Trading Recap 12/23/15

So ultimately no trades for me today. For better or worse that is a good thing since all the stocks I wanted to trade ended up doing the opposite of what I wanted them to do. I did try to get filled (a serious attempt) on some short. Overall, there were a lot of opportunities at once and I was trying to figure out what the best stock was since I realistically can only do one stock at a time. So, that wasted some time but as I said it may have been for the better. The only one I had some conviction in was PSDV but that ended up just fucking around. Perhaps my short bias in almost all of the potential stocks clouded me from seeing any long opportunities. I'll go into detail for each ticker as I usually do.

PSDV: I was looking for any pops towards the prior day's support to short for another all day fade. I tried to get filled when it got rejected but missed it by a few cents. It did end up dropping a big afterwards but then it came back and ended up fucking around the rest of the day.

TK: I was short biased on this as well due to it coming off the lows of $7 to almost $10 in a couple of days and the daily looked like it would roll over further. I wanted to short any lower highs, which I was about to but as I said I had a few setups all happening at once and I didn't know which to pick. This would have been a loser though since it just went up for the rest of the day.

CNIT: I had this on watch but on the backburner. As I saw it trade right at the open I thought it had failed follow through momo and a short would be ok as it made nLODs. However, it reclaimed support and went back to premarket resistance where the real short was. Also, the daily chart looked like it needed to be given more room to go higher before a short was initiated since it only had one big day up so far. However, I read on twitter that this was a news pump so that gave me the idea to short when it had no follow through since I figured people would be selling into the gap.

SRNE: I did not have this on watch but saw it on my scans last night and thought about putting it on watch but decided against it since I thought it was a random play. Nate also had it on watch and it had a nice channel/higher low setup to get long for weak open r/g. Putting this here as a note.

ADMS: This may have been one of the stocks where my bias got in the way of seeing any long opportunities, although I did see some successful traders try to short this as well. I didn't see any good entries for the short though which is one of the main reasons I stayed away. The main reason I did not go long is because I thought this would just be a low volume gapper that no one noticed and it fades for the rest of the day. When I saw it reclaim support I didn't think of going long or short. However, if I knew that it was crowded short like Nate did, then I would have definitely looked at a long opportunity. The question is how do you know if something is crowded, Does he just see from his chat that a lot of people are shorting and it doesn't go down or is there something else?

CELG: I was also short biased on this as well and when it reclaimed support I didn't bother to look for any long opportunities. I saw the base of support break and was looking for an entry but hesitated. At first it seemed that I failed due to being scared but it came back after flushing to 118 and it hovered for a while before grinding back up.

MU: Another stock I was short biased for any continued downside. I saw lower highs and a base forming and when it looked to crack that base I wanted to short. It came back and then grinded up higher. Perhaps this also got crowded. Not sure.

Things to work on:

1. Don't let your bias get in the way of taking the opposite side of the trade.