Today was a pretty profitable day and may have been my best day yet by only a few dollars probably. All green tickers and for the most part well executed. I did cover my SRPT short $1 too early but it's ok. If that was the only mistake today then it wasn't bad.
SRPT: I had this on watch due to a downward break from the consolidation it has been having the past few days. It had a very good-looking pattern on the hourly so I had it on top watch, especially with the offering buyers being bagholders at this point. Once it got under vwap and held under it and had a very good pattern I got in with risk to vwap over/under. It worked right away. I originally had a bid in at the low 54s due to some support it had from prior days which would have been nice. But I saw some decent volume coming and wanted to lock it in since I was up nicely. That is pretty much the trade. If I had more size I would have covered half and let the rest go I guess but it's fine. Usually I am pretty good with being patient but it's tough because I am trying to balance building up vs. being patient. I'm not really sure what to say about this other than I think for now it's better to stay on the side of taking profits and building up. When I ask myself would I be more upset if it turns into a flat trade vs. extra profits the answer is I would hate for it to be a flat trade. So in the end that's it and for now I'm just looking for paychecks. The only other trade I saw in it was a stuff candle near the lows that did work for scalp and that was it. Not really a lesson here - I did good size on it given the amount of room I had to give it and my downside and I covered at an ok spot despite it going lower. Keep it up!
LPCN: I saw the gap up and didn't really know what to do with it. I didn't trust it for much but I just had my eye on it. I saw it had a pretty nice stuff and when looking at a longer timeframe it looked like the gap up and stuff was it coming back under resistance and stopping everyone out. So I got in but with small size since I didn't completely trust it. It dipped lower and I thought I was ok but then it ripped back up all of a sudden. It made me instantly not trust it so I put a breakeven stop that was 1 cent away from getting triggered. It ended up going back lower and my bid at r/g got hit and that was it. Only lesson here is that the dip and rip does not mean it has bottomed but I knew that.
CLVS: This is a tricky stock for sure. When looking at the 1min chart in the morning it definitely looked like it was rejecting vwap but thanks to using the 3min chart I avoided that. It rocketed up and I stayed away since I wasn't sure how high it could go. After it went red and consolidated there I shorted with risk to r/g over/under since it looked pretty weak compared to prior days. It did dip lower but then shot up right away just like LPCN did and my breakeven stop got me out for flat. It ended up coming back down then up again. It looked like it went slightly higher and peaked at r/g and had a lower high so I tried it again and it did go lower and flush the support but then came back and then the .80s started absorbing quite a bit. I noticed it but didn't want to put too much credence in it since it could have easily kept fading and I wouldn't have wanted to get out there when that was only reason for me to cover. But that did end up being the bottom and it retested 32s, failed, but then held and reclaimed, and stopped me out above the prior high it made and that was it. It ended up going higher later in the day. Overall nothing to say here. I was thinking of adding when it looked good on the second short but decided against it since it didn't confirm much and it was still close to the prior day's support. So that was good thinking.
Things to work on:
1. Be more patient on winners? - depends but this is a secondary issue for now
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