First trading day of the new year and things got off to a good start. A green day with some notable trades that I think speak a little bit to my growth and lack there of in certain areas…lol.
Today I had a good feel for the names I was trading, however I definitely fumbled 3 out of 4 trades. One thing that I’m very happy about my development in being able to read a name and start to figure out if it’s going to be a headache. With this I’m better able to either completely avoid a trade all together, or cut quickly to stay out of trouble. This is definitely something that for me has come from being tickled a few times on some of these moves. I’m now looking at a way to help automate these “indicators” based on my parameters that I have started to identify to give myself a faster response to what I’m seeing on scan and in real time.
I’ve also been focusing not so much on heavy size ( at least for me ), but more ideal entries and covers. Obviously this is a balancing act, but I really want to make sure that I have limited risks and scale into winners. My goal this year is to minimized my losers. I don’t care if I have losers every day as long as I keep them small and in check. The goal is to maximize the trades that are working and kick the weak ones to the curb.
Now to the traders
OCGN
This was a nice one and just how I like it. I am pretty happy with my execution and covers here. I was actually trying to add some more size on at the 3.69-3.70 pop, but I was a little slow to put a offer on the tape and SSR and make em takem rules kept me out. I started to move my orders down to fill them, but I cut that out quick. I want to get filled on my terms and as mentioned earlier minimize risk, so why chase an add .10 lower maybe if the complete bottom was falling out I would’ve been a bit more aggressive, but given the market and the conditions I just wasn’t interested.
My first covers were into my main target and honestly i wasn’t expecting the big pull to sub 3s, so I covered a bunch at 3.24 and then added some once the tape stayed heavy. The fact that I was able to add some shares on relatively “easily” was a bit telling and I didn’t want to overstay my welcome as the tape was shifting a little bit, so I took what it had to offer and got out of dodge. Overall very happy with this trade and while I wish I had more size on the 3.70 adds I’m happy with my no chase mentality and sticking to my plan.
NNDM
Man did I ever fumble this one and the reason that I fumbled this one was because I added into weakness instead of into strength. While I’m happy that I covered for a minimal hit I should’ve nailed this as it went RIGHT into my anticipated 8.90 target zone. Positioning into weakness just isn’t for me and it causes me to get antsy. I also should not that I forgot to take my cover off after I covered the position near the open, so I ended up net long (the 8.90 green prints, and then sold quickly for a little loss (sigh)…Then I did some (gulp) small revenge trading at 8.80 with tiny size and covered on the pop where I should’ve been position. Luckily I did add into that pop and covered some, but as the chart shows once I position into weakness it just throws me more or less off for the entire ticker. It’s becoming more evident to me that for ME positioning into weakness is nothing but a setup for failure
IPOC
This one was a little tricky for me because the tape was weird. I was a little bit late to the game as I should’ve again been there on strength and not weakness, but the tape was pretty heavy and I went in relatively light. The tape started to get a bit weird, so I took off the position and 2 minutes later there was a serious swipe attempt, which would’ve probably made me get uneasy. Now what I should’ve done was pay closer attention to this after the pop because it stayed heavy and I missed 2 pts of downside (sad panda) into the low 14’s on a flush. Truly and incredible opportunity.
This is a note to myself that even though you get out of a trade which is a watch it doesn’t mean you should stop watching it. There was all kinds of opportunity oozing out of this one.
BNGO
This trade started out good and what I’m a bit disappointed in is that I didn’t cover more at that 4.24 level on the break down into the key level from Thursdays afterhours session. I took off a fraction of what I should have as I was getting all starry eyed about the huge fade that was going to come (newsflash….it never came and I’m a bum…lol).
This trade ended up being a wash for me. I was up a little bit, then gave back a little bit and ended up just letting it go. I’m very happy about my cover at the 4.80 level as the tape was once again changing and something was up. I sized down to only 63 shares (not sure why i even kept those on honestly ) and then just covered those in halfs…..nothing exciting, and nothing damaging. This went on to tickle many left and right and I’m happy that I saw the signs and stayed out of that mess.