MOMO: I had this on short watch due to the huge bounce from yesterday and figured it would pullback at least a bit. My goal was to see if it peaked vwap and short on vwap pops. It flushed at the open but I didn't FOMO chase it which was good. Instead I got a nice pop to vwap which I started into. My risk was to 23.10s over/under. I didn't expect it to go back there to be honest. But it did and it did spike through it but came back down. I was almost ready to get out then but told myself that I was in small size and I had to let it test over/under. The entry that I thought was good ended up being not the best but it was ok. I stayed at partial size until a bit later when it wasn't peaking at 23.10s anymore but instead vwap. I added in for the breakdown and then added when it broke under the .50s support and peaked there. I covered 1/3 into the first drop to let myself be patient on the rest because I knew it could fade to 21s at least. It went around 50 cents lower but started to stop going down and basing so I got out another 1/3 in the 21.60s and then after it was clear it wasn't going down any more I got out the rest. I have traded this stock a lot in the past couple of weeks so I have a good feel of when it stops going lower. I did try a really small short again after it was retesting lows and looked like it could fade again but it never did so I got for a tiny loss. Overall great trade. Positives: You gave it enough room and covered as it went lower and added at appropriate spots and were patient the entire time both in entries and with exits.
WYNN: I had this on watch because I saw the daily chart and how it sped up into resistance so quickly compared to prior attempts. I wanted to short if a setup came up and if the market didn't want to bounce. The market didn't bounce of course and once I saw WYNN was under vwap I shorted with risk to vwap over/under. It is a crazy stock (I now remember playing it) and it spiked a bit through vwap and then stuffed pretty hard so after it started fading after that I added in since that was pretty telling and I got a nice wash to support where I thankfully covered half per my plan. I planned to let the rest ride or re add if I saw the opportunity. Instead, WYNN rocketed past my initial entry and past vwap very quickly. I was going to get out at the top of course but said "it should dip first to vwap and then I'll get out". I had a feeling it went up way too quick all of a sudden and while I was ok with taking a loss on the rest, I figured I could get a better price on my stop out. It did exactly that and covered for a small loss on the rest and came out up slightly on the name which was good. Overall rock solid here with covering at support as per your plan and then waiting for a dip to cover the rest on. I did want to short it again after it stuffed in the 114s and went red again which would have been really nice but I didn't. Positives: Gave it enough room on my initial, added when it stuffed pretty hard, covered half per my plan, and was patient on stopping out on the rest. In hindsight the fact that it went a bit higher on that stuff first should have been within my risk anyway. That area is resistance from the open anyway.
UVXY: My only loser for the day and a stupidish trade. I shorted UVXY at this point because SPY had broken a downtrend line for the day and I thought based on that a reversal could happen. I waited for it to retest and spot from where it broke out from and for the $24s to peak a little on UVXY. I shorted right under $24 with risk to $24 over/under. This was stupid because the real area as $24.20-30s over/under, not $24. So I covered at the top of that push when that should have been part of my risk anyway. It didn't work anyway. However, I shouldn't have shorted UVXY because of my thought process and my overall idea of what was going on. My idea was that not enough people had been washed out for any real bounce to occur. At this point in the market, people were will reasonable ok with how things were going. I figured it would need a bit more to flush out everyone. This is what ended up happening and so I should have went long UVXY instead on dips. Lesson: Always listen to your thesis about the particular trade first. Give things their true stop - make sure to look at the chart for proper areas of where to give it to. This is same from yesterday.
Things to remember:
1. Be true to your stop. Make sure to really look at the chart for proper areas to stop out at.
2. Only stop out on the add as long as initial entry's stop isn't invalidated.
3. No FOMO - have patience in entry and exit
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