MikeyMoe

RTI today: look to play a breakout over a key level after a double bottom on a chart with positive news. Initial research saw the ATM terminate in March. Checked a few boxes for the set-up. Positive news catalyst, up pre-market and now down way off the highs but holding green on the day showing bottom action and consolidation around a key level. Put on some size expecting a pop to the upside. Got a small push but it ended up being a fake-out. Saw a lot of size on the ask pile on just above breakout levels after churning through the ask at a lower level (hence the breakout) so, I was expecting some good upward momentum to come in. Instead, we got stuffed into a bunch of size--subsequent and more thorough research of the filings revealed another ATM active in May, 2019 (explains the size on the ask). Held to see if market makers were going to trap shorts for a squeeze as this seems to be a trend lately, was expecting distribution agency to allow the stock to increase as they slipped their shares into the market, but instead they kept it heavy around the low 1.10s. Cut the dud play for a small loss.

Join now or log in to leave a comment
MikeyMoe

Got caught up thinking the news this morning on BIOC was going to be the catalyst to cause it to run up again. Learned the value of opportunity cost. This was the stock I intended to watch heading into the day today, but got side-tracked and missed the run up in OTLK. Both set-ups I ended up playing were consolidations with sideways price action and showing signs of accumulation that stuffed at the top or failed follow-through momentum. End of the day I am left feeling frustrated and still pondering my plays. May have been better off not trading today. Trying to take away all that I can. Trying to re-evaluate the risk reward. Seems like others bailed on these plays before having any risk breached. Maybe there is simply a feel that I have yet to learn with the price action. Tried to keep an eye on the tape, the support seemed good, until it didnt. I wanted to let my thesis play out and wait for risk to get breached as the commission cost of cutting and re-entering is cancerous to my account, but maybe this is the sign that I shouldn't enter the trade in the first place. Going to be stuck picking through the lessons after today for a while.

Join now or log in to leave a comment
MikeyMoe

Two failed breakouts of sideways price action today. first on BIOC and second on OTLK. Probably a poor entry and read on my part as there was no follow-up momentum, my entries were stuffed. I'm out for a bigger loss than I wanted due to a giant dump end of day below risk. Lame duck kind of day. Thought I was playing them right, will re-evaluate. Need to take some days off to review.

Join now or log in to leave a comment
MikeyMoe

OTLK today part deux: Looks like an "ABCD" or "gun-chart" pattern developed through the midday for a strong end of day run. Looks like the 2.40s area held up nicely during consolidation. I am still glad I chose to walk away today with my single, wasn't sure if I would have been focused and think I would have got myself caught up in the volatility and played bigger with my risk from my realized profit. Realized profit is real money in the account and should be respected, not used to increase risk on an evolving trade where your mental edge (initial thesis) is lost. Will work on strategies to step away and come back focused, and as always will keep studying!

Join now or log in to leave a comment
MikeyMoe

OTLK today: Intention was to dip buy morning panic. Saw the steady decline out of the gate and started wondering if this was a fader on account of recent dilution. Was not comfortable trying to find a bottom with the gradual decline, was hoping for a hard crack to the 2.10-2.20s and it didn't come. I was thankful to be in chat this morning and observe Mark Croock talk about how he was sizing in on this trade. Price action appeared to squeeze to 2.40s which was a key support area pre-market. This area held and there was A LOT of volume coming in. This made me feel comfortable to buy on the retest of this support and enter long for a breakout over premarket high. It did break the high and popped up to 2.60s and quickly dropped back to high 2.50s. I thought we may be in for some consolidation before another move as the volume still seemed to go that way. But, the selling pressure picked up. I think lot of profit-takers stepped out and perhaps a few shorts averaged their position up. Regardless, I was not able to recognize it fast enough and lock my gain at a higher. I didn't give myself a real target above the premarket high to take profit on, going forward I may try to identify target zone where I will happily take my single, walk away and come back later to reformulate a thesis. After yesterday's personal fiasco with discipline, greed, and trade management I will happily take the 91 profit. Enjoy the long weekend everyone!

