A lot of red flags on this company so I categorized it as turd initially. With that said doesn't mean trash can't run. History tells me that don't estimate trash's spikebility. So my plan was shorting into morning emotion move. Was patiently waiting to see the selling pressure took place and saw it. BUT the only problem was didn't short big enough. This setup is tough to play size b/c it's very jumpy. You can't wait till the price action to act!! You must put in orders with mental stop loss at some point. As result I only ended up shorting 2000 shares at $3 and ready to short at higher level but didn't get that. Shoulda put order in before the price action took off. Another lesson learned! This is a failure as I repeatedly said "if I could have made $5,000 but ended up making only $1000, it's a failure."
SIZE THE FUCK UP!!!!! Fearless but not reckless!!!!!
Thanks to chatroom and the moment I saw someone's post it was spiking and I quickly brought up montage and chart. Saw the selling pressure at $16(long upwick) and aware of FOMO so I stepped in $1 later and ended up shorting 400 shares with average $17.05. Got squeezed a little bit and honestly I was shorting risking $17 over/under. So if it kept going I would short more but boom a big red candle which is clear signal of momentum shift BUT I didn't add to my position. Again Coulda made more but didn't. But I didn't right thing because I saw reclaim action before so didn't want to lower my avg. The only part was shorting a bit too small. Everything else was good.
Midday had a chance to reshort but again didn't pull the trigger because GNCA was on the back of my memory and the price action looked consolidation to me instead of stuffing chatroom talked about. This is one of occasions that hard to distinguish consolidation from stuffing. But taking time element into consideration and VWAP reject it was classified as "stuffing". But that signal came too late and price moved too fast it's hard to react and execute. Was just being wrong in this case so didn't do anything. and missed $1 drop.
prefect short risking $16 over/under. SSR is on and I am proud that I didn't chase. only short 400 shares b/c I remembered CXRX did break above HOD so it could also do the same thing. Next time should sized in bigger and if it breakout and started to base just get the fuck out. It's easy said than done. I guess that I am not used to trade large size yet. I am still in the confirt zone that I need to step out. And I let fear took over and didn't want to ruin a good day.
I am proud and grateful that I was able to keep green for the entire week BUT I didn't do the best job and maximize the opportunities and profitability. So NO.1 goal for next week is sizing up when the setup present itself. Remember: fearless but NEVER reckless!!!!!!!!
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