Heyooo!
Not a bad day today though it started off a bit slow. JUNO didn't really give me a chance to get in where I wanted since it was so freakin spready, as expected, and I did end up trying it a little higher but took a small loss on it. My main trade was RMGN which I nailed at $1.88 and sold 2.06, 2.18 and the last 1/3 at 2.06 after it broke the flag. Guess I was being a little greedy lol but oh well. I've noticed the last few days that these low liquidity names don't seem to be working as well as before so I am gonna change it up a little for tomorrow. I've got a swing short in ONP from $1.58 average and another long on XOMA at $3.98 which I plan to add to tomorrow if it dips. ONP I wanted to cover today but it was just too illiquid so I had to hold overnight (this is one of the reasons I'm pulling away from stuff that is so illiquid). Also to be frank, I'm getting bored w/ this stuff because it hasn't been very active the last couple days and takes freakin forever to even make 100 or 200 bucks so I feel like I'm working at McDonalds! Oh also today I took off my NKA swing for a loss at $1.79 ... no use holding if it's not gonna cooperate but I gave it a good chance and decided it wasn't worth another night. So, anyway tomorrow I'm gonna be trying to focus on more liquid names that will move faster and more cleanly so I don't have to babysit them and stare at level 2 all day, lol...here's the plan:
CYBR - Since I am not the best at planning on this type of stock I will be very cautious, but my initial feeling on this is short. It seems to have a pretty strong pivot spot at $53.30 so I'm hoping it continues the run from today through that w/o any rest, and runs into $54.50-55 resistance for the short. I don't plan to short this on the front side...going to wait for probably an afternoon play. In fact I will just say right now I will not short this before 1pm. No exceptions! If I miss the trade then oh well. Going to study the result and decide what to do from there.
BITA - I would like to see a pullback and red to green on this similar to what it did on 3/16 around 11am but I am making two separate plans for two levels I think it could pull that kinda move. First I think I could see it bouncing off $49.30-49.50 so I will see how it reacts around there. What'd be ideal is to see it break $49.50 and dance around for a bit under it, then reclaim it and go from there. If it does that I will get long back through $49.50 whenever the volume starts to come in with a stop under whatever lows it puts in there...which I'm guessing will be prob $49.20-30. If that doesn't work I am willing to revisit again where it broke out today, around $48.50, with the same exact plan but $1 lower, and stop under $48.20. If it takes off right out of the gate I'm ok still executing these same plans as long as it doesn't take out $50.50 and hold. If it does take out $50.50 and hold then I will basically play it the same way over $50.50 with a stop under the low of the day. So I have three possible scenarios since I'm not sure how this will act but these are the three most likely things I can see. Anything else and I will leave it alone.
MVIS - Stock is parabolic into big weekly resistance. Ideal scenario on this is a gap up to $3.70-$3.80. In that case I will start short in premarket with a plan to give it to over $4.00 but ideally be able to keep the stop over the premarket highs. If it gaps down I will not touch it in premarket and will wait for it to go red to green and take out $3.70-4 for the short. Since this stock is under $10 I'm making an adjustment to my rule of only shorting through round numbers and going to go for quarters instead...so for now anything under $10.00 I will be watching for resistance not only at .00 and .50, but also .75. It seems a lot of these overshoot the first round number but aren't quite able to make it to the next one so splitting it in half makes sense. We shall see how it works tomorrow. I'm going to try to be a bit more aggressive on these also on my starter size because I've found myself often being greedy even on the starter position the last couple weeks and I think it's cause I'm not trading them big enough. So I will size up maybe 20-30% but not going to go nuts and double sizes or anything.
Sorry for being so wordy tonight ... just want to really get this stuff out there and be focused since I am trying to tweak my game to get to the next level. I think I need to focus on fewer stocks, more liquid stocks, and have better focus on them so I can be more aggressive so that's what I'm going for.
After I cover this short in ONP tomorrow I won't be trading anything else like this for a while unless it's in Robinhood and for a swing trade. For day trades they just suck lately. I am still ok trading stuff under 300-500k shares as long as they have good relative volume but no more of this 50k bullshit ... I can't even trade enough size w/o moving the stock myself to make it worth it so I'm gonna focus on putting my sizeable trades into more liquid names, preferably w/ bigger range like CYBR, BITA, maybe even ZIOP stuff like that. Not really opposed to playing low-priced stuff like I always have but I think to get to the next level I need to change it up a bit...so let's see how it works starting tomorrow!
Hope y'all had a good day and let me know if you have any tips for trading this type of stuff, especially if you are a full time trader or trade the more liquid names. Not to toot my own horn but in the last year I have become a fucking MASTER at reading level 2 on these thin garbage stocks and can usually break block trades on them myself and nail a perfect entry but that strategy isn't scalable to the sizes I want to trade and the money I want to make so I'm gonna try to get better at some of these other ones. Anyway enough rambling. Have a good night everyone!
Chris
Submitted March 17, 2015 at 10:50PM by greenbartrading http://ift.tt/1MLQ0Qt
No comments:
Post a Comment