Join now or log in to leave a comment
MikeyMoe

OBLN today. Did a good job identifying and acting on the dip buy. Did a terrible job otherwise. After taking pause to reflect I now realize the influence of emotion and psychology. It's one thing to hear it or read it and its another to experience it. Tuition paid to Mr. Market. Dealing with the self frustration of continuing in irrationally after my plan. Hung around when I had no business. Was so weird to capture fast gains on the bounce and with the huge volume spike I lost focus of the picture and the pattern--got caught up in the recent plays of biotech squeezes thinking that this one would squeeze further after the initial spike, but I did not allow the price action to play out before jumping in. Had to cut that for a loss, erased my gains on the day then if I had to be honest part of me wanted that revenge trade late day hoping for a short trap and squeeze late day into close. I was the one who ended up getting trapped; first and foremost, buy myself; and secondly, trapped in price action late day playing guessing games on a no play. This was clearly a dead cat bounce and long kiss goodnight from the very first videos I've watched, but was blinded by emotion. Very powerful. Ended the day with a good loss and black eye, but live to fight another day and ensuring I come out of this with some insight.

Join now or log in to leave a comment
MikeyMoe

OBLN today: big premarket gainer on news, thesis was to "dip buy" and sell into morning bounce/spike. Went to close my position as my risk level was breached, but price action managed to hold at that level. So, I cancelled the sell order and ended up selling a fifth of my position. Made such a stupid mistake selling into the spike. I did not account for my open position when I sold into the spike. The price jumped and I sold my original full order size instead of the open size--ended up short a fifth into a halt as the stock spiked. Had to buy into a spike to cover a short I had ZERO interest and business being in. This fifth of a position killed half of my gains! So careless on my part--I got lucky!! Looked to dip buy EOD (my entries at both trades were off, but the EOD entry was awful—maybe rattled from the earlier mistake). I let it ride a bit risking with some of the realized gains on the day. This provided me with the patience to grind through the bottoming action. I didn't feel comfortable averaging down in the .80s, but saw the gradual grind up from that level as a sign that it could perk later and have a secondary squeeze. Seemed to be a lot of sell orders going through near the bottom with a solid base/support holding up, thought that this could create an interesting squeeze as more volume came in. I sold too soon. Wanted to lock in the minor profits near VWAP from my poor entry earlier. I left a quarter size to run and didn’t really let it run, locking in before a retest of higher support level. It ran big to new HOD just after closing my position. Lots to take away from today. Glad to be green.

Join now or log in to leave a comment
MikeyMoe

SMRT today: I got trapped at the top in a failed breakout. Cracked hard and quick below my support, but just as quickly retested and looked like it was going to hold. It cracked again and I wanted to cover into strength, this secondary crack had me cover below my defined risk by a few cents. Ended up with a loss, but still feel it was a good cover despite the rapid price action at that level. Total loss of 200, but if I bag held it would have been closer to 750 on the day. The loss stings a bit, but not nearly as much as it could have. I liked that I was patient and waited for the pattern to set-up, but wound up getting myself trapped at the top. After reviewing video lesson #16, "the trap," I understand that this sideways price action (and my entry) would have been better suited for an end of day move. However, earnings next morning with this ticker, so the typical ramp into close (short squeeze) likely would not have been there. Perhaps not such a SMRT trade-ha! Good learning experience--trying to fail forward.

Join now or log in to leave a comment
MikeyMoe

NOVN play yesterday: after studying some more, it's clear that it was an over-extended gap down. I saw the spike off of the initial washout and got F-O-M-O. After reviewing the lessons I realize how irrational and emotional I was--chasing the spike anticipating a r/g move and squeeze higher. I should have waited for the break of r/g resistance and retest as support before entering and basing my risk off of that level for the long play. Instead I got stuffed at my entry--dead top! I let this stock get to me, didn't cut as quick as I should have (RULE#1!) and experienced a decent loss. Fail forward! study hard.

Join now or log in to leave a comment
Page
of 2