Trades 05/12/13

Lessons:

• REMEMBER TO CANCEL SHORT ORDERS ON IB AS WHEN SHARES BECOME AVAILABLE YOU MAY NO LONGER WANT THEM
• $UTIW GOT OVERLY EXCITED WHEN SAW THE CHART AND SENT A SELL ORDER WITH LIMIT 17 WHEN BID WAS 17.04; SO THEY FILLED ME 17 AND MOVED BID BACK TO 17.04
• GOOD INSTINCTS OVERALL TRADING $CBMX ON THE SHORT SIDE, BOTH COVERS AND RE-SHORTS HAD GOOD R/R
• BE MORE PATIENT WITH FADERS - NO REASON TO BAIL ON EVERY UPTICK

Good trading today - had a good feel for $CBMX and for faders - $UTIW $RCPT - should risk more on the trades I have conviction on ($RCPT) 

Gappers: 0/1

$PCXCQ down %1

Longs: 1/3 (Down overall)

$OCLS tiny on ABCD 4.48 with r/g 4.70 target 4.30 risk nlods; target hit
$CALI long 5.48 with 5.11 risk and 6 target -> good job I cut losses at 10c it dropped another 40 real quick
$BOSC 7.89 with 7.75 risk nhod 8.25 target out at 7.80; had no real reason to get out before my stop hit, and a bit later it did hit a new high 

Faders: 4/4

$UTIW n52s at 17.50 then quick retrace to 17.25, consolidated and started fading. Shorted 17 with covers set for 25c lower. It came down 10c, I was patient but then it came back and I covered for b/e

$UTIW tried again late day fader 16.90 with 17 risk 16.75, 16.50 targets; covered half 16.75, chased the other cover to 16.80 and it went straight back down
$UTIW reshorted 16.76 anticipating a crack with tight stop and 16.50 target; covered 16.70 as I thought shorts might be starting to cover soon, good to note that it actually accelerated the fade towards the close
$RCPT looked fadey - not perfect setup as it was first up day; in 27.9 with 30 risk and 27.50 target; covered half for 25c rest at target - it dropped to 26 before bouncing back. nice call.

Grinders: 0/0

Washouts: 0/0

Shorts: 5/7 (Up)

$CBMX risky at 3.70 with 3.80 risk covered 3.55
$MACK 4.60 with r/g risk covered half 4.5 half on the way up for quick profits
$CBMX again on lod break 3.30 with 100 shares added 300 at 3.45 on lower highs; covered 200 at 3.15; added 400 at 3.29 on tight stop; covered 300 3.24, added 3.14; covered all 3.15 it refused to breakdown; overall up a fair bit, traded with suretrader so commissions probably ate half my profit.
$DUST just unbelievably stupid - was looking at shorting 50 break, sent the order but no shares on IB; forgot to cancel order and it got filled at 50 on the way up as shares became available after breaking down and I haven't even noticed. Cost me $50.
$PLUG bad entry at 1.72 for 1.70 breakdown with target 1.60 risk 1.77; knew it was a stupid trade; facepalm. out at 1.77;
$CBMX re-shorted 500 3.24 on a spike on air with 3.08 just above lod target, risk 3.30; added 5.20 with risk 5.30; covered half 3.11 rest 3.15
$CMBX again 3.20 covered 3.08
$PLUG tried again, it was testing 1.70 for the 5th time; 1.80 risk 1.60 target; covered 1.65s