Kind of a crazy day for me today. Admittedly, I was a little gun shy on some plays due to my big loss the other day. That caused me to miss some great unwinds… STNG, NSPR and lack some patients on some profit taking. I ended up trading OCLS, TWTR, UVXY, NVCN and WFT. Ending positive, +$798, but commissions killed me today. I traded a lot of stocks that required big size, trading 75,000 shares today in total.
OCLS I tried a small long after the open with LOD as my risk. Volume never came in so I took it right off when it broke LOD. Good execution and discipline, just wrong thesis.
NVCN I usually don’t trade stocks under $1 because they typically require such large size to make any money and if your wrong your commissions magnify your losses. I first shorted anticipating the drop after the speedup to be the top for the day. It kept grinding higher though and I gave it a little bit of wiggle room past HOD. It kept going so I took it off. Unfortunately, where I took it off was right near the top. I did re-short when it appeared to stuff and held it for a long time. Volume dried up and It kept holding above VWAP so I hit the offer and took it off. That turned out to be a mistake as volume to the downside finally came in. I ended green on the trade, but after commissions probably not so much.
TWTR I tried long 3 times and 3rd time was a charm. Just not enough to make back all the losses. My mistake here was that I did not wait for a washout before I got long. I also did not recognize how much the market was effecting this trade on my first entry. The second and third entries were made with anticipation of a market bounce like my UVXY trade.
WFT was a great nail! I dip bought this right after further news came out defending the stock. I sold into the ramp. Wish I would have held on to the last 1/4 a little longer but oh well.
UVXY was another great trade made with good discipline and execution. I went in anticipating a market rebound. What I did really well here was start in very small and wait for confirmation before any adds. I took the first two trades off when it never confirmed. I added into the third and nailed the market rebound–fast drop on UVXY. You will see that I did hold on the perk past HOD which I did anticipating that the fast SPY wash would be the bottom, which it turned out to be.
OCLS
