White arrows are entries followed by exits.
ADXS: I was just keeping this on watch as I really didn't have a plan for it but I just wanted to see if any patterns/anything familiar came up. I saw the huge stuff and thought about shorting there but didn't and then saw it break the support it had and peak it. I went short since it looked like when it faded a couple of days ago. I put on small size since I wasn't sure of it and was ok with it testing and either confirming the downtrend and then I could add to the winner or just stop out with a small loss. It hovered around but then reclaimed the support and so I stopped out. It hovered around before breaking out and then coming back towards the end of the day. It was an ok trade all things considered, just didn't work out. Looking back, I should have risked to the prior highs since I did stop out at resistance and might have been able to cover on a dip when it confirmed to be holding vwap instead of peaking it. If it dropped, I could always get back in.
EXAS: This has a decently extended daily chart so as I was looking at it mid-morning it looked pretty weak compared to prior days and it was under vwap after an unsuccessful breakout attempt that got sold into. I got short small size with a risk on vwap over/under. It hovered before breaking over vwap and got me out for a small loss.
MRK: I saw this having a similar look to an EOD run setup so any dips I was interested in. This time though, I made sure to stick to my plan and only stop out if needed. With my small size I was ok. I first entered on dips to vwap with risk to vwap over/under and to .40 over/under. I got out for flat when I thought I wanted to get into another stock that looked better but got back into this at a similar price. It dropped under vwap a few times but I stuck to my plan to wait for confirmed peaking action of vwap to stop out. That never happened. Towards the end of the day it was holding up slightly higher and I thought about adding but decided against it because I wanted it to see confirmed holding of higher levels around .65-.70. It did run into the close a nice amount, it was a small gain due to small shares but that's fine - small gain > big loss.
CEMP: I borrowed some in the morning to short because it looked good for a short as it was under vwap in the morning. However, it went higher and so I kept it on radar. In these situations, I should look for failed follow through and wait for the crack and then short pops along the way. That is better confirmation than it just being under vwap right at the open for a few minutes. Something to keep in mind going forward when looking for these plays. After an hour or so it spiked up and had decent volume so I thought about shorting but didn't. I forget why (I might not have seen it until it had already dropped to vwap). I remember I wanted to see a lower high for me to start in but didn't. It went back up but then dropped and consolidated for most of the day above vwap. Later in the day it cracked and overall it looked very good for late day fade setup on an overextended chart. I started in half size since it looked very good and was almost backside. I risked to vwap o/u. I let it test around before it went red and then I added full size when it went red since that indicated to me that this could have a decent wash. I got an awesome washout but GREED took over and I wanted "just a little more". Next thing you know it bounces back .40 and that was it, no higher low at least or dip to get out of. Patience screwed me here but greed screwed me even more. I have to remember to just take these washouts if I am short while I am this account building mode. When it was washing out I was looking for bigger volume to confirm it was a decent bottom and looking back it was on decent volume but not huge which tricked me. But price pays and there's no excuse. I ended up covering for flat on my add and a smallish gain on my initial. The idea that the chart was pretty extended too screwed with me but me being a daytrader I have to remember to take those washes since I am not swinging it.
Other stocks of note:
ISNS: I didn't have a bias one way or another due to it trading a lot of volume and it having a low float. I saw the prior wicks on the daily chart when it ran and thought it would be a good short, although it seems like I forgot about that. I expected a bigger spike at the open but it just fizzled right off the bat and that was it. I saw it stuff a few times into breakout spots but either was too scared or too late to get a good entry. Any entry for a short would have worked essentially. I have to remember on these to just get in with small size and that's it then add on confirmation of trend. I think I am getting closer to that.
SAEX: The only short was a short on weakness out of the gate and with SSR on that sounded like trouble although it worked great. There were times I thought it would bounce but it kept selling off. It did spike into vwap with volume before and I thought that might be a good short but it could have easily bounced as well.
PRAN: I saw this running but didn't touch it as based on prior daily candles it just runs and doesn't do much for the rest of the day. However, it looked good for EOD run when it reclaimed vwap and had higher lows. I'm not sure why I didn't go in but it made nhod and that was the top. I would have hopefully sold into that since it was premature. I was looking at it later in the day for another run on higher lows. It looked like it was having higher lows so I was about to get in (this was the stock I got out of MRK for) but decided to wait a little as I remembered OCUL from Friday and how it looked good but then just failed. This did the same thing so it was a good thing in the end.
Things to remember:
1. Stick to your plan.
2. Don't be greedy/too patient. Remember you are a daytrader and not swing trader. TAKE PROFITS! GOING FROM WINNER TO LOSER SUCKS MORE THAN LOSER RIGHT OFF THE BAT!
3. Focus on learning from mistakes, not the PnL.
4. Remember the daily chart and how stocks act when trading (ISNS).
5. Don't be afraid to get in with small size. You can always add into winner.
6. Remember the failed follow through setup.
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