Trading Recap 7/16/15

I had no trades today although there was plenty of opportunity and I wish I did place a trade. Most of them would have worked out very nicely and some wouldn't have. Usually, any trade I take goes against me but today was the day where most of them would have worked and so I lost out on some potential money by not trading instead of incurring more losses. I am glad I stayed away from shorting most of these names, however I have to realize that on some of these huge momo names that if it's not a short, then it should be a long in most cases and I should avoid any bias and just take it long if I still think it has room to go. These are some of the trades I would have taken.

VLTC: I did not expect this to go as high as it did and while I avoided shorting it on the way up, it was a long trade the entire time. The whole time it never cracked a prior support level which then acted as resistance.. until much later in the day where it was a good scalp short. So a good lesson here on these extreme high fliers is that until a prior support level is broken and peaked, don't bother shorting it. This would have worked slightly on OHRP yesterday towards the end of the day for a scalp since it did continue higher for an EOD breakout. A prior support level being broken doesn't mean the backside is in on these though, the real line in the sand may turn out to be a couple levels lower.

OHRP: I was going to short this because it looked almost exactly like two days ago when it faded. However, I decided against it (mostly due to being afraid) but I guess that worked out this time.

ZGNX: I was also going to short this but never bothered to do it. This would have ended up being a loser or a breakeven trade for me. I wanted to short this because it looked like it had a failed breakout attempt and came below the resistance which acted as resistance again. I decided against it due to low volume and its slowness. It ended up going a tad lower before ramping right back.

NDRM: This was gapping up nicely with decent volume so I put this on watch. As it pulled back I thought that it would flush below the support and reclaim and trap shorts and hold a higher low and squeeze. This is pretty much exactly what happened but I wanted it to pullback lower for low risk to base the trade off. That never happened and although I knew it looked ready to go, I never pulled the trigger unfortunately.

NFLX: This is the one I am really disappointed that I missed even though I called what would happen perfectly. I saw that the stock had came below the support and when it reclaimed I thought this was ready to go because of all the momentum behind it. It was low risk too.

IMGN: I didn't have this on watch but I saw on twitter people were talking about it so I checked it out and it looked good for a flag breakout. I was going to go in but it just spiked and I thought my chance was over but it ended up running crazy for most of the day. Total miss.

Things to work on:

1. Remember to go long on these huge momo names when they offer an opportunity to.
2. Don't short them either until they break support and peak at one level at least.