Trading Recap 7/15/15

Today was a good day since I was decently profitable and kept myself out of a lot of trouble shorting some of these other names like ZGNX, OHRP., and SYN (before it puked). Had I chose to play those names short, instead of long, I probably would have a few decent losses right now. I think it is a sign for me to either just scalp on the front side or only play the back side for now until my account is, hopefully, much higher.

White arrow is entry followed by exit.

CELG: I saw this name being mentioned on Twitter and saw that it might be a classic "short the acquirer" setup. It had a nice uptrend going and I was looking to enter on a trend break. I saw it break trend around $135 and thought about entering there but I wanted a pop. I didn't get a pop and it went lower so I thought I missed it until it rebounded back to $135. I entered there with risk to HOD and it was almost smooth sailing for the most part, especially once it broke $133.67. I did cover a bit early at $133, although I don't know if it would have rebounded had the market not taken a giant shit at EOD. I thought about reshorting it where I had covered but I didn't think it would be worth it. Overall, a good trade.

SYN: I had this on short watch since it was up three days in a row and looked pretty extended. I was going to go short in the AM when it had a nice wedge setup and it never broke down from the wedge but only went up. I wish I took the long but this is all in hindsight. I am just glad I did not short it early. It did end up dumping pretty nice and surprise, they announced an offering for the stock after hours. Using Michail's gravity formula $4.3 was a perfect place to enter but it looked like it could go higher. There were no retests of the prior $4.15 support to start in either, just continued flushing.

OHRP: I was also going to short this earlier in the day around $3.40 but Suretrader logged me out of the web platform and it had gone down a little bit before coming back up so I decided against it. Going into tomorrow I will be looking for scalps on the front side or wait for the backside. It's not worth the headache.

ZGNX: I also had this on short watch since it looked a bit overextended. I was going to short in the $18.80s area but it was forming an ABCD so I left it alone which was good. I could have went long, I guess, but I was afraid of it stuffing on the ABCD breakout like some of these do. Later on, I was watching for the support to fall and retest to start in but that never happened. It flushed below it and came right back up. It was a pretty good short trap.

ACAD: This had a pretty decent parabolic in the morning after going red and I was thinking of shorting after it was consolidating. It flushed a little and I thought I missed it and then it had a lower high which I was going to short but was too late. That turned out to be ok though because it just went higher. I was going to get in in the $51.20 area but it went higher than that too.It eventually faded nicely the rest of the day after the backside was in and $51 peaked.

Things to work on:

1. Continue being selective in your trades.
2. Only scalp the front side or just play the backside.
3. Make sure to consult multiple timeframes and not just the 1min.