06/28/17 Recap

+$1144 today on CBI and MBRX.  Just a great day!  Had some great trades on CBI and it felt good to finally hit something with the right size and precision.  MBRX was also good.

Today on CBI I felt dialed in and on my game.  As a result, it felt really good to trade this stock today.  I started in short with just 1000 shares on the morning para.  Just a killer level II read on that entry that got me a great fill near the top.  My plan was to take 100% off on a quick pull.  My buy to cover order was sitting in the mid 21.60’s.  It did not quite get that low so I took it off at breakeven when it came back.  I then went in again when it looked like it just might reject HOD.  HOD was my risk on this second short trade.  I was wrong and it quickly spiked past HOD.  I was too slow on my cover order and missed my exit.  I tried to cover again for a small gain when it pulled but again I was too slow.  This thing was moving FAST!  At that point, since I was in small I decided to add on the next push with 23 as my risk.  I did so and it looked like I would be dead right but it had one more small push left in it so I covered at my planned stop out for a $1000 loss.  It pushed to 23.08 and stuffed big time.  I jumped right back in when I saw it stuff and added to full size (3000 shares) quickly anticipating a nice sharp pull.  That is exactly what happened.  I scaled out 1/3 at VWAP,  1/3 in the low 22.20’s and the rest at 22 for a gain of $1804.

Sure it sucks that I hit my stop out for a max $ loss on that second short and it only went .08 cents higher, but that is ok.  It could have just as easily kept going and I would have been in for a disaster.  And yes, I wish I was quicker on my original covers on that second short, but again that is ok, my amended plan was sound.  The point is that I stayed disciplined on this trade today.  I did not let the loss get to me.  I kept a level head and my emotions in check.  All of this allowed me to trade to the best of my abilities and come away with a decent gain… and actually my biggest gain on a trade this month so far (lol its been a slow month for me!).

The only regret on this trade today would have been not getting back in on the push back to $22.70.  That push was so strong though that I decided not to jump in. What I should have done though, is jump in on that next candle when it confirmed that the push was over.  The massive pull that happened at 10:46 I have ZERO regrets missing.  Nailing that would have been pure luck.  It pulled like that due to some news that came out about amending the numbers of its court ruling that got this stock running in the first place.

MBRX was some great patients on the entry.  I did not short until right near HOD (hod at that time).  I never got in full size on this one because I was prepared to add on a push toward $3.  I took 1/3 off on the initial pull.  It then started to soak big time in the low 2.60’s so I took another 1/3 off and held the last third with breakeven as my stop for the chance it pulled below the 2.60’s.  Boy was I tempted to just take the rest off in the low 2.60’s but I stayed patient.  In this instance, it did not work and I took the last off near my average.  I had to go so I did not have time to sit and watch it any further.  We’ll see where it ends up when I get back tonight.

It feels good to finally break $1K again on the day.  Just LOVED these set ups today.  Right in my niche.  It felt great to hit them without hesitancy and with precision.

Update below on MBRX.  Looks like my exits were spot on.  This chart is a good reminder to me on the importance of not fighting trend on a stock.  Best to take it off as I did near breakeven so you can tackle it again at a better spot.  Just wish I was around to scalp it short a few more times.

 

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