Trading Recap 7/17/15

I had a decent loss yesterday when a stock I was long flushed below my stop and I panic sold, so there goes my CELG win and a bit more, unfortunately. It's my fault for staying red though as there were other stocks that could have brought me back to green or breakeven but I either waited too long or was just too scared. I am just going to do what I should have done a long time ago and just focus on the trade and not the money. If there is a trade that I think can work, I am going to take it. I don't really care if I lose or make anything anymore. I just want to trade well. I may also work on partial entries to avoid having any bigger than usual losses and then just add on some sort of confirmation even if my average gets a little worse.

White arrow is entry followed by exit.

CEMP: This may have been a case of trading a random stock but I thought the chart was primed for new highs so I added it on watch. In the morning it did make new highs but then pulled back and made a higher low and it looked like it could have gone higher from there so I went long with risk to r/g. It pulled back but then came back a bit and I thought it could go but it didn't so I was about to sell and I was about to sell it just tanked and I only got partial filled so I had to cancel that order and sell for a bigger than expected loss. Looking back, it looked like a lower high so maybe it wasn't the best entry. It eventually ended up making new highs later in the day.

SRNE: I had this on long watch for weak open r/g. It never had a weak open but it did consolidate nicely before going higher. The key, looking back, is to look for increased volume for confirmation before the price action. So, before it spiked higher there was increasing volume and higher lows with a nice base so that is a bullish sign. I was not looking at the volume and did not pay much attention to this stock but in the future if I see this I will look for increasing volume on different timeframes (since it wasn't as clear with just the 1min chart).

OHRP: Just want to put this here as a reminder to myself that when a stock doesn't want to break that level of support after a while, it's better to just take it off when volume comes in. OHRP based at 3.63 for a while before volume came in and it bounced back. Also of note is the nice rejection pattern at resistance in the morning.

VLTC: I was short biased in the AM but then saw higher lows and should have gone long. I did see a very nice trade opportunity at the top where I was going to short but just didn't. It was at 1:50-2 where it looked like it was going higher but it got stuffed on huge volume and looking at the L2 in real time I saw it could not get past that 10.48.

ETSY: I wanted to short what I thought was a silly reason for the stock to move (just a mention within Google's earnings report) so after it went parabolic, I was going to short the $22 test and fail which would have worked nicely but I never did it. I then actually put in an order to short it on another bounce but that would have just been a breakeven trade since it held a higher low and just continued higher.

Things to work on:

1. Forgot the $. Just trade well. Don't care about money - whether you win or lose.
2. On certain stocks, take a partial and then just add on some sort of confirmation.
3. When stocks are basing, look for volume to go long/cover.
4. Continue using multiple timeframes and not just the 1m.