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Wednesday, October 19, 2016

Trading Recap 10/19/16

Today was a decent day and I made back yesterday's losses so I am just on a low and steady grind back to where I was last week. All tickers were positive today and while I could have made a lot more as usual, it's all hindsight and I do the best with what I can.

MMYT: I didn't think the news was worth the huge move and with the way it sold off and had failed follow through today I thought pops to vwap were good. I shorted at vwap and top ticked it and was never down on the position pretty much. I probably should have done more shares since it wasn't a lot to risk but the volume wasn't the best and there was a decent amount of range. I ended up covering at low 28s because I didn't want it to just volume spike on me. It did end up going lower but overall it was a good trade. I didn't want to add anywhere due to the low volume but it's ok. I got a decent move out of it. I could say to be more patient but that's just hindsight. In addition I wanted to start clawing back the losses from before - while that isn't the way you "should" trade I just needed some confidence boosters.

CERU: I had the right read on this but missed the earlier shorts. I saw it having a good pattern around vwap so I shorted there with risk to vwap. I was patient with it and I had a bid at .94 which almost got filled on the initial move downward but then it came back and I thought it reclaimed .97s with a higher low so I got out at .98 but it eventually went lower. It offered nice reshorts later in the day. Only lesson here is to catch the morning moves - it offered a good opportunity on the retest around 1.12 before it washed to sub $1. Another lesson is things may not get to vwap or whatever entry exactly so the best thing is to just place your order at a good spot and you shouldn't be in a size where pennies matter to you. You will stress yourself out. And again the overall thesis and bigger picture calls for a fade so you can be patient with it more. Again, I know you wanted to take profits so it's ok for now.

TSLA: I shorted this when I saw some volume in the 205s thinking there was some buyer exhaustion. I thought it could make a new high and get people out but I got in just in case that wasn't the case. It ended up going higher so I stopped out. But then I reshorted on the backside and made it back. So shorting it at the volume spot before was ok I suppose - it was in hindsight that it didn't work. But when I saw a very good pattern later on with lower highs - I should have done more size and been more patient since there was more defined risk now and it looked a lot better. While that is hindsight, it is something to keep in mind. That would be the only lesson for this stock. Another lesson could be to wait for more confirmation but when I first shorted that could have been it.

Other trades: TCCO - I didn't short it like I normally would because it had all the ingredients to go higher potentially but I think a lot of others thought the same so it faded. It offered multiple opportunities that were easy with the big stuffs. I will keep this in mind going forward.
NFLX - I completely missed the initial move since I had it on backburner but did want to get long if it setup properly. Looking at the chart, once it went green and reclaimed the prior support from yesterday was ok. One thing to note is I would have tried to get filled near r/g as close as possible but here that didn't work as it came close to it once it was over it and where I would be interested. Later on after the news hit I was interested in going long too when it was under vwap. I figured it stopped out people and shorts got in and it could go higher. It was a missed opportunity, I will pay more attention to those in the future. You could have given it to .50 o/u arbitrary or buy when it broke above vwap again with a stop to the low.
CTRV - Pretty pissed I missed the move downward as I was being too cautious now after it screwed me so many times. There were some good stuffs but I thought it would have to go higher first. Lesson here is once it looks weak 1-2 days then that might be it and any stuffs/pops should be shorted into.
EBIO - Complete miss on the stuff at the open. I put an order in but wanted to get fancy and get filled on the offer instead of the bid when it was a tight spread so didn't get filled. Stupid. Lesson here is if you like the trade then you should be willing to get in and take liquidity assuming the spread is good.

Things to work on/continue doing:
1. Trade the best, with the best patterns/thesis.
2. Catch the morning moves on these stocks that have good patterns and just fade right off the bat.
3. Don't be in a size where pennies matter to you - TOO MUCH STRESS TO WORRY ABOUT PENNIES. Get in at a general good entry spot and that is it.
4. When you see everyone on twitter go one way on a stock like TCCO, don't be afraid to go the opposite.
5. Look into how to get long on these news plays like NFLX.
6. Once a stock looks weak and has no more tricks - don't be afraid to get in like CTRV.

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