Due to small cap, biotech pharma mania I saw the news with CLRB. Turd but former runner. News is on phase1 which is of no value but understand we are in crazy market so I longed 3k shares immediately then boom someone sold shares into my bid and instantly I was down $2k. Fuck that I knew seller exist so hoping it could get picked up at least some momo to offer me the exit. Fortunately got that and sold my position lost $400. No biggie. But this is not appropriate way to trade! Anticipatory approach from long side is essentially tossing dice.
Didn't move as expected. No seller and time stop loss got triggered so got out.
Had conviction on it. They talked about approval in Japan and previous ODD. But it didn't sell off like SEED yesterday which is what I expected it would do. Had decent short on ST account so managed to made $2k on it.
Man~ this has a lot to talk about. Saw the PR it put out related to SRPT so I thought if the momo gets picked up it could fly so I took 2k shares long. It did exactly what I wanted!!!! BUT I sold because big green candle look like emotional para to me and flipped short. Got squeezed! I don't regret short because I saw the weakness and risking $7 mark. I don't regret long and sold b/c I didn't expect the volume explode like that. The only thing that I did wrong was seeing 2 red volume push downward but failed I should cover immediately!! I knew it could squeeze to infinity, this chart reminds me of LEI on day 1 so after I covered I went long and chased higher BUT didn't sold my position at least half the next candle. This is what happen!! Even when the stock is in squeeze mode, a slight weakness can bring it down!!! You don't know how many shorts were still left covering there! Maybe they all have already covered and it would start down trending. This is the speculation part of trading!Not trying to guess the top but as soon as the weakness is spotted you can start shorting risking HOD. After all being said and done, I took $3k loss on short side. Not the end of world but I am pissed. I kept looking for plays where I could make money back then NXPI popped.
Not ideally setup but I knew that the stock pop up big can't sustain it's upward movement without pullback so I ss some. It kept going then I ss more basically risking HOD. I had 800 shares and the loss mounted so I had to cut it. Glad I did b/c it went to $97 later. I shouldn't take the trade b/c pullback is right there-the 3rd candle!!!! but holds!!!Remember last time SRPT's dip got absorbed it kept going without looking back. Definitely not my niche. Had I not taken loss on CATB I probably wouldn't play too big wishfully hope to make money back. Casino trade!!! Deserved the loss!
At this point 1pm I was down $5k on my CP account and up $1700 on ST. Definitely bad day and got me irritated. I decided to look into CATB and make one last shot to make money back. the news is of no value I know that as fact, the only reason it is up b/c of momo and together with SRPT on the headline. I knew $7.50 is the lvl for POS but i doubted it could get there. Then I saw volume surged towards $7.20 so I took 2k shares ss. I covered at $6.96 b/c $6.95's got big bid and I really don't think it would pull so fast. I thought I could still chop around until 3pm before the reversal. Again out of my surprise it pulled big! I have to adjust!! I knew there were probably too many ppl long it and now bag holding it so I reshort more. I don't know truthfully because of my conviction or the price action or my mood and revenge mentality I started sizing in BIG into the last bounce! I didn't patiently wait for the volume surge to size in b/c I was afraid it could just pull and crack support big time. So Essentially i was a chaser. I lost my mind!!!! I ss 5k shares at $6.39 and added 5k at $6.40ish. Ended up holding 14200 shares with $6.49 avg. I really thought $6.50 would peak out and selloff into the close but wrong!!! It kept bouncing to the point $6.60ish. At the peak I was down $2k. At that point I could feel my body was shaking and kept thinking what if I am wrong, what if, what if.....etc. Maybe things have special way for working out I was right at the end. But still due to fear I covered half-5000 shares at $6.50 and 2k at $6.40. But I rode 7500 shares down to the very end. It didn't do what I expected. I don't know if it's rational or I am ultra bearish on it. I really thought it could bam bam bam selloff into the close so I could cover at high $5s. Didn't pan out as I planned so at 3:59pm I took the offer at $2.25. Was on the right track definitely but it was a chase trade with size!! fully out of my mind and eagerly wantted to recoup losses incurred earlier. It's the first time and has to be the last time I did this! Will never do it again!!!
No comments:
Post a Comment