Trading Recap 7/28/15

I did not make any trades again today although I wish I had.. yet again. There were some very easy setups that I could have banked on that were completely stress free but I did not capitalize on them. I'll just recap some of the trades I thought about taking.

PGNX: This was by far the easiest short I have ever seen. It was one of those random stocks that gap up and usually end up falling right back down. I had it on watch for failed follow through. It made nLODs and while that wasn't the most convincing setup, it made a perfect lower high off which I could risk off of. I thought it would just screw around though and not fade all the way back. I have to get rid of the thinking that a stock won't move that much in the direction in which I am anticipating. The reason I thought that it was mostly over with was $10.5 was around 50% from the last closing price to the highest spot it gapped to. I have to remember that on these random gap ups, these are perfect setups for me to bank on since not a lot of people are aware of them and they won't squeeze since there aren't too many shorts. These often just fade back to where they came from within the day.

ITEK: The only trade I can remember thinking about taking is for a late day breakout since it was consolidating nicely throughout the day and I remember stocks like GENE and VLTC used to do that often when they were running. However, I guess everybody was thinking the same thing and the opposite happened. I need to keep that in mind going forward.

Things to work on:

1. Don't think "Oh it can't move that much more" if it is an ideal setup.
2. Always keep sentiment in mind and if a trade is crowded - keep the news YT video in mind.