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OCUL is a recent runner. It tanked at the open dropping down to $3.70 and then unexplicitly bounced all the way up to $5.30. When it ran out of gas and couldn't bust through resistance at $5.30, I jumped in with a short. It started fading and I covered at different points on the fade. Good trade, felt in control the whole time.
Entry comments: Falied to cut loses quickly! KALA opened weak and I jumped into a short expecting it to tank with the rest of the market. It started fading from the $7.10 area to $6.90, which I expected. Then it started ramping up slowly to $7.10 and then exploded up to $7.90 very quickly, which was super unexpected given the overall market conditions. I set
Exit comments: Falied to cut loses quickly! KALA opened weak and I jumped into a short expecting it to tank with the rest of the market. It started fading from the $7.10 area to $6.90, which I expected. Then it started ramping up slowly to $7.10 and then exploded up to $7.90 very quickly, which was super unexpected given the overall market conditions. I set my risk at $7.28, and didn't cut loses when I should have. KALA eventually tanked, but I cut loses into the first pull back.
This stock had a strong midday bounce into intraday resistance level of $4.20 area. I got in short at 4.09, the stock chopped around the low $4's then bounced to $4.25. My plan was to cut losses if it hit above $4.20. It looks like I cut it to quick, it briefly held $4.20ish before dropping off into the $3.75 area.
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