CLVS: I had a bigger picture idea in this in that there was a ton of euphoria and it seemed to play out chart-wise exactly like AERI. So instead of waiting for a bigger picture idea and having patience I decided to scalp it. I was overall profitable on it but it could have been a lot more had I been patient and thought the big picture thesis I had. I saw it had failed follow through so shorted the vwap pop. It was a good entry and came towards the low quick enough. So I covered there for a 60cent scalp. Later on it headed straight towards vwap. I shorted at vwap and got a good entry but it went above vwap and I panicked out near the top. Now, could it have just touched vwap and that was it? Yeah it's possible but then instead of predicting you could have reacted and shorted lower highs after that. When it popped through vwap and got everyone out and then came right back down that was a good entry. Hindsight of course but those usually work. Adding on pops along the way would have been great. But for my entry, if I shorted at vwap I have to give it some room and I am in partial size so it should be ok. Instead of taking the loss I could have given it more room, I am in very partial size and it's ok if it doesn't work. Sure I take a loss but it's a small one in the grand scheme of things and it's ok. So those are some revelations I had today. I know I have talked about it before but today it might have hit home for me. I'm in partial size and even a dollar move against me on my partial size is half my downside. Anyway, had I had patience I could have added on the 36 peak and then maybe add in when it went red and peaked for the flush. Some things to consider. And also remember - add in where you would get in had you not already been in it. Later in the day I tried the r/g fail but covered for flat since it was meh. Lesson: Give things the proper room with the big picture ideas and when you are in 1/4 size. Also, again don't predict but react. Be patient if you have a big picture idea.
EBIO: I knew this would be a great short but unfortunately I didn't follow my rule I set out last night about being patient on these small cap junkers. While GBSN is a rare case of it going red due to it being sold into, that doesn't mean these can fade and EBIO also had some decent dilution going on as well. I paid too much attention to the minutia in the chart instead of just staying calm and letting it trend lower for the rest of the day. At the open I missed/was too much of pussy to short the opening candles. I'm not sure why I was a pussy there but anyway it had a big vwap stuff and I shorted after that and then after some level 2 fuckery I added in the full 200 shares. The rest is just me covering half and letting the rest ride but I should have just let the full 200 ride because these can really tank. These usually have at least two downward moves at the least. Lesson: Don't be a pussy - give these some room on these secondary stuffs and be patient once trend is on your side.
AERI: This fucking stock is probably responsible for most of my losses between day 1, yesterday, and today. To my own fault though, all cases were my fault of course. Today I was looking for it to be under vwap to short. It got under vwap and flushed and I got FOMO thinking it wouldn't just pop again so I shorted at a bad entry and it came right back up and I got scared and covered near the top of that bounce. First lesson here is to not get FOMO and wait for a better entry especially on a stock like this that you know fucks you first. I should have waited for a real vwap fail. I also didn't give it enough room since I covered at the top so that is another thing as well going back to CLVS although the entry here was bad. Later on it peaked vwap a few more times and looked better so I shorted then and got a nice wash but I had a bigger picture idea. I added on the pop/lower high and was patient with it for a while. Eventually it just didn't work and it hit my stop above the most recent prior high. I was up a decent chunk at the lows but it's ok because I had a bigger picture idea in mind and it just didn't work. But my entries on this trade were solid and so I still came out with a profit. Lesson: NO FOMO and give things enough room.
GALT: There are some good lessons here. First is that what you think is a stuff with big volume may not actually be one but one is coming up higher. Volume is relative and what may seem like big volume now may not be big compared to the true stuff later on. Anyway, I shorted after what I thought was the top and a stuff and then added prematurely when it came back and had what I thought was a lower high on big volume. I stopped out when it didn't work. I then waited to see what would happen. It then had a true stuff in the 70s and I shorted in the 60s. I remember I covered because the 57s bid was soaking so it came back up, but had a lower high and then went splat. So the lessons here are: wait for the big stuff that you can't mistake it for. If there isn't one then don't bother unless you see a good pattern. And even with the true stuff, it can have a lower high, it may not just drop right away.
SRPT/ CLCD/ LABU - I don't have all the executions for these and these were just fast scalps but from what I can remember these are the lessons to take away: Always look at support/resistances when scalping. This should be obvious but when I sometimes can't fit the entire day's chart on my screen by default, I have to make sure I allocate the right screen space to it. Only scalp when you have a good edge. This should also be obvious. Also, when you are most likely correct on something but it goes slightly against you - don't panic out. Give things enough room in the right circumstance. Also, again what you think is a stuff may not be a stuff and don't think automatically if you see bigger volume on something that it's the top. Again, overall thesis > minute price action.
Things to remember:
1. Give things the proper room on big picture ideas.
2. Give things more room when in partial size in general.
3. Be patient on big picture ideas and don't just scalp.
4.Wait for a true stuff on these runners and don't try to predict. Also, if it truly stuffs it can have a lower high - it doesn't have to just fade right away.
5. Make sure to look at support/resistance when scalping. Look at entire day's chart.
6. When you are most likely correct on something but it goes slightly against you don't panic. Goes back to #2.
7. What you think is a stuff may not be a stuff. Make sure to compare to the volume for the whole day and if the stuff makes sense. Also, overall thesis > minute price action.
8. Things from prior blog post.
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