I started in premarket, yes it was due to FOMO but I told myself if it held up post 9:28am I would cover all shares. I don't regret my short, b/c this is turd that can get halted before the open or offering or whatever. Anything negative could happen so longing is never a good option. the only bad thing is I could get squeezed a little bit but that's not big deal.
So Now is 9:29am and market will open in seconds and my plan was to short pop risking $1.70 as long as it peaked out at that lvl. Glad I didn't use size b/c there is no reason to use size in squeezing mode, you have no idea how high it could go. When volume came in and it looked like peaked out at $1.90 so I double up. I was trying to do big picture trade so I refused to cover into dips unless the chart clearly tells hey I am wrong, I must get the fuck out. When the hard crack came below VWAP and held I thought "Finally! Yes it could still make new high but likely get stuffed" So my plan was adding above $1.90 and even $2ish risking $2 rejection. It had another crack but HIGHER LOW!!! that's very bullish sign especially on the frontside of the move and one level got me very interested-$1.80. I noticed big bids at that lvl so my thesis was if $1.80 crack, it has to be a huge red candle snap so I paid attention to that lvl and watched the post-slamming bids action. It ended up 1.80 snap but quickly reclaimed so I thought SHIT, I must get the fuck out!!!!! I immediately started covering at $1.80ish, $1.90ish. I don't care the premium I paid to get out b/c it's right thing to do. And I knew I had to cover ALL b/c I remember in the past I covered only half and let the other half position squeezed. Right after my cover, I started to think if $1.80 bids held and this is squeezish setup it must bang bang bang which bring my entry to $2.50 or even $3. Then interesting thing happened it got stuffy near HOD twice and the volume didn't exeed 1.7million earlier. So I thought okay I was wrong again, It can't squeeze for whatever reason so I started sizing in risking HOD. And gratefully it crashed bigtime!! I had 25k shares with $1.81 average.
I was really proud of myself for 3 things:
1) covered all before the open, realizing $2k-ish loss.
2)When $1.80 crack then reclaim I covered all again when my realized loss went to $5k-ish.
3) When HOD stuffing action is spotted, I brought the hammer in again and nailed the move!
During the entire times, I was able to detach myself from PnL. I was like fuck it, I don't care about loss, just trade it!!!! On the other hand I was confident of my ability to bounce backup and turn loser into winner. I've done it before and this time is no different!!! That's the correct mindset a trader must have!!!!! It's not about $$$$$$$$! fuck it!!!!! trade well, profit follows.
I thought the difficult part is over. It will very likely hanging around LOD and crack later. Guess what....wrong again!!! It grinded all day but due to ridiculously great average I wasn't panicking out. I was trading around the core and covered small into dips and reshort small into pops. I used 5k shares each time that way allowed me to locking profit and most importantly still holding a big trunk of position with good average so that I wouldn't be influenced alot by intraday volatility and still had a chance to profit big if late day LOD snap occur.
Unfortunately it didn't pan out the way I expected. Lots of frustration and confusion, I stared at it all day and my unrealized gain kept diminishing. Finally heading into 2:30pm I told myself enough is enough, I can't keep moving stop-out lvl up. If around 2:30pm it didn't crack or $1.65 breakout again on volume I would stop out. In hindsight it looked easy but in real time it's difficult!!!! Very difficult!!! The reason I did well b/c I had great entry. There must be lots of people missing morning snap and shorted into each pop and got stopped out at $1.50, $1.60ish. Overall I did well, didn't panicking out. Looking back I guess the only danger sign was it was trading ridiculously thick and massive volume which is not typical 10m float stock should be traded. I should have respected the way lvl2 data telling me and locked in more than I did. Still a profitable trade but I minimized it.
Lesson: Whenever I traded on anticipation, I didn't do well. the market don't give a shit to what you think!!!!!! Remember that!!!!! fuck your opinion!!!! ONLY price action is the king! It made higher lows and didn't break the trend time after morning wash, so there was no reason to add, add add. The best time to short in this setup is catching post 2:30pm profit taking snap. Shorting pop anytime before that time has no edge!!!
The reason I covered all around $1.46 b/c I thought due to massive volume it could easily "crack and grind" so fuck it!! I don't want headache!! Just take it off and call it a day!
SSH is sympathy play and it was relatively weaker than IDXG.
OPXA is easy trade. HOD stuffing action and faded off from there. Not much headache on these two.
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