White arrows are entries followed by exits.
OMED: I had this on watch for failed follow through/lower highs for a possible all day fade on the bad news. I saw it ramp a bit then have lower highs which got me interested. I thought about shorting but thought the risk was too high for me so I waited to see what would happen. Once the $9.70s cracked I thought I could short any retest with risk to $9.7 o/u. So I did that and while it held a small higher low on the retest on the 1min I didn't think much of it. I drew a downtrend line and figured any pops on that line would be good which is where I got short. Right after shorting it popped and I let it test but it held so I got out. After a while it made new lows. Maybe I could have risked to $10 o/u instead but to me it seemed like a waste because if it reclaimed then I wouldn't be interested and it would have the potential to squeeze a little by trapping shorts like me.
ENOC: There were a few things going on in my head for this trade. The first is that it is day 1 so I need to be careful and the fact that it was past 11AM and still holding up. However, I thought that the move was over with when it consolidated at the highs and could not push anymore. I figured any retest of $6.2 would be ok for a short. So when it retested I went short with risk to $6.2 o/u. It consolidated and while it looked to be holding, any pushes towards the .20s were rejected. Plus, the 11AM rule is flexible since it was around 11:30. However, I should taken into account the higher lows forming/looking like it would breakout. At the same time I didn't want to be scared out of my position when my stop still wasn't hit. By the time it was ready to breakout, I thought to myself it really can go either way which if I wasn't in already I would have avoided but since I was in I decided to let it test and see what would happen. Generally, "just seeing what happens" is a bad thing but I tried to balance not wanting to get out prematurely with the fact that it was just chopping around and could go either way. Overall, I don't think I broke any rules; my choice to hold on and give it that 50/50 shot since I was already in just ended up being wrong. On a side note, when I covered ST executed my buy order twice so I was long 100 shares at 6.34. I tried to get out just to cover the commission and I did. I thought about holding on to it and "seeing what it would do" but I decided against that since I didn't want to be greedy and it wasn't part of my plan at all. Obviously I would have been better off holding but whatever.
GLNG: I wanted to see either weak open or failed follow through at the open. It had some higher lows at the open but I didn't take it, mostly because I was looking at other stocks. After it had rocketed up a bit I kept it on watch. I thought it had gotten rejected a few times and so a short would be decent but after flushing it came right back and made new highs. However, it consolidated and couldn't push anymore and I figured that is where all the shorts gave up. The HOD consolidation pattern is something I look for and it is similar to how ENOC looked, sort of. This short would have worked nicely.
OAS: I wanted to get short on any sign of weakness and if oil decided to go lower. Oil stocks were very weak compared to oil on Friday so that was a major reason for my bias. When OAS had a failed breakout I tried to get short but didn't get filled (was only a penny away) which is a shame since I would have added to this and it would have been a nice win. I found out that it doesn't matter if I take or add liquidity, the fees are the same so I will just take liquidity from now on if I want to get into something.
WMB: This was the only oil stock I was interested in to go long since it had nice relative strength compared to all of the other oil names. When it broke out from 19.50s that was a good indicator to get long. That would have worked nicely until it decided to fade with the rest of the oil names. The only reason I didn't take it is because I didn't want to risk .50 cents on it. I guess I could have done 50 shares although it was under $20 so I think 100 is the minimum allowed.
Things to work on:
1. On OMED type of trades, short into pushes only and since it had big range my stop needed to be wider as well. Which means for now I shouldn't take this type of trade.
2. Just take liquidity if the spread isn't bad.
3. Keep the focus on for setups throughout the day.
4. Balance situations like ENOC better. Maybe I could have taken it off and put it back on at the expense of commission.
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