Day-Trading: +$164. Really solid day quite happy, given that NONE of my ideas worked cleanly. Made some progress today on the difference between a smart chase and waiting patiently for better prices. Didn't get stubborn at all as well, which I'm happy with.
As usual on "non-stubborn" days I did struggle with hitting stops when I shouldn't have. And therefore flipping bias too much. LULU would have been a great long if I had flipped bias and executed correctly. Instead, I got chopped around a lot.
Swing Trades: -$215.
Nice to have SUNE puts and calls go in the right direction both at once. Still somewhat on edge about these, but now that downmove has paused a little am more comfortable if I end up getting exercised on the puts.
NFLX. Bit disappointed with the lack of follow though. But it happens and I gave it a chance. Would take the trade 10/10 times, so right decision and unfortunate outcome.
RJETQ. Had the right idea about it all day, and have ended up with a reasonable average. I have assigned $600 risk in total to this trade (so a lot of risk). Two mistakes I made, which I should learn from for next time. I expect that worst case scenario it has a parabolic to $3.50 on the open tomorrow, based on this expectation (of worst case) I am currently near the point of losing my flexibility, which is not ideal. Traded this very well in general, focusing on scaling and covering dips to form a good average. Narrowly missed a few dips, which is partially a result of the first mistake:
(1) I scaled linearly. Did 200 @ 2.17, then 200 @ 2.39, 200 @ 2.48. Ended up with 2.30s average (roughly, actual average isn't so important). The mistake was having equal size on each add. In reality it should have been 100 @ 2.17, 200 @ 2.39, 400 @ 2.48. If I had done this, my cover on dip would have been met on the first dip, and therefore I could have added more aggressively into second push, and in turn locked in some profit and had a much better average on the same size.
(2) The second mistake was adding 200 shares short into the close. I left the order in after I left thinking "oh if it gets met I'll be happy cause it's a reasonable price". The reality is that shorting power into the close isn't a good idea AND more importantly, as already discussed my flexibility is reduced. Those 200 shares could have been added 3+. Now I am forced to save any additional adds for the opening para (if it gets to $3.50, and even then will need a tight stop), or for adding to a winner.
For tomorrow possible scenario's and how I would trade are:
(1) Gap up into 3ish, fist move down and rebound fails. Short full size with stop against the high risking $600 total.
(2) Weak opening push then fader setup for a g/r move. Get short full size on the g/r move, stop above the high risking $600 total.
(3) Opening parabolic to 3.20-3.50. Don't really have any more bullets left, so add 1400 shares in the 3.40s range with a tight 10c stop. Doesn't need to be said, but get the size off ASAP. Note that I don't expect this scenario to play out, but need to be ready for the possibility.
(4) Gap down. $2.40 is a significant level. Cover those 200 shares in the 2.40 range (just in case it rallies back), then add back if get a nice fader setup on $2.40. Don't want to assign as much risk to this trade.
No comments:
Post a Comment