12/7/16 Recap

+$4112 today.  $NVCN overnight short was my big win.  No other plays for me today.

$NVCN I started in short yesterday.  My first short yesterday I covered it for a small loss.  I shorted into the morning panic, but it never fell far so I covered on the rebound.  I started scaling in short again but this time with the plan to scale in if it kept going.  It did keep going and I scaled in short on each para move.  It went much further then I ever would have anticipated.  There was definitely some stubbornness on the trade yesterday when it had its last 2 paras.  I did not expect that last pop and ended up adding more then planned.  However, I noticed the sells finally starting to come in on the tape and stayed calm.  By that point it looked to be on the back side finally, and sure enough it was.  With how it closed on this backside move I was anticipating a gap down for today and panic.  Even if it gaped up some and pushed I expected it to reject the high 2’s and fail.  Pre-market it went red a few times and was making lower highs and lower lows.  That was encouraging and made me feel like my plan was still intact.  It ended up opening slightly green and then it tanked.  It hit my first profit spot at 2.15 then stalled at 2.11.  My last profit target was at 2.03.  I knew that if this thing tanked at the open instead of pop, push, fail, that once it found a base it could really pop far given how crowded on the short side this could get, just like it did yesterday morning.  Also, SSR was triggered at this point.  So when it looked to be basing at 2.11 I took the rest of my short off at 2.19.  Sure enough it popped hard and even went green.  Even though it did eventually end up hitting 2.03 later in the morning I am glad I covered the last piece when I did, because likely I would have taken it all off on the r/g move.

One thing I need to get better at is taking other plays after a good win.  Whenever I have a nice size win I don’t want to take any other plays to protect my gains.  If I do take a trade I end up trading more emotionally as I am afraid to give back my gains.  I need to figure out how to overcome this.  Today is a good example.  I decided not to short ANTH and P on their morning para’s for this exact reason.  Under normal circumstances I very likely would have taken the trades.  Both of those plays would have worked great, but I missed out due to this irrational fear.