Slight losing day. Should have been up but some stupidity took over. I must get to the point where the money doesn't affect me. I am getting there but it is a slow process. It is a process of eventually becoming so disgusted that I just don't give a fuck anymore. I believe I am getting to that stage. The rest will take care of itself.
TXMD: Going into the day it was trading as if the study was BS and based on what I was reading online, that is what it seemed. So that made me more short biased. At the open I was looking for a pop to vwap/premkt resistance to get in but it never got to that level. It started fading a bit then the $7 level started to absorb but then looked like it would break so I shorted when that broke under. I was looking for immediate followthrough. If I didn't get that then I would reevaluate but I was looking to give it 15 cents or so. It washed nicely but I was looking for it to fill the gap or get close to it if the results were really bogus. It washed to $6.50 quickly and I had a bid at .20. Unfortunately that ended up being it. But at the time I thought it could still go lower. I believe the level 2 was doing some absorbs so I added after it bounced on the flush but when it had no immediate followthrough and started bouncing I covered some and then took the rest off at breakeven because at that time I figured the flush was really it. Later on I traded it twice on two stupid occasions. The level 2 made it seem like it was doing one thing but it was just hard action to read so I got out for small losses on both occasions. The first time was stupid. The second time I panicked a little after shorting but should have held in because even though I didn't get the best price I wanted, it still looked ok. I ended up covering near the top of where it went after I shorted and it did go back and retest the flush low which is what I wanted at the very least. I saw it perk through $7 and then come back down and figured that would be a good entry but I didn't take it. I anticipated it and saw it based on what I have seen before but didn't take the trade which is a mistake. Honestly had I just kept my original position and left it on since it never triggered my stop although it did get to my price and I probably would have gotten out then for flat had I waited. Also, don't get so much into shorting breakdowns and buying breakouts as those should be reserved for certain scenarios. Stick to pops and dips - they are much safer and offer better risk/reward. So overall a few lessons: 1. as mentioned in the intro: don't give a fuck about the $. 2. perhaps I could have started in at the open when it looked like it was going to fade on smaller size then add bigger where I originally got in with house's money 3. I've decided it's better to just cover at least some as I need to build a bankroll now. I've come to the conclusion after much deliberation that as I mentioned before, some profits are better than no profits. Taking profits in pieces is good. 4. Short pops/buy dips usually and leave the other trades for other situations.
SGY: I was short biased based on the news and the fact that this had already squeezed out the past few days so this could fade further. I saw it have big volume at the open to the $6.50 range so shorted there and then saw $6.50 was absorbing on the offer so this was all around good. It went back down to $6 but I had a bigger picture patience in mind type of trade. It went back to my entry and I didn't like it as much so I got out for flat and then it had a fake high and was absorbing at $6.50 again so I got in again at a slightly better price. I put a stop at new highs but I should have just let it test although in the end it didn't matter. I was too afraid of losing money that I didn't give it over/under room as planned. So it stopped me out and then came back down. I thought I got faked out but it ended up coming back and making new highs. It ended up having little volume anyway. Lessons: The first and second short were fine and not covering was ok because you had a bigger picture in mind and really thought it could start to fade. The only part not ok was giving it a tight stop that got you out when that was a fakeout, even though later it ended up back up.
Z: I saw this running into chart resistance off of the news which didn't make any sense to me. It kept grinding higher though so I was going to avoid it but then the level 2 was showing good signs of a strong seller being there so I shorted in front. Now afterwards it kept looking extremely weird with it continuing to get bought back up and the seller would sometimes disappear so I didn't want to be involved and got out for flat but ended up offering a nice fade which I didn't capture. It offered a breakdown trade under $37 but I didn't want to touch it with a breakdown trade. However, for the entire fad down there was a persistent seller that kept coming down with huge offers. He kept getting filled though. I tried shorting it against vwap because of the big volume and the fact that the seller looked to still be there. It ended up just hovering around vwap. I gave it enough room and didn't want to stop out prematurely when there was no reason to. I saw the offers kept getting paid so I put a breakeven bid and got out on that little flush. I thought I had made a mistake but it ended up being just a dip and it eventually worked it's way back up. I could have been a nice long perhaps and then short on the fake breakout. I'm not sure if there is a lesson here because I wasn't sure what was going on in the morning. I really thought if it was going to fade it would have to stop everyone else out with a fake high then maybe fade but that wasn't the case.
DUST: Small flag breakout trade that I got out for flat when it looked like it was failing. It could have just been a dip back to retest but from what I have seen, the best flags usually just work and this one ended up not doing anything.
Other stocks:
NVCN: Good for a long on that flag breakout after low volume. I have to be on the lookout for that pattern more often on these low priced stocks.
CMG: Complete miss although I thought it would have to go higher but when it started peaking it was worth a shot.
Things to remember:
1. Don't give a fuck.
2. Take profits at good spots
3. Look for more pops/dips and not breakouts/breakdowns
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