Trading Recap 5/15/15

Today should have been an easy going day and a continuation to yesterday's lifeline for my account. Unfortunately, I somehow managed to lose a little on shorting VBLT... If you're asking yourself how that is possible, well stay tuned.

White arrows are entries followed by subsequent exit.

VBLT: I saw the chart history of what it did the last time this year when they released poor data and the stock went up and what happened the day after. What I saw was that there was a pop before it came down so that is what I was hoping for. At first I was disappointed because there was no pop but then the SSR got on and the stock ripped, which was great. I wanted it to get to the r/g line and get rejected, ideally. It almost got there but fell short by 10 cents. I was cautious shorting it with the SSR now on. A lower high formed, which really was my clue to get short here but I was scared with the SSR on. A subsequent flush happened and I wanted to get short for the retest on resistance which happened but I never got short though. So after it flushes for a bit, it rebounded a little to test the 5.80s and that is where I got short... after all the flushing happened already. Anyway, I got short at around 5.83 and right after I got filled it spiked on me and while I knew the real risk should be to 6 over/under I was using full BP and didn't want to get taken for a ride so I took it off at 5.9. That turned out to be a stuff and the 5.80s became resistance again so I got short again at 5.8 looking for nLODs. Just like yesterday with ACRX, there was little volume and it was a borefest. It went down to 5.64 and I could have erased my losses but I thought it could go to new lows so I stuck with it. Long story short, it came all the way back and triggered my breakeven stop.

I don't think the trades I took are a result of not wanting to miss out or because I missed out prior to. While I did miss out, I saw that it was retesting and I could scalp some with good r/r.

Things to work on:

1. I wanted to use big size which may have scared me into not shorting it where I wanted to at that lower high in the morning. Had I used normal size and added in on the retest like I wanted to, I still would have had a nice gain and it would have taken a few minutes vs. waiting for nothing on the trades I actually took. That is something I will have to work on with this small account: taking the small trade and then adding in full size for the big trade if I think the stock has enough momo to go up/down enough.