CLCD: This was my only gainer for the day. After it had run up and had good strength after the offering, I was interested if it reclaimed the 22.20/30 area of support in hopes that it washed out any sellers and then would go higher. I bought when it consolidated above the support area. While I didn't have huge confidence in the idea, I did think it had a decent shot of going higher. I almost got out when it dipped lower but I said my risk was .20 over/under and vwap as well. It did go below but never peaked. It then shot straight up and made new highs. I saw it was absorbing at 23 after it broke out so I added since it was a similar scenario to how it broke out on Tuesday. Different circumstances though. I did want to be patient and not sell right away as I thought it could go higher but it never did and once it broke under $23 again I started to ditch the add and then the initial too. I did this because I was looking for more followthrough right away on this type of play and so when it dipped I just got out. It did go lower afterwards so it wasn't bad. Later on I saw it kept stuffing under vwap so I changed my bias and it fit with the failed breakout I was in earlier. I shorted near $25 with risk to vwap over/under and it broke under $22 but it started absorbing a huge amount of shares so I got out right afterwards. It did offer a nice scalp short but it didn't do much after that.
WATT: This was the main loser and what I was talking about in the intro. Going into the day I saw the gap down and it was day 3 so I didn't think there would be a trade here and figured it would bounce a little. However, it stayed heavy and after the small bounce it made new lows which got me interested. I saw it went all the way to vwap so I shorted after it broke down. I didn't get the best entry but I just wanted to get in since I figured it would keep going lower. I didn't bother to see the nearby support and the fact that I was shorting right near it. That was the first mistake by just wanting to get in no matter what, having FOMO, and not seeing I was shorting right at support. I covered when it went past vwap. After it came back under vwap, I shorted it again since that usually works on this stock and it did go lower for a bit but then came right back so I covered for flat and said forget it. After it went under vwap again I shorted it again hoping for this time to see a crack. This time I gave it too small of a risk of .30 over/under when it should just be vwap over/under. I covered right at vwap and then it went lower but didn't break down and just shot right back up. Overall I got stuck in the chop and either should have just had one trade on it and never stopped out or just avoid it. Either way it was a good lesson in not getting FOMO, giving things enough room, and keeping the bigger picture in mind.
APVO: This was a recent IPO and I thought it looked like the type that could squeeze and go higher. It did get a price target raise by a legit shop so that was something as well. I saw it had absorbed a lot of shares when it tried to break down and it immediately came back above vwap so I got in. I did get in on a pop which wasn't good - I got in because there was a huge ask that was getting eaten and so I wanted to get in front of it but it didn't break out right away. It stayed around vwap so I held on and then it spiked up. I thought this was confirmation of my idea so when I thought it was holding the .90 area as support I decided to add in. It didn't have any followthrough so I sold the add right away and then ditched the initial for flattish. It ended up fading the rest of the day. It was worth a shot and it was a very tiny loss but I should have waited for more confirmation of it holding up after it spiked before adding in.
LXRX: There were positives about this stock overall. I didn't know what to do with it in the morning so I let it do its thing and I wanted to see if I saw anything interesting. It had a fake breakout on volume in the morning but I didn't want to short that since that didn't mean that was the top. It kept holding on and then it broke $19. I was close to buying the breakout but I wanted to wait and also that was resistance. It ended up flushing right after breaking $19 so it was good not to buy the breakout. It just hovered for a while and what I didn't see was the volume stuffs and failed breakout attempts later in the day that preceeded a nice washout. I would have shorted the stuff for sure had I seen it but I didn't. It had a washout on volume but started to head lower again so as the $18 bid was getting eaten I shorted there in the hopes that it would have another nice washout for a scalp at least. I figured there were a lot of stuck longs and I recalled what CLCD did. This unfortunately didn't have any followthrough and since I hate shorting these breakdowns I just covered right after it broke above $18 again. I didn't want to get stuck in it and I was looking for more immediate downside. It was either going to work or it wasn't. While it could have definitely perked a bit then went lower I didn't want to take a chance with it so I got out.
Things to work on:
1. Give things enough room and be true to stops.
2. Keep bigger picture in mind.
3. No FOMO and look at support/resistance to make sure you know where you are shorting.
4. Don't be in a rush to add.
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