My plan was simple, shorting risking $2.55 over/under on lower highs. Had 2 chances taking profits but didn't and turned $3k gain into $3k loss and that's the part pissed me off. Gladly I did right thing covering everything before the open. In my head I was thinking $3 lvl is definitely coming!
Market open then boom-3m shares green candle lead me to become short biased again b/c frankly how many 3m candle can sustain this move?!! However I made a stupid mistake by throwing Epica's teaching completely out of window. Right after I saw big red candle I sized in immediately at $2.80s and got squeezed to above $3.00. I covered 1/3 in $3s just in case it holds and uptrend from there but turn out it's a stuffing move so I immediately reshorted some. It worked out perfectly and I could have taken some profits at$2.60-$2.80 but I didn't. I knew it's just matter of time before the ultimate crack and at that point I had 27k shares short with avg. $2.98. Surprisingly It grinded back and started basing/peaking at $3.00 magnet lvl. That make me extremely uncomfortable and I downsized just in case. Then Boom it started cracking and I sized back in.
2 mistakes here:
1) Entry! Entry! Entry!!! I threw patience away and randomly shorted due to FOMO! remember this is MOMO stock trading 10m shares in the first 10 min!!!!! Besides entry, my timing is off!!!
2) I had 3 chances to take profits but I was thinking ground slam homerun and didn't cover single share! I remember during shipper euphoria those shippers go straight down. BIOC obviously overly extended and with ETRM's weakness I had too much patience and with bad average, my unrealized pnl swings wildly and caused me made irrational decisions.
Had I had patience in this case most likely I would cover at $2.50ish into late day 13G news. The only best way to trade it is capturing morning panic OR swing this multiple day and ignore intraday volatility with stop of course. Intraday lull you have no edge!!!!!!!! long or short! Ended up turned loser into winner then back to flat.
CUR didn't get filled which tells me this turd is extremely weak. Should have slammed!
URRE-awesome trade! saw abnormal volume then market stopped out! It saved me lots of $$. Tried late day panic but didn't pan out as I expected.
MYOS is new version of ETRM(2.0). Pure sickness!!! low float+SSR+holding above VWAP whole time should be interpreted as HUGE red flag!!! but I chose to ignore it. Got slaughtered shorting it but glad I did stop out or the loss would be 2 or 3x than I had.
The best thing I did was stepping out of my comfort zone and flipped long dip. Only made it to $5. Hope the trend holds until tomorrow and ideally gap and go and give me a good entry.
Finally ETRM's craziness ended today! Luckily I didn't have shares to short or I would get fucked up pretty badly. Huge props to Madaz making lot money from longside. I must learn to adapt and long!! Not only it makes me stress-free money but also it serves as red flag when I am thinking short it. The key is higher low and volume!!!!
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