Very similar to yesterday's action. I did right thing by covering but perhaps shouldn't go long.
It's the same chart as STAF and JAGX today but the only difference is it took longer to develop before faded. This is what I talked about before: morning action, high price-VWAP deviation, stuffing action. BUT the key is when to short. I don't want to be the one trying to add the way up because you don't know how high it could go. I waited for momo changed then hammered it. The key is to pick a point to size in and make the position meaning-when to take it off, whether adding to position or etc.
Nice fading the whole day. Trash is trash at the end BUT as we saw HMNY did, it could take 1, 2, 3 or probably more days before trend change. It gets shorter today so I think this type of market has flushed out more and more chasers and it's not long before low float mania period ends.
Traded tooooo cautious and conservatively or it would have been a homerun trade. Covered as soon as I saw the basing action and the main reason got me out was that big long red down tail. Last time it happened the stock got pushed all the way up towards HOD so I certainly got scared this time so went ahead and took it off.
Mistake No.2: no regret about my reshort and cover BUT I should have reentered ss when it failed to keep moving and showing fading(lower highs) action at .80s.
This is a perfect trade of the day considering the "entries, exits, size, trade management" Just awesome. I shorted huge size but covered part of it when it failed to crack at the beginning. so Very nice entries and exits. Then when seeing fading momo so I added ss back in and covered some into the first big washout. Then I covered bit more worrying it gets crowded but here is the interesting part. After I took 2k shares liquidity from the offer on lvl2 but it failed to change which tells me clearly someone big was hiding size up there so I reshorted 2k shares. Nate said 2.80 over/under which makes perfect sense considering the sellers out there. The liquidity dried up in the middle of the day so I got a little anxious so covered some and held the rest. I agreed with Nate there were big sellers out there and they just haven't started selling yet. The fall is just matter of time.
Important tactic here: use small size to test the market/players hiding in the darkness to find out the force behind it. Frankly you don't know who is out there and how many shares they are selling/buying. My 2000 shares market buy order got me confirmed that big seller was there. In hindsight I should have reshorted more but just wasn't sure.
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