CLVS: I thought this could continue lower due to the news not being that important and a lot of longs who got in will want to sell after no followthrough so I was looking for any lower highs/stuffs to get into it and add. I saw it ramp up and then stall at .40 level so I started in there with risk to 40s o/u. After it flushed a little I added when it looked to have a lower high and was peaking vwap. It came back and then I covered the add and then I covered the initial when it looked like it was going to nHOD. First mistake: Covering the add was fine since I was risking vwap/23 o/u but covering the initial due to fear was a mistake. As you will see I could have kept that on the rest of the time and then added for the eventual breakdown when it did happen. Anyway, after it came back down I thought now it could go lower after it got me and probably other shorts out so I shorted when it looked to be peaking vwap again and then when it broke through .80s I added on the breakdown because I didn't want to miss out on the flush with some added size. Mistake #2: Can't impose your will on the market so whatever size you can get in at proper entries then so be it. Adding on the breakdown can work but has fucked you a lot in the past so don't do it and wait for any pops. After I added at the lows, it came back and then ripped higher and I got out completely again. I then missed the actual move lower. What should have happened was I had that first initial position, adding was fine but then when I cover the add, the original's stop was never invalidated so keep that on throughout the chop and then add when it really drops. The key lesson here is twofold: give things enough room and don't add at inappropriate spots. Adding into weakness can work but best to just get in on pops, unless the situation warrants it. This is the type of stock to fuck traders vs. other stocks that just breakdown so shorting strength is the only option.
YRD: I was looking for a bounce in this stock due to the heavy selling and large volume on the prior day. I was looking for higher lows to get in since I didn't want to pick a bottom. It started washing out and I waited for an entry. It then went a decent amount off the lows but I didn't want to chase so I waited for a proper entry. I then saw it holding around the .50 level so I got in around there. I had really small size so I should have just risked to new lows but I just gave it to .50 o/u. I held through a few times that it cracked .50 but then came back but then when it went a bit lower than the past few times I sold out, since I didn't have much confidence in it at this point... and I bottom ticked the low and the candle. It then proceeded to slowly grind up and then go nuts all without me. Again the lesson is the same as above with CLVS: give things room to work with and then tighten it with proper adds and only stop out on adds and not the entire position unless the setup warrants it.
NYMX: I was looking to short this but was unsure how high it would go due to a lot of shorts being in this and the fact that a lot of people probably shorted after the Adam F tweet and might get stuck if it goes higher. So I was willing to be patient with it. I saw it had failed to breakdown below 5 and was probably trapping shorts and thought about going long but decided that wasn't the plan and I wasn't completely sure about that anyway. I did try to get in short before that when it looked like it stuffed but canceled as I didn't get filled at a good price. After it went up and down for a bit I thought it looked weak so I shorted at 5.1 after teh vwap fail and my plan was to add on pops under 5. It fell under $5 and I wanted a retest. It went low pretty quickly but I didn't want to miss out on the big flush. Sound familiar? So instead of waiting for a $5 retest which I knew would happen on this stock with a bunch of shorts, I decided to randomly add in to 3/4 size at the lows at 4.80. It then ripped up to $5ish and of course now my winner was a loser but I added in a last 1/4 because I was confident. However, I failed to see that it reclaimed the $4.9 level from earlier because then it ripped past 5 and squeezed me out and that was it. I thought about shorting it later in the day but decided against it. Overall had I waited to short $5 I would have been in better shape. I'm not sure how I would have played it from there but at the least the loss would be a lot less. Lesson: Don't chase the add and be patient per your plan.
LABU: At this point I was down $49 and had one trade left essentially. I saw a tweet that LABU looked good for a short and I checked it out and the pattern looked very familiar to when TWLO tanked so I just went in with 50 shares and said fuck it. I almost covered at the top of the retest since it went a bit higher than I thought but I said fuck it and let it ride. I got an awesome wash and I covered into the wash with the big volume candle. I thought that would be it since it had huge volume but that was only the beginning. It is unfortunate I covered too soon but a lot of times those flushes are it so it's give and take. I thought about reshorting pops on the downtrend but decided against since I made back my day and wasn't too confident in it, although it would have worked. Looking back though, while the volume was a lot it wasn't a huge amount like yesterday that marked the low. It looked big on the 1min timeframe but on others not so much. Other stocks though the 1min volume works so it really depends. I thought about adding in as it was about to go red but decided not to due to SSR being on and my rules as described above.
NUGT: I missed the wash and higher low trade in NUGT since there weren't really any higher lows after it bounced. After it started pulling back though, it consolidated and had a decent looking pattern so I shorted and it did breakdown but then came right back and I got out for flat. While I could have risked to that level o/u, I didn't want any headaches after coming all the way back to green.
Things to work on:
1. Give things enough room and don't add at inappropriate spots. Don't stop out of the initial position even if you stop out of the add unless the initial position's stop is hit. Be patient with adding. Think would you get in at that spot if you were never in it in the first place?
2. Sometimes big volume doesn't mean it is the bottom. Maybe cover 1/2 or 3/4 and let rest ride?
3. Know when you can break the rule of only shorting pops and when it is ok to add on weakness and vice versa for longs.
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