-Scared of touching it but tried not to let emotion influence my judgment and action.
-shorting into the pop in the backside of the movement with set risk($10.50) is considered good trade.
-a lot of headaches and frustration on the front side shorting and at peak I was down several hundred, very poor management of trades.
-initially I shorted with stop loss @ $12.50 but I let it blow over it without taking it off and that's mistake #1.
-in this case it went to $14 before the pullback BUT in other cases it could go to $15, $16. So not taking it off is a stupid idea.
-Didn't get shaken-out and did right thing on adding short on secondary spike risking $14. It wasn't an emotional short, the 2nd and 3rd short was based on the fact that momentum sped up and green prints
flashing on Time and Sales fast so I could tell it was shorts panick covering.
-Got out my entire position on the pullback because it was still considered the front side of the movement considering the volume-2m traded, time-11am, and steady rising instead of emotional moonshot and of course my intuition and experience.
-after closing my position and I took the short again because the stock didn't have meaning pullback and $15 seems an important psychological level, so what I did was shorting in the high $14's with stop loss $15 and that's not bad but the problem was it blow off $15 in a big green candle and started to speed up. In 2 minutes I was down $1/share on 400 shares and that's not ideal. Now the decision I faced was a)eat my $400ish loss and get out or b) reshort. I tried to remain calm and partly was due to reluctance of taking the loss but after so much I had went through in the past and I knew what I am doing so I took shot and reshorted it risking $16.50 and luckily I was right and it did pullback $1.50 but that's not considered momentum shift, it's still the front side. But I was holding 700 shares position with avg $15.43 and risking HOD $16.50 so it was a bad trade at that point b/c my risk was far out of my desired/planned but I had no choice. at peak I was down more than $700. Then finally I covered due to the momentum was still on and I was holding big position with terrible average. Then right after I covered, it washed out by a big ass red candle and i was like WTF but I don't regret my cover, It was a bad trade from the beginning, what's the point of holding and wishing for turnaround?
-I believed lots of longs would freak out as soon as they saw the big red candle and shorts would start jumping in because they saw the confirmation!! the former support was already cracked!!!
-I was thinking to short very much right after the crack but hesitated and couldn't pull the trigger because I knew this one is crowded short, John Welsh and some other traders tweeted about it so I kept watching and I saw the there was still momentum on it so I decided to do nothing but continue to watch.
-this is the interesting part, the HOD happened in the midday and through out the rest of the day, It made a few attempts but just couldn't breakout(as indicated by the "lines" on it). In the past I would buy it anticipating the HOD break but this time, with combination of level 2, times and sales and chart, I saw the weakness and thought it could really fall of the cliff because from the big picture view, it was actually making lower highs since the HOD and volume was fading. So I shorted and nailed it and later it dropped to low $13. Profitable trade but perhaps I should have added to my position.
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