VBLT: I was eyeing this for a short since I thought it was overextended. I saw it has resistance around $12 so that was where I was interested. If there was failed follow through then I would have been interested in that as well. Right after the open I saw a decent rejection candle on big volume so I thought about shorting there. It made nHOD and went to 12. It looked like it could have gone either way at the time so I was wary of shorting. It flushed back down to 11.70s where I guess I should have shorted but it still looked like it could go either way. It ended up fading a couple of dollars the rest of the day. This is a good example of having a thesis and then using the chart to play it. I was thinking had I shorted the rejection candle and it went against me, I could have added at 12 and let it play out with 12 over/under. This is hard to do with a $590 account and not really practical but that is one way it could have been played. First arrow is the rejection candle on bigger volume, second candle is it peaking at 12 although it looked like it could have gone either way, and the third is when it was peaking at 11.70s.
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