Trading Recap 1/5/16

No trades for me again. I think I am reverting back to my old ways which I don't want. I thought about what I want to do with the account (just use it as practice and play everything I think is a good trade and reload if I blow up, keep the current way of trading, or look for those setups where I can definitely play correctly and scale in and have a good r/r) The third option is the best choice so that is what I will go with. Any trade I think that fits the criteria of me being able to scale in for a proper entry and have a good r/r where I am not risking a lot for my account but the reward is worth it I will force myself to take. It is too demoralizing looking at all these tickers and not being able to do anything with them. I will focus on trades that setup within my parameters. On the same note, I have to try and pick the best setup available because otherwise there is opportunity cost since I can really only trade one ticker at a time. There has still been the issue of lack of confidence although truth be told my ideas aren't too shabby. Execution is needed though and ideas don't mean shit.

BXLT: I had this on weak open r/g watch but was hesitant to put it on watch since it seemed random. The chart did look good though. I saw higher lows/perking in the morning and thought about entering there. However, the stupid voice in my head said "oh what if this is a bear flag". It's stupid shit like that that gets me in trouble and doesn't let me trade what I like. It doesn't matter though since it only moved a bit past r/g and then did nothing for the rest of the day until late in the day.

NHTC: I had this on bounce watch and I wanted a gap down and washout and then a higher low to go long. Instead, it gapped up slightly. What I should have noticed was that it was the first day of holding trend so I should have bought dips. The volume wasn't there though so I probably would have decided against it.

SWHC: I had it on watch due to the gap but looked at the daily chart and saw that almost all of the gap ups held their gains so it wasn't a short for me.The only trade I was thinking of taking was when the stock washed due to the Obama comments and I wanted to go long since I thought that it was too obvious to want to short the stock and that everybody would want to short it which would make it crowded. I wanted to buy around $25 which would have worked for a nice scalp but I never pulled the trigger.

GPRO/WTW: I am putting these together since they were similar trades/charts. I had them on watch due to the gap ups but wasn't sure what to do with them so I pretty much took them off radar. However, my idea was to short both since any gaps on GPRO are a chance for bagholders to sell since it's a POS and WTW was mostly all a squeeze so any gaps should be shorted after shorts get exhausted.

GSI: When it unhalted it squeezed and then settled back down. I was thinking there were a lot of shorts trapped and it could go higher so I was cautious of shorting it. I didn't think of buying any dips towards the support since I prefer for it to form some trend. Once the backside was in though I should have shorted any pops. However, I thought that it was still crowded with shorts and that it had a chance to reclaim and go higher. It might have squeezed everyone though in the first few minutes since it essentially doubled or more from the open.

EARS: I saw this on the top % gainers list and was looking at it as it kept spiking higher. Looking at the daily, it consolidated nicely and that made me hesitant to short any moves. Looking back, I could have scalped it at the very least when I noticed the stuff move as shown with the arrow below. I might have top ticked it though when it made nHOD which would have been bad since that was the top. I remember a similar scenario on another stock (I think OREX) where the daily looked ok but the intraday was good for a short but I didn't take it due to the daily. This should be a reminder that with moves like this, the daily is less useful.

AETI: Another runner with a stuff that I didn't take due to it being day 1 but that shouldn't matter with a stuff as obvious as this.

Things to work on:

1. You are a day trader so while the daily is important the intraday charts, especially in these cases, take precedence.