Trades 03/12/13

Lessons:

• TAKE QUICK GAINS, DONT SWING FOR HOMERUNS (RE $ICLD $BDSI $CNAT)
• I DO VERY POORLY IN THE PREMARKET AND FIRST HALF HOUR FROM THE OPEN
• NO TRADES IN THE FIRST 30 MINUTES!!! SIT ON YOUR HANDS IF YOU NEED TO
• NO PREMARKET TRADES!
• AT SUPPORT LEVELS ON THE INTRADAY - ANTICIPATE WITH A FEW PERHAPS AND ADD ON CONFIRMATION (RE $BDSI, $TVIX); HAVE A SHORT STOPLOSS ON THE ONES YOU SPECULATE WITH
• WHEN A TRADE GOES AGAINST YOU - GET OUT. DONT MAKE EXCUSES AND FIND REASONS TO STAY IN THE TRADE (
• SINCE I WAS DOWN I TRIED TO MAKE UP FOR IT, TO END THE DAY IN PROFIT, AND THAT HAD A NEGATIVE EFFECT ON MY TRADING

Traded way too many imperfect setups. Tomorrow no premarket and no trades first half hour (other than selling gappers). Will try to focus on the best setups and risk capital accordingly; Take quick gains.


Gappers:

None

Longs: 1/1

$XOMA on weak open 5.55 with 5.50 risk and r/g (5.80) target; sold 1/3 5.75 rest 5.70

Faders: 0/3

$BDSI at 5.38 with nhod 5.42 risk; some consolidation at 5.36 but lots of room to drop below that so might add if it breaks 5.36; had to get out for -3c for to drive home
$MTL looked fadey in at 2.09 with 2.01 target 2.10 risk; stopped out -1c
$BDSI tried again with a tight stop - good setup, needs to break 5.35; went in big and was hoping for a homerun. Covered 1/5 at 5.31 from 5.35 and set rest to cover at 5.26 and 5.19; instead it crept back up - again teaching me to take a quick profit; sold half for 1c and rest for a loss when it went against me

Grinders: 6/10 (overall down)

$CNAT up 25% on the day with high of 8.20; in at 7.55 with 7.40 risk - worked quickly and beautifully for 15-20c, last 1/4 of the position held for homerun and ended up selling it flat...
$BSPM up big the previous day, down 9%, under SSR, looked grindy. in 2.25 with 2.20 risk and 2.40 target - not liquid enough, grinders need to be on high volume, one big sell and it drops 5%; sold half at the stop, held on to rest and it ended up hitting my target, overall b/e
$BOSC - in at 7.80 after a huge retraction, 7.60 (g/r) risk with 8.40 target; just missed my 8.39 sells ... then it became volatile, took 10c on half position, rest for 35c
$OMED up 70% seemed to be ABCDing; a bit volatile, got out for 10c and 45c
$ETRM a few on a short stop; looked like 1.75 was the bottom. 1.70 risk for 5-10c. Sold half for 5c, rest for 10c
$CMGE 11.85 with 11.75 risk and nhod target - hit. only 50 shares
$BOSC again on continued grindage, 8.20 with break of trend stop, and 9 target; trend broke so quickly I couldnt get out, again issue with liquidity here; eventually got out for -8c
$UNIS 4.92 with 4.88 risk 5.09 target; with $5 break on the horizon seems like a reasonable trade; hod at 5.25; it's been making higher highs but I guess it's lacking volume; again smashed thru my stop and hit 4.8, quickly recovered so sold half at 4.88 half 4.84, down 6c
$OMED looked like it was grinding late in the day - this time allowing a wider stop - in at 28.50 with 28 risk and 30 target; well that one really hurt, in 5 seconds it dropped to 27.50 ... worse thing is I think it was a reasonable trade to take, perhaps due to volatility I should have played smaller
$ICLD took some 10.60 with 10.50 risk and nhod 11.50 target as it was grinding late day; was 25c up and didnt take it as I was thinking it was grinding much higher ... instead kept adding and took a big loss. Looking at the chart after I got into the trade I knew this actually is more likely to breach 10.50 than go higher yet I let my emotions take over and didnt listen to reason ... see chart 

Washouts:

$CAMT seemed like good r/r in 5.20, 5.15 risk for 5.40, alas I traded it and failed miserably, didnt respect the stop loss and got out at 5

Shorts: 3/6 (up slightly)

$ETRM 1.85 on looking heavy, up 30% on the day looking for 5-10c and got them;
$CNAT shorted 7.37 small in anticipation of lod break 7.30 could send it to 7; stopped out 7.45
$YRCW maybe overly aggressive on what looks like a temporary spike to short into. in 8.47 with 8.55 risk and 8.25 target took some half off for 8c as it was too choppy; tried to be more patient with the rest and broke even
$KTOS quick flip on breaking under a major intraday support - out for -1c 
$TVIX 9.37 with 9.40 risk 9.20 target stopped out at 9.45 for -8c
$TVIX tried again with tighter stop effectively same trade, this time it worked for 12c