Small losing day for me but a lot was learned so it was good. Basically the hey highlights from today are: you don't know how the stocks you are looking at/are in will play out or how the chart will look when everything is said and done - be prepared for anything, don't bother with the stupid little scalps when you try to get cute and see if it'll work - these just annoy you and don't play to your strengths, when looking at when to short/long based on volume, realize that there may be bigger volume later on (especially near the open) - volume should only be used when it is far and above any other volume bar during the day and not just when a candle is making bigger volume at the open (in most circumstances).
PAY: I just had it on watch in case of it doing anything interesting. The earnings and guidance were pretty bad in my opinion but it wasn't doing much in premkt so I just decided to keep it on watch although I had a short bias if a pattern or anything emerged. It started ramping up from the open and I saw bigger volume bars so thought it would be a good area to short so I tried it but then stopped out when it went higher. I tried it again later but that didn't work either. The second time was worth a shot although I should have given it more room since the resistance from the higher timeframe was around that area. I tried it one last time as it looked like it peaked out. I thought I was good but it just wouldn't breakdown so I put my stop above some resistance and that got hit and then I was done with it. The better play should have been realistically - try it the second time and give it enough room to 18 and then stop out as it was flagging and broke higher. Then when it had a really nice stuff through $18 try it again. It didn't fade too much but it at least got to vwap and the prior support which could have been a cover zone for some shares at least. So a few things: make sure you are aware of prior chart levels and give things enough room over/under, don't be so quick on the volume bar trades.
ALXN: I had this on watch for a 2nd day play in case it wanted to continue its downward move. I saw it hovering around vwap at the open and wasn't sure about it so I decided to wait and let it do its thing and if it dropped some, I would short pops. That is exactly what I did which provided a nice entry. I thought about adding when it popped but didn't feel it was a good spot yet as I didn't want to get too big yet. I did add later on when it seemed like it would go lower and it presented a decent pattern. It ended up hovering around where I added and I knew that with that type of setup it should be quicker so I put a stop on all of the shares if it went past a small resistance area near where I added and that got hit so I got out. It did pop quite a bit more afterwards so I thought that was a good call. Later on, I saw it trickling near lows again. I originally wanted to be patient with it but when I saw some higher lows I got out especially since I had added and it wasn't doing what I wanted. I tried shorting some breakdowns but didn't give it enough room on the first attempt which was stupid. Then I got a decent short on another breakdown but wanted to be patient but it ended up just going slightly below the premkt low from yesterday and then bouncing. I put a breakeven stop or slightly above it which got me out when it bounced. I tried it one last time for another stupid scalp attempt that I just got out of for flat when it didn't work. I guess it was worth a shot. Lessons: Let the stock tell you what it's going to do and don't try to pick a top or bottom and give things enough room.
AKAO: Just one stupid trade in it where I thought I saw a big bid flash and go away so I thought it would go lower but I realized the big bid wasn't really that big for a stock trading this much volume and I was thinking about a stock that has a much lower float and volume and that is a pump. This is a somewhat more legit stock so the same tricks don't apply. I originally had a more long bias at the open but wasn't really sure about it. While it would have been nice to be long I didn't really trust it so I don't mind missing out on it. When it got abveo vwap in the morning and dipped I thought about buying some but I still didn't believe it. Had I bought at $13 in the morning small size, just to note that it took a few attempts of not breaking down before it went higher. It really looked like it would go lower after a few test but it never did.
Other stocks:
NVCN: I should have know this was a rehash PR. Be on the lookout for that.
Things to remember:
1. Let the stock tell you what it's going to do and don't try to pick a top or bottom and give things enough room.
2. Be on the lookout for rehash PRs - scroll through news history.
3. You don't know how the stocks you are looking at/are in will play out or
how the chart will look when everything is said and done - be prepared
for anything.
4. Don't bother with the stupid little scalps when you try to get cute and
see if it'll work - these just annoy you and don't play to your
strengths.
5. Realize that there may be bigger volume later on (especially near the
open) - volume should only be used when it is far and above any other
volume bar during the day and not just when a candle is making bigger
volume at the open (in most circumstances)
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