Ridiculous runner that went from $3 to $15. I was careful not shorting it too early but only waited till sellers stepped in and momo shifted to short. $13.50 resistance is pretty solid so I stepped in. Tough to hold on to short when you see basing action so got out all before market opened.
The drama started after the market opened. Got perfect short after seeing strong sellers on lvl2 and I was up $1500 but didn't take profit. I didn't aim for homerun but the lvl2 and times and sales tells me that it could keep going downward and the LOD cracking got me further convinced that it could just fade back down but boom it started uptrending and according to my thesis $9.25 shouldn't be touched so I got out as result I turned $1500 profit into $0. It continued ripping so I took long position thinking HOD could breakout and that's powerful bullish signal so I took massive long position anticipating HOD breakout, holds and continue ripping. As the result it did make new high BUT stuffing at the peak and came back down. $10 couldn't hold that's a very bad sign and I should sell but didn't and ended up selling at the bottom.
After I sold I thought that was it, morning spike failed and now it could probably just fade back down but wrong again!!! It couldn't make new low but gearing up slowly. However I kept my short biased the entire time because the chart tells me lots of "stuffing" action at the VWAP and $9.40 and $9.50 area. Again this is the mistake Nikko made, Yes there are lots of stuffing action BUT the trend holds the whole time!!!!! When trend holds, it can continue go so should be buying on dips. But again I couldn't buy it due to memory of VKTX, AVXL that I thought it would probably be stuffed a couple times then cracked. The entire time I remained short biased because the lvl2 and t&s say so.
Until the $10 got breakout and consolidate and HOD breakout then I realized I was wrong and then went long. Yes that was chase but it was afternoon breakout on huge volume on this 10m float biotech stock so I decided to chase. The stock was trending up very nicely and I told myself to only sell when the first bearish sign appear. Even at the peak I didn't sell because that was above $12.50 and it holds so I thought it could continue march higher into the power hr. Again wrong!!!! it changed the course of direction and order started hitting bids at $13, 12.80, 12.60 then I started to realize "shit, trend's changed" then I use market order to get out.
Very rough day today!!! went from Up big to Down big then Up big in the afternoon and ended up taking tiny part of it. Should got out earlier knowing my entry was chase. Sadly for Nate who has entry with avg. $9 something but didn't sell much at $12, $13 and now here must be a little pissed of it. Day trading is about taking profit and cutting loss quickly. Even when things are going well and smooth, always always always lock in some!!!! You never know what would happen the next second!
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