my size a little, but I have a decent edge in stocks like this so feel okay about it. Main thing is to make sure that one trade stopped out doesn't ruin the day.
9:39: GWPH holding up well enough to nearly negate short term bias, but then comes a wee stuff move and back looking okay. Very nerve ranking - perhaps sized in a little early. Was shorting ZYNE but have run out of shorts - therefore I should close up the starter trade I have on, on a dip. If GWPH does come off, as it's looking like I should end up okay on ZYNE despite not being able to add at favourable prices.
9:44: Narrowly missed a little cover on GWPH which is really annoying given how uncomfortable it's making me. But trend more clearly down now so should be fine. A note... If part of this gap hasn't been faded a bit more within the next little bit (say by 10:30) then it may be reasonable to expect a second leg higher. Given the massive range, tight consolidation breaks later in the day will have a massive edge.
9:51: Had hard stop-loss too wide on ZYNE, either that or I didn't stop out manually when I should have - leaning towards the latter. Up about $600 on GWPH and down about $500 on ZYNE, a real shame to have mismanaged ZYNE given how GWPH is working so well.
9:58: Hindsight as I'm getting stopped out of DDD is that I mistraded it. Needed to wait for the lower high, and therefore change in trend first, rather than anticipating where the lower high would be.
9:58: Kind of ironic that my hard stop on ZYNE short gets hit just as GWPH breaks down. Bizzare move on ZYNE given the GWPH weakness, but guess it will be a massive opportunity later (if I had shorts).
10:00 NUGT moved without me, sold off on opening drive, somewhat disappointed to have missed it, but it happens.
10:01: Stopped at the (short term) high on DDD and ZYNE. Guess that serves me right LOL... Feeling somewhat tilted as a result of the combination of ZYNE and DDD. So just keep an eye on tilting levels.
10:06: GWPH starting to look a bit crowded and with not a huge amount locked in I need to be very careful of a potential trend change. It has definitely been a lot more controlled than expected as well - which is somewhat indicative of crowded short nature.
10:12: DDD slowly put in that lower high. Looking to size in slowly - it's not picture perfect yet! Wait for the picture perfect to get to full size. Didn't realise that my max size should have been 400 not 500 on that last trade...
10:16: GWPH not exactly breaking that downtrend.. But it is struggling to make a new low in quick smart fashion. Potential double bottom? Exit plan now above vwap (83.68). It's definitely curling up, but can't looking too much into 1 wave.
10:18: Another vwap stuff? Giving me a headache lol... Need to cover down to 1/4 size and trail hard stop-loss so it's not longer an attention hog... Comeon washout for me to reduce size. Note I'm not cheering position, just having a laugh.
10:22: Increased profit target came across twitter feed. Nearly immediately covered GWPH but didn't see any reaction - still watching closely. Not sure if breaking news or what... If it is, and no reaction than it is freaking heavy... Need to find out.
10:25: Appears it was true.. So no reaction - should really add to short. Adding 1/4 @82.50, hard stop 84.
10:27: Chased the add at $82. But silly, most likely gave up a free $20. And.. I did give up free $20. Stopped on starter DDD again. leave it alone on short side now, probably a reasonable long on dips around $14.
10:29: Technically that hold at $82 is a higher low on GWPH. Hit stop at $84... Done for day - roughly around max drawdown (hundred or so under) and a draining day. Hypothetically if still trading would look to reverse to long on dips. Hindsight, of course the PT had to circulate a bit before any impact.
10:31: Kind of ironic that the moment I chase the add lower it holds the bid and has a short term low. Reality is though that I traded GWPH okay, perhaps a bit too biased to short side... The true mitakes today came in on ZYNE and DDD.
10:35: Another hindsight thing. Stpo needed to be wider on GWPH. With the range if I wasn't comfortable with wide risk than I needed to size down, rather than trail stop-loss. Massive negative edge having stop-losses hit on such a spready stock.
11:28: Back after a bit of a break. GWPH has geared up over vwap and is now a very clean long to at least the high of the day. Went full size immediately, which seems like a good idea, given that it is a binary type trade (trend either holds or it doesn't). That is, there's very little room for it to dip.
12:46: The long GWPH turned into a really nice trade, but trailed stop-loss too close so was stopped on the half that I wanted to hold. A shame to make a similar mistake to the one I made earlier today... But it happens... Currently up $100ish for the day. Tempted to call it a day, but looking for 1 last trade to bring it to $200.
12:59: Followed a guy on twitter into a UVXY trade... Overtrading, it's not a super bad trade, but not a super good one... Not particularly happy about the follow. Plenty of opportunities out there for me with NUGT, GWPH etc.
1:01: Shorted some BTU weekly call options as a swing. I will exclude this from my day-trading PnL. Happy to be short from the option execution price, although I doubt they get executed. Hopefully I kept trade small enough (but still worthwhile) to not affect day to day PnL too much.
1:14: Closed out all trades. Up the $200 target, so happy enough, but feels like a wasted day given all the opportunity. Pretty sure GWPH is going to continue to grind and trend until it parabolics... But I'm psychologically exhausted.
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