LMCA: This was up quite a lot and they are the acquirer in this scenario. It seemed like it had run quite a bit into a logical resistance point as well so it looked like a good short. I wanted to see it under vwap and peak there a couple of times. It started to look weaker than the past few days so I shorted on a pop to vwap with risk to r/g over/under. I thought I got a good entry but it shot up towards r/g. It was hovering around there but then looked like it was holding so I got out. The next candle it slammed back down so I thought it got everyone out so I was interested again but it never setup again. It did stuff though which I immediately shorted after and it did have a small wash. I was looking for a bit more of a pullback although I did see the big volume candle on the wash. It was hovering around the lows of the flush and I thought about taking it off but thought it could still go lower so I wanted to be patient. It ended up coming all the way back and I got out for flat on the trade. I saw there wasn't much volume overall and know how these low volume plays can just float back up. I tried it one last time by mistake. I thought it stuffed again but it was another random candle with the big volume so I tried to get out for flat but ended up taking a tiny loss on that try. It was good trading overall. Should I have covered some on the wash? Meh hindsight is 20/20 and I really thought it would pullback more.
UVXY: I thought that the market had potentially been setting up a long pattern and an ABCD. I shorted UVXY on a pop and when SPY looked like it was holding the prior resistance as support. It wasn't the best trade since I didn't really have an idea if people were really washed out and the market could then move higher but I gave it a shot. Took a small loss. In the future I'll probably avoid this type of play unless I am really confident as I have not had much success. I could have bought the trendline breakout I guess but meh.
SRPT: This was a miss on the longside for me although I was short biased and never shorted it until later in the day which was a flat trade. But it was good I never shorted it since it never really setup and I wasn't too sure about it. It did have a nice wedge that it broke out from in the morning which could have been a decent long attempt. But that's hindsight. I thought the news was meh and even though the float was 30% short, it has had news on this before but it always tanked. This was the first time that it gapped up on this sort of news though. Anyway I thought about shorting it a couple of times but never pulled the trigger since I wasn't too sure. It did get under vwap and I was hesitant to short it but I tried it anyway since I figured it could go lower. But I knew that a lot of stocks just consolidate under vwap and then reclaim so I got out for breakeven. I didn't want to lose on the stupid trade and it turned out to be the right call. I thought about going long after the reclaim but I just didn't have a good read on the stock overall so I avoided it.
Things to remember:
1. Trade the best - fuck the rest. LMCA was ok but UVXY and SRPT were meh.
2. Thesis determines the trade for you. If you don't have a thesis and understand what is going on with intraday fundamentals then just avoid.
3. Use trendlines/wedges more?
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