screwed up the entry and mistakenly executed 2000 shares with $8.16 avg.
but had conviction and price action confirmation so held my short and nailed it.
2 mistakes:
1) didn't covered when saw higher lows. very undisciplined!!
2) covered emotionally into morning strength.
Disappointing price action and volume and big sellers at .88 so got out. Nate was planning to hold it o/n but "no thanks" for me. I trade what I see, not what I think it may/may not do.
I missed this trade for reason even though I was planning to trade it on long side risking $3 over/under. I was already in 2 positions early morning-CCXI and PTCT so I tried to focus on my opening positions instead of opening a new one with uncertainty. Yes this is a very powerful setup but the risk is also enormous. Yes in hindsight I should have longed it but man It's tough to capture everything in the morning especially that I know this one is choppy and I could have tackled the easier ones. I would rather trade the easy ones. I don't like challenge & difficulty.
Early shorts must be toasted hardcore given the price action. Entry is the key when shorting it. Long trap until 11am. This kind of fierce price action is frustrating from both long and short sides, you experience up and down, up and down. Maybe it's the best to miss it or given day2, take small ss risking $5.
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