8:13: Bit tired, slightly earlier wakeup than normal. But not too bad. Should be an exciting day with CPXX gaping up 435% on phase 3 results. Today I am willing to double my max size on CPXX to 800 shares max, but only if the right type setup occurs. Will try to journal actively thought on whether or not it is fulfilling those requirements.
8:16: It is likely that some other stock will set up to allow me to "break my rules" on sizing, but I will be sure to journal here about it first.
8:18: Remember that today I need to focus on setting stop-losses in place and not getting stubborn. This may become extremely important if these smaller stocks start big squeezes. Remember how SDRL looked extremely parabolic at $6.00, be prepared for that $7 move.
9:32: Am short full size NUGT against the opening high, gold down about $4 and barely moved up but NUGT has bounced about $1 off the lows. Have a hard stop in so risk controlled. Given gold lethargic move going to have covers quite a bit lower, has real potential for big unwind I think.
9:33: NUGT back to lows :) was just a wee squeeze move. Luckily I got my final add right near the top of the squeeze move - that's why it pays not to chase.
9:35: NUGT right on the opening high. Regretting not covering just a tiny bit into down move. Will re-establish into squeeze move. Gold not following.
9:36: Want to immediately re-establish as straight back under the high, but not going to make my usual mistake. Patience for re-establishing here will pay. Trigger to chase back in will be gold below 1232, or piece into the short on the upmove.
9:44: Filled a tiny NUGT into up-move and then shorted remaining 3/4 on gold going below 1232 which was a relatively big chase. Food for thought: If I was going to chase so aggressively, perhaps I should have been looking to get 1/2 into upmove a bit quicker? Anyway, quite a nice average really, still around $1 of risk.
9:53: Narrowly missed a cover on NUGT at the lows. I think it's probably going sub-50 today, but I do need to be careful because it probably won't be as clean as yesterday.
9:57: Regretting not just hitting the cover a little higher, could have rinsed and repeated. Gold holding up pretty well currently as well, so would have been nice to cover risk.
10:01: Covered a little NUGT near the lows. Not that keen on taking the cover, but needed to pay myself in case trend reverses and I havne't taken any off. Too difficult to trail stop-loss yet.
10:05: Covering up NUGT into a dip will leave 50 shares on. Gold is a little strong. Will revisit gold sub 1232. Currently NUGT is below where I shorted when gold was 1232. Looking to add back into strength rather than dips.
10:08: NUGT sort of going back to lows. Happy I kept the 50 shares on. Am somewhat happy with the cover still though, so pretty solid trading I think.
10:11: CBDS breaking out on the r/g move.. I only have 200 shares, wanted 1000. Hopefully get a dip, don't want to chase.
10:23: VRX got me a little on edge given the big move. Should be a big move when it finally comes, so exciting, but need to be careful.
10:32: A bit going on with NUGT shaping up nicely again, CBDS breaking out again and VRX, and now CPXX. Going to ignore CPXX because I haven't been watching it closely enough. There's plenty of opportunity here. Keep watching CPXX on the side though
10:42: Need to be careful on VRX that I don't try too hard to anticipate the higher low. Let it tell me where it is. Much better off chasing it higher on confirmation.
10:48: I added more VRX when it was testing $42. I am now 3/4 size. Think I am a little early to that sort of size, and still should be in "buying weakness" mode. Needs time and over/under 42.50 for the size.
11:02: So I was definitely right on VRX, it needed quite a bit more time. The short term bottom is obviously close, shown by the volume, but until the trend literally changes no point doing too much. Kinda funny it can to 10c of my stop-loss (which was 50c below the $40 low) and got back above $40. A shame I was in more than 1/4 on that kind of action you could have a low risk add.
11:06: Added back to full size on NUGT after it failed to reclaim r/g. Gold currently $3 of yesterdays close, so shorting NUGT on failure price action around yesterday close is high probability and low risk.
11:10: There's the stop on VRX finally. An avoidable loss that was too big. Was up just under $200 realised on VRX (from the chaser short and then from the washout buy that were locked in), now down $160 which is too much for one trade. The other thing is that I could have closed the trade 50c higher when I knew it wasn't a long anymore.
11:18: Am about due for a break, but gold is finally rolling a bit, so trying to add back a wee cover I took.
11:23: Pulled a cover on NUGT. Didn't get the re-add, market stabilising and gold @ lows. Still short 150 shares which is considerable, but really solid trade from here.If I get the re-add will put cover back in of course.
12:04: Stopped on NUGT and on another go at VRX. Bit of a drawdown from intraday highs for my profitability. Should have been more aware of this.
1:10: After drawdown to breakeven on the day was looking for one trade to bring up to target. Have ended up drawing down to near max drawdown. Pretty disappointing. A couple of contributing factors - (1) Not recognising gold in a range day and adjusting accordingly. (2) Being a bit all over the place on VRX instead of planning and reacting accordingly like in the morning.
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