$CDTI was the gimme setup this am - I planned it out perfectly, the execution was poor though, not enough size, and bailed too quickly as usual. Later taking the short side, entry wasn't perfect but with patience the trade turned out ok.
Otherwise fought too much with $ONTY; Chose the wrong side on $AVEO at the open but fixed it with a decently sized patient short
Late day came $GEVO long and $RXDX short to make it into a decent day; wish I could "bag" my winners ($GEVO) as well as my losers ($TRCH)
Could have been an easy day again had I sized in on $CDTI long however "they" made it seem weak so I didnt take much long into the open.
$TRCH and $ANCI were avoidable losses and made the day average in terms of p&l
Need to focus just on the liquid stocks on play (today $CDTI $AVEO $GEVO $RXDX for instance) and leave rest of the plays alone
Lessons:
- Avoid buying news intraday unless it's for a low float former runner AND wait for a dip and big volume for confirmation ($MNOV $APTO $LPCN examples of what I shouldn't have bought, $GEVO the opposite)
- For the Millionth time, cut losses quickly. Dont let a small insignificant loss to turn into a big one ($TRCH)
Trades:
$PSTR had some o/n, sheesh made a bigger move than i had expected, sold 3.80s; dropped back quite as quickly so not complaining
$ANCI had some o/n - great example of what NOT to gap - had no reason whatsoever, it closed really weak, no vol, no history of gapping ... really dont know why I took this trade
$TRCH gave me yet another lesson in why it's important to cut losers quickly; had some short 1.05 avg for two days, ample chances to cut it when it had gone green on the day on both days, instead covered at 1.30s. It hit 1.95 later in the day, so good job at least i didnt completely ignored and bagged it, as it would have been a devastating loss
$AVEO traded it long at the open for a loss, then shorted pops covered flushes and made it back with some change; then added some more when it was going sideways, which is a no-no; still had a strong short bias on it, didnt cover on break of vwap, decided to add a little bit more and be patient with it; patience paid off but was excruciating
$ANCI had some o/n - great example of what NOT to gap - had no reason whatsoever, it closed really weak, no vol, no history of gapping ... really dont know why I took this trade
$TRCH gave me yet another lesson in why it's important to cut losers quickly; had some short 1.05 avg for two days, ample chances to cut it when it had gone green on the day on both days, instead covered at 1.30s. It hit 1.95 later in the day, so good job at least i didnt completely ignored and bagged it, as it would have been a devastating loss
$AVEO traded it long at the open for a loss, then shorted pops covered flushes and made it back with some change; then added some more when it was going sideways, which is a no-no; still had a strong short bias on it, didnt cover on break of vwap, decided to add a little bit more and be patient with it; patience paid off but was excruciating
$CDTI shorted some in pre with 2.50 risk good example of a poor entry on the short side that ruined this trade - i wanted to wait for 2.50 test before i shorted, instead took a lower avg and got spooked out of position.
$ONTY shorted some in pre, tight stop, want to add to a winner should it g/r; sized in, didnt work, took off on r/g and then added back half; messed it up completely all day, traded with no edge, long on pops and short on dips
$CDTI bought on a dip and sold into the opening rip
$CDTI a few more times
$APTO $LPCN on news, one was ok other not; I need to stop buying just on any news
$MNOV same story - I'm not buying news intraday unless it's for a low float former runner AND i wait for a dip and big volume
$CDTI went short here (shares freed up, very tight stop 2.8); didnt actually stop out where i should have, lightened back at green on the position, thinking it will just fade all day now
$GEVO first trade quick scalp off news. then rebought lower and it started dropping. i think i sold some (which doesnt appear on the chart). I then rebought as the setup looked great off the dip, but the selling was relentless. until it wasnt. That big "dip" put me off I guess
$RXDX not the best entry, but sized into it as i felt more comfortable it was heading down; i dont usually trade stocks about $10, not very comfortable doing so , could have been more patient with covers and wait for flush but i didnt like how it bounced very quickly each time after snapping; time will tell if it eventually does snap, if not today, will be one of the top watches for tomorrow
$RXDX re-entered later here; gave a little back. was smaller position and adhered stop
$GEVO re-entered for the eod push, might take some o/n; first entry was silly, but knew it was a starter, wanted to accumulated larger position preferably in the low 3.30s but it never got there; didn't take any o/n, might regret it, but will look for the gap up para short instead
P&L:
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