Today I traded SRPT, GALT, AVXL and had an epic miss on REN. It was somewhat of a rough start to the morning but I was able to bounce back and end the day in the green.
SRPT was a roller costar to say the least. I first started in short after the morning para with HOD as my risk. It blew right past my stop loss skipping my order so I had some slippage in the cover which resulted in a bigger loss then expected. Then I did not realize that my stop loss order was still in there so it resulted in me purchasing the stock. I quickly sold those for a small gain. I tried re-shorting 3 times in the 58.80’s but once again it jumped around my orders and I never got filled so I missed the $1 pull. I shorted again later in the morning but no dice, so I ate the small loss, but I stuck to my plan and did not get stubborn thank heavens! I was red by $500 on SRPT after that loss. I kept watching it and this time I gave it time to run and I shorted again late in the day after the big run to the 61.50’s. This time I gave myself a little more wiggle room past HOD just in case it stuffed like it did in the morning where I covered and it stuffed over $1. It was a great trade plan and worked perfectly. It went 0.10 past HOD and stuffed. I added to my short on the way down and covered for over $1 per share! I was able to make back all my losses and have a little left over! 🙂
GALT was nothing to exciting. I shorted on the ramp back up after the morning pull with the open as my risk. I kept going so I stopped out according to my plan for a loss. I then re-shorted on the big stuff move and covered half into the pull. I covered the rest when I appeared like it was going to run again to be safe.
AVXL what can I say. I shorted after the big morning pull just like GALT. But on this one I did not cut my losses at HOD as I did on GALT like I planned . That was a mistake. I added, anticipating it to do exactly what GALT did and stuff big. My confidence was boosted as well by a great trader that was shorting it in the Investors Underground chat. Sadly it stayed strong all day. I modified my plan, became more conservative on my adds, and planned later morning to swing it. So I am currently swinging the position. I have a little more room left to add if we get a ramp at tomorrows open. If it stays strong though I will take it off.
REN was my big missed opportunity of the day. It was gaping pre-market nicely, but sadly it did not run at the open. I was expecting it to push some at the open but it just dropped, and dropped and dropped…all day! Missed a $2 short play on that one!
