Today was a good process day that ended up red but that's ok. I would do the trades I took again no problem. My stop outs could use improvement and I have to remember to give things a bit more room on trades based off of level 2 as that might have helped today. Combining the new plays and giving things more room based on the chart should yield good results.
REPH: The news seemed like the prior news last time when it gapped and crapped. It also had lower highs in premarket so overall that made me short biased. At the open, $9 was absorbing on the offer a lot. It was very clear so I shorted against that with a stop at HODs because sometimes it would go past $9 to 9.05 and then come back to $9 offer. It faded 30 cents or so from where I shorted it which was nice but I was looking for more and trying to be patient. It ended up coming back though and breaking out so I stopped out above $9. It was well worth the try though IMO. Later on I tried shorting when it looked like it had stuffed with bigger volume near HODs and the level 2 was showing some clear topping action at 9.70 repeatedly. It looked like it was getting manipulated because a PT increase came out that drove it to $10. I had a plan that if it needed to go through $10 and retest that would be ok because I had less size. However, the $10 test went a bit further than I thought and at that point I didn't know if shorts were getting squeezed due to the PT and it could go higher. I did think about adding but at the time it didn't seem as confirmed, especially with the lack of volume on the breakout above $10. That did end up being the top though. I think some fear got involved of it squeezing higher so that allow me to potentially execute my plan of potentially adding when it got through $10. It's tough in this scenario but like other upgrades, it tends to be the top. I tried some shorts later on where on the chart it wasn't the best area but the level 2 showed it was topping with big offer absorbs. I gave it too tight of a stop though/didn't cover at the right time since it was a chase on the chart. I was up on these trades but when it came back to retest, which I expected, I got stopped out due to not giving it enough room. On these level 2 plays, always give it extra room just in case. Better to size down a little and still be in it vs. getting stopped out with bigger size. That would be the main lesson from this stock.
CTSH: I was right on my thesis but ended up taking a small loss on this due to the whipsaw in the morning. My thesis was the gap would get faded off because the letter and everything it entails: doesn't have to be followed and even if it is followed and it actually does boost the share price, this is all in the future so the gap up seemed a bit much for something like this. I shorted on the $58 break and didn't want to see it get too much above $58 otherwise I would cut it off. Vwap over/under was my guide pretty much since it was near my price. I got a nice flush but it didn't hit my bid unfortunately. After the flush got bought back up, I thought it was suspicious and so just put a stop above $58 since at this point it looked like it could go either way. It did break out a bit over vwap but then got pushed back down and then under. I left it alone after this but it did have nice lower highs the rest of the day and did fade back to my target. Honestly I wasn't sure about it afterwards since it still had higher lows so I chose to avoid it. I'm not sure if there is anything to learn from this I guess. Right idea and decent execution. The chop in the morning and missing the fill screwed with me a bit. I knew to give it a chance at least after it got bought back up since anything can happen but like I said it was definitely fishy. If I reshorted it and it didn't work after it got back under vwap I would have been more pissed than missing it like I did here because I really wasn't sure at this point.
CUBA: I missed the opening short since I was busy with the above two stocks but I tried to get this on pops. It was a low vol stock but I was playing this off the level 2. I saw huge offers come in so I tried to see if they would get filled or not and when I thought they wouldn't I got in front of it. I got stopped out for breakeven and then tried it again at vwap. That worked and then I saw it spray up and come back to $7 offer with huge size. I thought they had gotten everybody out and would drive it lower now so I added in and put a breakeven stop. That got triggered eventually after it looked like it was going to go lower and then it just consolidated the rest of the day. Nothing else to say about this.
Other stocks:
X: I had it on watch in case today was the day it wanted to fade off. Unfortunately I didn't get any of it. I saw it rip r/g but didn't think much of it until it got rejected back down. That was the first time I saw that. I didn't get in although looking back it had a nice pattern that I could have added into to. I then saw it make a fake low on volume but didn't wan to bother going long for a scalp although it worked out. I thought about shorting it if it got back to the high .60s which it did but at that point I thought it would reclaim so I didn't want to bother with that. I guess bad reads on it somewhat or rather bad execution since I was right each time but never got in.
Things to remember:
1. Give things proper room on ALL types of trades.
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