Unfortunately I gave back yesterday's gains today although there wasn't much to say about the process - overall it was ok, just didn't have any luck with some fills. Not a big deal and it could have been a lot worse with DRWI.
SCYX: I saw the upgrade and figured it was BS. I shorted this near vwap when it had a good pattern of just fading off the bat. I was looking for more but covered once there was little volume for a small gain. That's pretty much it.
BANC: I was interested in this if it came under and peaked 13.80s since that was the level from yesterday. I figured the upgrade today was an event to provide liquidity for people to exit and figured there was some actual issues with the stock. I wans't sure though if the stock had to squeeze higher in case there were enough trapped shorts. With it coming under 13.80 I figured that would be a good sign that it could go lower. So I put an offer at 13.80 once it faded and I got filled. My risk was .80s over/under. In the end it didn't work and I took it off when it cleared vwap for a small loss. I thought about shorting it again when it looked to have failed followthrough on the breakout but decided against it. While I saw something, it could have just been nothing honestly. The news came out later which caused it to fade so overall my timing seemed to be off I guess. Nothing really to say here - don't mind taking the small loss. I could say I predicted that it would peak at .80s instead of reacting but that's a tough sell to me. Like yesterday on MMYT I "predicted" it would peak at vwap and I put an order there and it worked. So overall it was worth a shot.
DRWI: I missed the morning move but saw it consolidating under vwap and it looked like it tried to pop out of its range and failed so I got in. It wasn't the best entry but that was just in case it failed from where I saw it. It did some games and eventually faded. I had bids in but they never got filled and then I moved them up and never got filled either. Then it went back to my price but I figured it would just go to vwap and fail again so that is why I didn't put a breakeven stop because I figured I would be covering at the top. But then it got above vwap and then started pushing and I thought this is really abnormal so I took it off which was good and bad - bad that my winner was now a loser but good in that I avoided taking a bigger hit and avoided adding. So I tried to sort of pick a top later on since I saw some familiar level 2 games but that didn't work and then I went long. It wasn't the best long price but at that time I figured that shorts were screwed and that with the float being rotated it could rip. It worked but then looked like it stuffed so I put a breakeven stop since at this point it looked like it could have gone either way. Lesson here is that despite it stuffing it still went higher so again - stuffs aren't always the end all be all - overall thesis > minute price action. But overall I wasn't too confident in it so while it sucks I stopped out for flat when it worked, it's ok. Later on I shorted it when I thought it could have EOD fade but the pattern I saw wasn't really what I thought it was after I entered it but I had small size so I let it test around. It looked like it was going to go higher and I didn't like the price action but I let it test and put my stop and it ended up fading to vwap. I had a bid under vwap since I thought that was possible but it didn't so I got out for flat. I could say the lesson here is to just cover when it comes close but it really depends on the situation. Other than that just don't pick the top and giving things enough room prevented me from taking a loss on the last short and instead gave me a flat trade instead.
Other mentions:
PBYI: I tried getting filled on the 42 breakout but was being cute again with the trying to get filled on the bid when I could have taken the offer 5 cents higher. Stupid but I guess I didn't have much confidence in it although it worked great. At least I tried to get long on the flag breakout/familiar pattern.
Things to remember/work on:
1. Give things enough room.
2. If you want to get into something then just take the liquidity.
3. Thesis > minute price action. Don't pick tops/bottoms.
4. No what if.
No comments:
Post a Comment