Trading Recap 7/9/15

Today was yet another losing day. I traded a stock with little volume, which I shouldn't have, and then I shorted a stock that I probably shouldn't have shorted. I have to keep refining the stocks that I play because there was plenty of opportunity today. I also did what I said I would and monitored the performance of stocks that come from scan and are just random names. For today, it was just one stock and it did absolutely nothing so it would have been a waste of screen real estate and focus.

White arrows are entries followed by exits.

NTIP: I had on this short watch for either a fail at 3 or 2.6 peak over/under. It fell at the open and then it seemed to have peaked but then it spiked later and made nHODs before coming back below the 2.6 line in the sand. It looked like it had rejected the nHODs so I went short but when it was holding and spiked a little I covered (not giving it enough room like I have said before) and ended up covering at the top (again...). It was a slow ride down the rest of the day but it did hit my target price point before ramping back up. I covered mostly because I was afraid it could spike higher and I would take a bigger than expected loss. For stocks like this though, if there is little volume/trades happening it isn't worth it even though they can work out.

NEO: I saw that this running either on nothing or a price target increase by Roth Capital, which is a bullshit firm, I believe. I was on the watch for a short and saw that it got stuffed on a nHOD attempt and it tried to go again but couldn't so I wanted to go short but missed it but then got in on another lower high. This was still front side so I was playing small until 6.3 peaked. Right after I got in, the stock dumped a little so I thought I was good but it ended up holding and making a higher low and slowly curling up and when it perked I got out for a loss.

Here are some other stocks that I was thinking of going into but didn't (and should have...):

WBAI: I saw a pretty nice descending triangle forming but knew the SSR was on so I didn't want to short it before the base broke. However, it did have a nice pattern of continuing lower highs until it finally did break. After it broke, it came and had a lower high which I was thinking of shorting but didn't.

NVAX: I saw this gapping on premarket and when the market opened I saw a nice higher low form for a long entry but I decided against it. I didn't have much confidence in it so I'm not too upset for missing it, I'm more upset about not taking action on WBAI.

SIXD: This was the stock to play today but the spreads gave me pause and unfortunately I never did anything with it. Looking back, I saw a nice topping pattern (hard to describe but it looks like a stock is going to curl down but has three or four big green candles instead and starts to sit back. I missed the initial pop but then saw it was grinding so I was thinking about a long but wasn't too sure about it and then I thought about shorting it but decided to forget it.

SGYP: I was looking for a short and when I saw it peak at a prior support level I wanted to get short but didn't because I didn't have confidence in it and I know this stock can go against your quickly.

Things to work on:

1. Continue following your rules of not taking a stock if the stop is too wide/ being patient when it goes slightly against you but still within risk parameters.
2. Continue to stop playing random names and go where the volume/action is.