Weinstein Trading and Fading

Started out somewhat slow after STEC

I did scalp both TRMB and MW and that worked out ok. MW ran away from me a bit before coming back and I was underwater with MW as I started to scale out with a stop loss for a while but closed out a small gain in the end when it moved my way.

TRMB + 201

STEC + 2135

MW + 230

+ 2567 Day
+ 6409 Week
+ 23046 Month
 

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Had a really good day today

I was able to get some size done to help lower my commissions and made a few bucks in the process.

I put a bid in for the ASIA calls I wrote and they were hit today. I could have just as easily let them ride and in fact offered them right back at a higher price. The volume is so small on them that it just makes me mad that the MarketMakers in options still have the monopoly that they do with making markets. I look forward to that day being over and the volume of options exploding higher.
ASIA Jun 22.50 calls + 261

OSG worked out really well. I put some size on it and really made some nice gains including full target as well as scalping some.
+ 3182
LDK blasted off and didn’t stop going until it was up over 21% for the day and over 14 a share. I started a bit early with scalping it but when it went over 14 I stepped on it pretty hard. Turned into a good trade but could have been better had I allowed myself to stay in it longer.
LDK + 2296
HAR + 306
EDU started out on fire today and then fell big time
EDU + 1000

+ 7047 Day
+ 13456 Week
+ 30093 Month
 

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tough day today.

Traded SWN and SLB and just did not trade up to my ability today. I am going to a local baseball game with my family tonight and plan on relaxing and clearing my head again.

While I did make money with SLB I should have made a lot more and while I lost money with SWN I should not have lost any. Tough day at the office and the only good thing to come out of it was that I did some exercise while waiting on the trades to play out. In all fairness to myself SWN was much to do with risk management and making sure that SWN didn’t get away from me and cause a big time loss. Had I been willing to risk more of a loss I could have done alright with it.

SWN - 3544
SLB + 947

- 2597 Day
+ 10859 Week
+ 27496 Month
 

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Quote from Robert Weinstein:

In all fairness to myself SWN was much to do with risk management and making sure that SWN didn’t get away from me and cause a big time loss. Had I been willing to risk more of a loss I could have done alright with it.
More...

Bob, it's just a minor loss in a majorly MAJOR month, and I think you absolutely did the right thing. How many times have we as traders started risking a more of a loss only to keep edging it until, as you say, it "gets away" from us? I sure have.

My pre-market NTES issue was similar. I thought "Well, I could risk my disaster loss amount of $500 and maybe it would turn around. But at the time there was no way of knowing, and the information I had available to me indicated more downside than upside potential, so I stuck with my $250 rule, before it became a possible $500 disaster loss.

After the fact, it's easy to say "coulda shoulda", but you made the right decision when it really mattered.
 
Quote from jack8031:

Bob, what is your rules for shorting a stock.Do you look at any oversold indicators?
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Hello Jack,

I do have pretty strict rules for entry. I have for the most part a mechanical (80%) method of entering into trades and it seems the longer I trade the more filters end up getting put into the system

I want to see a stock in an extreme move that someone would look at it and say thats really scarry as its looking like it could keep going forever. When a stock looks like nothing could stop it and its a runaway train AND extreme is when I want to step in front of it while putting up my hand and say 'stop'.

Thats when I like to take the opposite side. When it feels like its the worst thing you could possibly do and is totally uncomfortable. I would go so far to say that if your comfortable your probably doing the wrong thing in trading. (cutting winners short and letting losers run comes to mind)

I have a long way to go before I am trading the way I 'want' to be trading but I am working on it.

Best to you Jack

Robert
 
Pretty slow day

Traded SVNT during the open and did better than expected as it worked out about as good as a guy can ask for.
I also watched SPNG which started out making another day of gains and then totally fell off the cliff. Was interesting to watch the action. The OTC market scares me as it seems even more of a gamble than what the mainstream market offers.

Tried again to get a fill on some EFPs but again no luck and I was only asking 2.4% for Julys so after transaction costs it gets to the point of not being worth it. I will have to find out what are the most active SSFs and maybe go from there.

Still watching the fixed income market. Looking at buying the 2yr Tres and shorting the 10 yrs via selling OTM calls against the Sep contract.

SVNT + 1024

+ 1024 Day
+ 11833 Week
+ 28520 Month
 

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SVNT moved higher today and I traded it.

SVNT gave a nice shot up right away and a fade in it proved to be very profitable. Of course hitting near the HOD on the sale and the LOD on the cover doesn’t hurt any either.
SVNT + 710
TSRA feel again today and I covered the calls that I wrote for a small gain. I would have like to have gathered a bigger gain but the stock has been very strong and this may be a simple pullback on its way higher so I let it go.
TSRA Jun 25 calls + 205

I did get a signal with RMBS and I both traded it and scalped it.
+ 2809

I also sold some more GE puts today. GE JUL 12 for .37 each.

+ 3725 Day / Week
+ 32245 Month
 

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Crushed it.

No other way I can think of the trading today. After RMBS trading yesterday and seeing it close near the high I knew that it was near another type of setup that I use and if it opened today moving higher I was going to fade it. I waited for the first few minutes of trading to give it a chance to move higher and then I stepped in front of the train and started putting some size on a short fading it as it moved higher. This worked out really well and perhaps I should have held some through the day but I was really hoping the market would rally and RMBS would move higher setting up an overnight short. All in all a great trade with almost no pain in the fade.

RMBS + 3244

STEC was really sweet on me and I was able to not only scalp some but I was able to trade it twice today. during the first run I was able to get a full profit target and closed it out pretty soon after the open. In fact I was totally flat again within the first hour of trading and just started waiting around for another setup. STEC did give me another kick at the can and I really stepped on it when it went over 23.80. while I don’t really keep track I can say that this is a best one day on one stock gain for me. I do count it as two different but related trades though. This also makes today a one day best for me as well. Ok, so after I wrote what I did about STEC I have to come back and add this. I traded STEC a third time for the day and made another nice gain for just scalping it.
STEC + 10180

new best day

+ 13425 Day
+ 17150 Week
+ 45670 Month
~ 88K shares
 

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