Trading Recap 5/20/15

What a day. So much opportunity that I didn't take advantage of. While I was flat for the day, I have heard of many people who blew up or took huge losses, so I guess I have that to be thankful for.

White arrows are entries followed by exits.

PBMD: I actually shorted this at 2.7 but covered for breakeven, so I guess kudos to me for not not giving up anything. I actually wanted to go long my covers but decided against it, unfortunately. My reason for the short was that it seemed to be peaking at the 2.7 level of support and I thought the backside was starting in. It flushed a bit lower and I thought I was good but then I saw it reclaimed support and just covered for breakeven. It went down a bit after covering and I thought I had just topticked the bounce but then higher low and bam, which is where I wanted to go long. Overall, while I didn't go long I am glad I stayed out of trouble on the short side, even when it was in the 5s and 6s.

MOMO: I actually wanted to get in this around 15.60 because it had reclaimed support, just like yesterday and it ripped yesterday too. I thought on the next dip I would buy even though yesterday it didn't dip and just continued to go up. Anyway, I didn't get in for the initial spike but the chart formed an ABCD so I bought the breakout but it didn't do much so I put a breakeven stop which got triggered. It ended up fading later in the day.

Things to work on:

1. Continue staying safe on these runners. Get rid of any short bias so you can go long.
2. Your trading has been improving, do not be afraid to go for the setups you think are good.