CLVS: I was short biased going into the day due to the news not being worth the huge gap and the fact that I thought a lot of longs would be bagged. I also thought that if I was a longterm short in this name I wouldn't bother covering yet just due to this news. My plan was if I saw any stuffs/lower highs to get in and it wasn't something I was willing to average into due to the fact that it could just keep going higher in case a squeeze was on. I entered my position prematurely and partly due to FOMO and broke my rules for my plan by going in when vwap was looking to be the peak at the open, which is definitely not a reason to just get in. My risk in my head was to 25 o/u but I got scared when it went to new highs and thought it could breakout at that point so I got out. Again, a what if scenario that fucked me. It had a failed breakdown, had a lower high which I tried to get into but didn't and it did have a nice wash. What I would have done afterwards is up in the air since it did take a while to actually break down and did look like a decent long if it did hold a higher low. It might have broken out had the entire sector not taken a shit. I did think about shorting it later in the day for more downside but decided against it since it felt like chasing/not a good entry. It would have worked had I done it but it's ok. The real reshort was after it failed at vwap and consolidated at a lower level but I was out during that time.
INSY: I was short biased on this due to this having similar news on July 5th and it gapping up, running, and then tanking the whole day. There was a high short interest so I kept that in mind too but overall I was pretty bearish. I shorted near the open when it looked to be basing slightly and could breakdown. It didn't and instead ripped higher so I stopped out. I didn't have a clear stop so that was a problem but I knew I wanted to get out. I then tried to reshort smaller size when I thought it stuffed and failed. Looking back it wasn't a real stuff but still it wasn't a bad entry and much better than the first attempt. I stopped out when it made new highs, which was the real stuff and almost top ticked it. I then said I wouldn't touch it until the main support broke. It did and I shorted in there with risk to .80 o/u. It screwed around and so I got out for a tiny loss on this position. It screwed around more but then the real setup appeared (besides the stuff) and I was out for that too. This goes to show you have to wait for your entry that you know you are good with and that's it. had I waited for the a stuff (or at least shorted where I tried the second time) I would have had a winner.
EXPR: I had this stock on watch due to it having relative weakness to other retailers for earnings/poor earnings/poor guidance. I wanted lower highs/stuff to get in. I let it do its thing at the open and I thought about getting in quickly but it was a good decision as it wicked around a whole lot and definitely would have gotten me out. I shorted when it had consolidation at the lows and looked good for continued downside. I then added on a lower high that peaked at the support of the consolidation area. I added near 12 for the breakdown, it didn't happen like I thought so I sized down to half which kept me in the position. I then said I won't add until it breaks and peaks 12. It broke 12 and came under and consolidated there so I shorted there but the way it looked - looking back it just held around there and didn't peak like usual. I ended up adding right as it was about to break back above 12 and so I got out of the add and got out of my whole position out of fear which was stupid. It then came back lower but never made new lows but I at least could have had a profit on the position. It did look like it reclaimed though so that is why I got out.
ACIA: I shorted this when it had consolidation at the lows and looked to go lower with the pattern it was forming. It went lower, peaked at the prior support so I added, it went lower but it had trouble breaking through 103 with conviction and while it had quotes on the level 2 for below 103, it just wouldn't go below it that much and when I saw it partially reclaiming on the 1min I got out. It could have been nothing and gone lower but this time it was something so I got out at a very good time. I thought about reshorting it later in the day but never did.
NYMX: I saw the news and of course thought about shorting it since a lot of these news plays have been dumped after they stuff and make lower highs. I kept an eye on it and I thought I missed the short after I saw it failing to break out from 3.40 on the level 2. But after it came back I thought it would have to stuff through it to get the real breakdown and that is what happened. I then shorted on the pop to 3.40 after that and covered into the immediate wash. I thought about holding but I know some of these do just stay around and this was one of them. I thought about reshorting but never did and I am glad I didn't. I thought about shorting it in the mid 4s but decided against it and I am glad for that too. It stuffed a few times before breaking out but the key was it kept holding so here is a reminder that just because something stuffs that doesn't mean it's the top and it also had a fake breakdown as well and recollected and held higher low before the breakout to 4s.
Things to remember:
1. A bunch of stuff from yesterday apply here as well.
2. A stuff may not be the top - it just most likely is.
3. Don't have FOMO and break your plan.
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