1/23 -1/24 Trades- Sector risk back on

1/23  -- Did a great job of being disciplined, Closed OCLR for even.
Market breadth flags here.

Trade Spreadsheet.

1/24
WATT  - nailed on downgrade
Made 1.05 on this trade, probably covered too quickly but I question whether this was my trade to begin with.

1/19/ Preparing for a bear

Stopped REXX
This one should still be in play.  Wait for it to reset and slingshot.

EMES -- good move and moved stop up to ITM which was hit... this is not a strong market.
Weak after the move

DPLO:
Short

WATT:
This may require a shake in the broad market for this to work but I don't see the bullish theory working at this point.  The base is simply not long enough and a high volume reversal following a breakout should be seen as a warning flag.   This stock has a history of making severe pull backs once they start.

Short Feb 15. calls.
Stop 19.50 on stock

OCLR
Lots of resistance at this point despite the high volume earnings move.  This is a pattern that will be hard to cut through so I'll use the resistance as a stop and look for a fade.

Short. 9.34  stop 9.70

Remainder of weeks trades.

Closed ENZN:
Entry: 1.41
Exit 1: 1.44 (40%
Exit 2 1.81  (60%)

I had a very good battle plan on ENZN,  I bought the Fishhook setup.  Although the post market enthusiasm did not hold over the night and there was a fade.  This trade worked wonderfully.

 I did several things well.  First because this did not immediately take off, I felt it prudent to somewhat reduce my position size so that I could let the position go slightly against me without risk to my account.  The strategy worked as ENZN pulled back to the breakout point and then found a base.  In the afternoon it started ticking up. found a base and in the afternoon, it took off.  

TAKE Aways

• Cutting position size can make all the difference between staying in a trade and getting stopped out
• Plan the trade: I was not shaken on the pull back as I understood It was back testing the breakout point, that point held rather quickly and then this was range bound for several hours before exploding 
• Don't be greedy,
• I was looking for 1.95 but I saw 1.85 hold several attempts.  At that point I decided it was better to take profits than hold out for top dollar.  
• HOD was 1.86, when it breaks a .05 and can't keep going that can be the sign of a top.
• I got out .05 from the top.  I'll take that.
• Understand what you are trading. 
• ENZN was moving because Icahn has  small ownership interest and VLTC was up 1200% or something obscene. 
• While I knew that would get this motion if it fishhooked, I had no illusions that this stock is capable of pulling a move like that and here's why:
• Float size over 43 Mill
• Options (allow hedging, reducing likelihood of short squeeze) 
• The company has discontinued operations and is only making money on licensing of past drugs.  In other words, it is basically an annuity.  Not really much sex appeal.

VSLR:
Increased position size following successful back test of last weeks close.  I also like VSLR has now had a ATH weekly close.

Size added at 14.17

EBIX: This would be more consistent with a momo burst It has a pull back.  Notice how the RSI has held 50 on the pull back and popped back up.

On the weekly not quite a W1 B/o but close enough that a momo burst could take it there.  RSI is still very strong so I gave it a go.

Entry: 29.89

MVIS:
Although I got shaken out earlier with  a smaller position lower,  I am happy to buy a bigger position higher.  5 weeks after the its high its coming back that . The fact that this has popped back up says there is a lot of strength here.

Entry: 3.58

LBIO:
Similar to 3 weeks ago LBIO had a washout type move to the 12 week avg.  On both occasions they recovered immediately on the daily.

Entry 12.30

DPLO:
Took out the high for a w1 breakout out.
Entry: $34.72

APRIL 23, no trades

April 24:
There are some yellow flags forming and its prudent to take defense of measures.  I reduced some size and took some profits.

DPLO I not only got a gap on an upgrade but also a continuation move.  That said I'm not a big fan of gaps (on analyst upgrades) and as much like the weekly chart, it seems prudent to take profits.

Sold: 36.25 

KRNT:

I had previously increased my position on the 300 pt down day on this one, I was hopeful for a big rebound and a test of 16.  Although I'm up KRNT is range bound here. I need to start thinking of defense based on a few yellow flags on the over all markets.  Cutting my position size  in a thin stock is  a decent first step.

Entry: 14.69

Entry 2:  14.56

Exit: 14.85