09/21/16 Recap

Today I traded EBIO and CONN for a nice $780 gain.  Tested a new stop order type today as well.

My trade on CONN today ended up being a somewhat stressful trade for me.  My issue, entry!  I started in too soon and added to much too soon.  I ended up with a 11.77 average.    Watching the level II it was obvious that someone was trying to hold CONN up.  They flashed some large size on the bid and would place 5000 to 10000 share bids to prop it up, and it was working there for a while.  I have to admit I came close many times to taking it off for a loss.  However, I stayed somewhat patient and was able to get a small $400 profit out of it.  I did take some gains earlier then I normally would due to my poor average.  Looking back, I got aggressive on my entry on this because all week many stocks I was watching for entry did not run as far as I hoped so I missed the plays–PTCT huge miss yesterday for example!  So I guess some FOMO got the best of me.

EBIO was a great reactive trade.  It was gapping up nicely pre-market.  It however, started to tank right at the open.  I was able to get a decent short position on the quick spike on volume back above HOD.  After taking 1/2 off into the 3.70s I stayed patient on the rest with my entry average as my risk.  It turns out I was not quite patient enough and covered the rest at 3.62.

I tested out a new order type with DAS today called a Range order that has a profit target and a stop loss where one cancels the other.  I used it on the last of my EBIO shares.  I hope to use this order type along with a trailing stop to be more patient on small pieces of my profitable positions without having to sit in front of the computer to babysit it.  Many times I get tired of watching a play and just take the rest of my profits to be done with it.  These stop orders should allow me to maximize some gains.  You can see a nice video on how to use these orders in DAS here.