Green day here again. Overall happy with my one and only play on $MGEN, but there were some areas where I could improve as usual. I’m still working on sizing up and had double my normal share size in locates for the $MGEN play. I didn’t get to all of them, but did use up 65% of them, which is still more size than I’ve ever had on a winning trade before. The sizing thing is such a mental thing it’s not even funny. I’m slowly learning that with size the key is making sure that you r/r is in check by taking PROPER entries. When you have smaller size it’s easier to piddle around and say…eh it’s only $.30 away, it’s not a big deal, but when you start to add some size into the picture $.30 can be a major P/L swing that you have to be ready for, so now more than ever I think it’s time that I start really buckling down on proper r/r on entries. I’ve been ok about it in the recent past, but I always know that I can have more patience in places and there are places where I should have less, so really time to focus in on this if I plan on moving to the next level.
Ok, now that my rambling is out of the way here’s my recap on $MGEN.
MGEN
Overall I’m pretty happy with this, but I’m going to talk about some of the things that I think I could have done better to optimize this trade. The first thing that I did was get involved a bit too early on the big push. Even though I wasn’t even 1/10th of my full ideal size, I was just way to early. Looking at the chart I knew there was potential for more, so I need to really start to zone in on volume, price action, and levels to get a better idea of where to start thinking about getting involved…even from a dabble stand point. I think that If i id that I would’ve been more included to add a little bit more on that 1.40 push that failed the second time at 8am. From there on I wasn’t looking to get overly involved in the premarket, but I wanted to have a little bit on. On these big moves I need to also pay even more attention to the time of day. There are certain times that you need to be in sync with and I could use more discipline around that.
After the open My first couple of adds were spot on, but because of the size I was looking to get to I was a little hesitant to pull the trigger, which is fine, but once that 1.10 level showed it’s face I should’ve been heavier involved there opposed to the weakness that it broke. From there on It was a patience game, and I was looking to cover in the low .80s. I got my wish and THOUGHT i had a order out to cover like 80% of my position, but it ended up being like 60%. Not a game changed, but I would have liked to cover a bit more as you can see some unexpected swipes came in and while they did offer me an opportunity to add some more size in without killing my average to bad, the opportunity and range soon dried up and I got swiped for a break even on the last little bit that I had left, which I was looking to be patient on.
Overall the general thesis and goal of the play worked out, however a couple of things to tighten up which I can apply to my next trades.
No excuses, lets just put in the work and get this thing done.