8/17_SKYS, AUPH, CYCC, THLD

Was wrong but fortunately closed the day green. Big confidence hit and afraid to go big in the near future. Had conviction on SKYS trade but didn't trade well.

#1 mistake: using $4 as risk level which was invalid given insignificant volume of the previous day.
#2 mistake: FOMO, thought it would be trading like KURA in which the run was fueled by emotions and quickly pulled but turned out I was dead wrong!!! It went further than I thought and prepared for.

I got extremely unconfirtable when it approached $5 mark. Now the question is whether $5 is going to peak or base. I did cover some in order for adding at the upper level. It chopped around $5 lvl and long sold-off upwick tells me this is very likely to pull. $5 very likely be the resistance. So I added couple times. Then it did HOD stuffing which further confirms my thesis so I added again. Then gradually took profit along the way and covered all b/c I didn't have decent avg. Ready to re-attack if it has chance get to VWAP lvl.

Now the easy part was over. Either it grinded back up or stuffed couple times then eventually fade off. I tried reshort but the volume makes me unease so I got out. I saw $.30 was key resistance level couple times but again just too afraid to be wrong so I didn't do anything till it cracked big and decided shit let me re-enter some and covered the last short attempt for $300ish. It faded all the way down to .20s. I was right that crack has bagged lots of longs but again due to bad avg I decided not to stick around and just covered and called it a day. Like Shadkin said, "it's all about the ENTRY". Had I had good entry I would very likely stay longer.

Traded small on these three. The ONLY regret I had was not shorting CYCC into $9 push. When you made money on long it's extremely hard to flip short. Sigh I don't know how to correct this issue. I tried in the past not longing anything from the get go but that could make me miss lots of decent upside. It's very hard. I think the best way to tackle would be forgetting about money you made long. Treat it as a new chart you have never traded and build your thesis from there with set risk and plan. If you are wrong, BE WRONG!