Today was a small losing day. The main lessons learned were to wait and see about actual highs and lows are being formed and not look at the minute price action too much for things like that. Another lesson is to always be on the lookout for setups to form (I have put this in past recaps but just as another reminder).
NCR: Right idea, wrong timing. I bought it when it broke above a consolidation in the morning and was above vwap. I thought that it was a weak open scenario like HAS. I stopped out when it got below vwap and by the .30s. However, it setup again after it went green and consolidated in a tight range. I wasn't looking at it or for whatever reason I missed that and it was straight up from there. It's tough to say I did anything really wrong on the trade. I thought it looked good then after breaking out. I could sit here and say to wait for more of a pattern etc but honestly that is hindsight. The other real lesson is to keep things on watch and be more attentive to patterns. Also if I am going to give things room over/under then I have to potentially use less size.
ZTO: A bunch of trades in this - nothing really to see here. Bought in front of the huge stabilizing bid that got whacked and hit out before the 18 bid was done. Then after it fell I shorted in front of 18 when it was absorbing offer but that didn't work and I got out at 18 there. I bought the breakout consolidation and it made new highs but that was fake so got out for flat. So a bunch of small trades in it. No real lessons here to be honest. I guess I could have noticed that it was holding under vwap and might go lower but it could have done anything.
CMG: I didn't short it in the early morning when it went under vwap which was good as I figured that could be a fake. There was some resistance near it but nothing crazy. It made some new lows later but it got to vwap and I shorted it there but I stopped out early. Then it went on a stupid run so I shorted it. I was a little early but I didn't stop out which was good. I thought about adding but didn't want to get too involved. I eventually got out for flat on that trade. Then I saw a big stuff and shorted and that worked really well. I covered too early but I followed my plan. Only lesson here is as mentioned above to keep things on watch and give things enough room.
Other stocks of note:
GNC: This goes to what I was mentioning before of seeing where the real highs and lows are being made. I thought about shorting it when it got under vwap after that big run up and then the fade but that was just it making its low and then rebounding. Other than that it made the pattern that I see works 100% of the time so far and I should have paid more attention.
TSLA: I was originally long biased and almost bought the highs of the day on the breakout but didn't, fortunately. I guess a pullback at the open would have ok to buy into since I was long biased. Later on I saw it was pretty weak and thought about shorting it but chickened out unfortunately. Only lesson here I guess is to not buy obvious breakouts like that and to figure out what the best ideas are and act on them. My thinking during the session was that this was acting weird for something that was supposed to breakout. There was definitely potential for this to go lower - I wasn't fixed on the long bias. I just chickened out.
Things to remember:
1. Wait and see about actual highs and lows / other patterns being formed.
2. Stay on the lookout always for new setups/patterns.
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