Hi all,
Today wasn't the greatest day for me! I guess I jinxed myself talking about how I haven't had a red day in a long time, lol. I followed my plan pretty well but the market just didn't want to cooperate so I ended up down a little bit. It happens every now and then. I traded SIGM at $7.38 as planned but it kinda dumped on me ... the mistake I made on it was getting out at $7.26 when I had planned a stop at $7.24. It still would have ultimately been a loss, but it's never a good feeling when you stop out at the low of day just to see the stock rebound! I also traded CYTX a couple times today...I noticed it was printing some nice volume in premarket so I grabbed a small starter position in pre-market and since it was just a starter I decided it wasn't worth it to hold for a big loss and I cut it at $1.12 and again it was basically right at the low of day...so my first two trades were both stops and both were at the low of the day and then they both rebounded like little bitches! Salt in the wound! I did get back into CYTX at $1.17 and added a few times and at one point I had a really nice gain on it which covered my whole loss for the day plus more, I had a sell for 2/3 of it at $1.27 so I could lock in the gain and it hit $1.26 and then...POOF! The stock just randomly flushed out of nowhere. It tried to recover but wasn't able to so I finally took it off flat only to see it rebound back to the high of day in the last 20 minutes...very frustrating action. I also really wanted to short CRMD but per my plan I did NOT do it under the round number at $9.50 and up to that point I was waiting for the parabolic acceleration. Of course the same thing that shafted me on OREX last week would have worked perfectly for a huge gain on CRMD...but I guess that's just the way it is. So I saw this theme throughout the day also...nothing really doing exactly what I wanted (like OMER's pop to $26.50 I wanted which was literally 1 tick and lasted half a second so before I could blink the opportunity was gone!) so I just sat there watching things and didn't have (or at least didn't see) a lot of opportunities to capitalize, which makes it tough to come back even from a small loss. Anyway, enough about that. Point is I was down today but losses are part of the game and as long as you manage them it's no big deal. This is my first red day in over 2 weeks and in the last month I think I've only had like 3 or 4 red days so I guess I had it coming! That's ok though ... No one's perfect and if they tell you they never lose they are a liar! I'll be back on the horse first thing tomorrow. Here's my plan. I'm going to keep it short and focused which usually works well to bring me back from a red day:
CYTX - I plan to re-enter this long tomorrow. I will most likely have to average in in pieces and the RR won't be as good as it was today but I'm confident this can move significantly so I don't mind chasing it up a bit or averaging in. I may swing it depending on how it acts tomorrow. I'd LOVE to get my average back where it was today at $1.18 but I doubt I can get it there so I'm going to shoot for $1.22 or just play it with a lower RR. I really did not expect this to close the way it did so admittedly I'm kinda pissed I took it off at breakeven right as it was rebounding but it seemed like the right thing to do given the rest of the day. Anyway, I'll be up early to make sure I get a good price on it.
ARQL - This is getting very stretched on the daily. Any morning push toward $2.60-2.70 I will start short and plan to risk 20 cents or so. Once it starts to roll over I'll add to it but I want to start in on the front side, possibly even in pre-market, to build a good sized cushion. I don't expect a huge crack on this but it should pull back nicely. Maybe $2.35-2.40 target from a $2.65-$2.70 peak.
CRMD - CRMD was having trouble getting over $9.00 toward the end of the day so I'll be watching that level tomorrow morning. I still would ideally like to see this thing get really parabolic so I may just leave it alone unless it does, but if it seems weak at $9 then I will add SMALL there and add more as it works, or just take it off if it doesn't. I don't want to average into a position unless it's into a position of strength. Averaging down on anything other than parabolic intradays never works for me so I won't do it. I'm thinking $9 will be the key tomorrow and then the crack spot will likely be $8.50, so those are what I'll be paying attention to.
I'm also watching SIGM still as well as DRRX for the short $1.85-1.90. Of the three parabolics (CRMD ARQL and DRRX) I like ARQL the best so I will focus on that and CYTX for the long. Lastly I still have RGDO in my Robinhood account from $1.32 and will be selling that at $1.75 and $2 if I can get it in the next day or so. Just something to toss on your back burner: LIQD may be my next Robinhood trade. Seems like over $0.40 it could get moving.
Alrighty that's it. Good luck tomorrow and let me know if ya have any questions!
Chris
Submitted March 09, 2015 at 10:23PM by greenbartrading http://ift.tt/1Br12HG
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