Cleaned the Slate- closed BOOT, NLNK, PIP, RWLK,

In my opinion, the market is setting up for some downside.  I don't want to have as much exposure in positions that were not profitable or only marginally profitable.  So not a fun day but I can reset and wait for my set ups to form.

BOOT   Turned out to be a decent trade but nothing special

Entry: 18.09
Exit: 1 18.90
Exit 2: 18.64.
+.5R

Aftermath: And I prove again that I have no patience.  Although I would have had a tough time seeing all my profits disappear while it makes a secondary charged

NLNK.
After a few attempts at going higher, the bottom dropped out and I got stopped out.
Entry: $34.19
Exit $31.23
1.9R -- This one hurt as I nearly went to my loss limit.

So what went wrong?  I saw this as a pocket pivot trade from my entry.  I see now that I bought the breakout after a big red bar, which means this had not consolidated enough.  Consequently, the entire time I owned this it was still in the whipsaw phase.

Lesson learned, turn the page.

RWLK.  

Entry: 30.73
Exit 1. 28.90
Exit 2. 29.00
-1.4R


 PIP:
It finally broke its support at 1.70 and I had no choice but to sell.
Entry:
Exit: 1.68.
2.2R

This trade was never able to recover from the SIGA bankruptcy news that put the gap in . Up until that point it had traded pretty well.  I needed the court system to work faster, lol.  Didn't happen.
This was a special situation stock that I knew would have taken months had it worked, so I allowed myself a little more risk than my 2% rule.

Current Position Summary

As I've been turning over my positions pretty frequently its been a while since I've done an inventory and an assessment of my current holdings.   The market is showing some signs of tiring on the momentum front

PIP.  I have a small position in PIP.  PIP is a fundamental play. It got hit when SIGA a company that PIP beat in a lawsuit that will be worth 200+ million to PIP declared bankruptcy.  This is not a bad thing as it just stays enforcement of the judgment pending SIGA's appeal, which I do not believe is likely to succeed since it will be determined on an "any credible evidence" standard.

PIP as the largest creditor has tremendous influence in the Bankruptcy court.  The parties are currently mediating the dispute and I believe that it is likely that the parties do reach a resolution as the Delaware state judge will issue a decision any day now.  PIP would also have the ability to credit bid if it successfully defends the appeal and could wind up winning SIGA at auction.

There are risks that I could still get hit on tax loss selling.  And I am certainly cognizant of that for my own purposes.

NQ: I waited until the selling was exhausted and then bought at 7.04.  I've caught a 10% move before NW pulled back a bit today. I'll give it 1 down day but if forward progress doesn't resume tomorrow I'm protecting my profits.

RWLK: It just keeps coiling tighter.  This is going to go hard-- I just hope it goes in my direction.

NLNK:
This had looked like it was going to be the perfect pocket pivot.  The day after I bought it was even trading up premarket on volume. It then got hit with some vicious selling but held the gap and my stop.  Rallied the next then sold off.    For better or worse, I still have hoes for this position but another down day would knock me out of this position.

VIMC: new just added. BOOT: partial closed today.

Opened, RWLK, BOOT

I opened a couple of momo burst candidates:

First RWLK
Entry: $30.73

I'm not crazy about the late fade but it held range consolidation. It could be building a base for a move to $35.  I've made one of my most profitable swing trades in this stock I know what it can do when it goes.  The burst just don't last that long so you have to be in before or right when it goes.  
Stop: 29.60

BOOT
Boot is another recent IPO.  The subsequent push on an IPO that does not initially fare well can be extremely powerful (and profitable)
Entry 18.08
Stop at the low --17.15 .6R

Closed RWLK. 22.37% Winner.

In a month filled with a lot of big winners. This one has been the biggest.  This was a buy one day sell the next morning trade.  I know from past trading that RWLK has a tendency to fade the day after a big move.  So I got my gap and I sold into the strength $31.73.  So I missed the fade throughout the remainder of the day.

Entry: 25.93
Exit: 31.73  +5.80  +22.37%  +6.6R

Summary

This trade worked well because my buy was an A+.  I bought it while the days trading range was s still a very tight doji after 4 progressively smaller down days.  Because the trading range was so tight, I was able to put decent size on the trade and only take a small risk .25R.  When you see that type of action after a move it frequently signals a that the sell off is ending and momentum is coming back into the market.  I sold RWLK high because I am familiar with this stock and could see that it made very few multi-day bullish moves.  The ones it makes are powerful, which is why I felt comfortable buying.

2017 -- Note:
In retrospect, I would no longer consider this a A+  setup or trade.  As An Ipo, this had not setup above opening range push, which means its a pull back setup, in a medical device stock, which tend not to perform well as IPOS. ..

As it turned out, I bought a position in a low float stock that got a push and then sold close to what would be the highs of this stock:

Opened RWLK-- Love it when this happens

RWLK looked like it was going to have a very quiet day.  I thought I would try a breakout anticipation type trade as it was in a very tight range after trading down the last 4.  Some of the other recent IPOs like CYBER were having strong days, so I figured why not, because of the tightness of the range I was able to put some nice size into this trade.   Shortly after I entered, this exploded for a huge day.

Entry: $25.93

We'll see what tomorrow brings.

Closed RWLK

RWLK was a recent IPO trade that I bought as it brought out from its consolidation.  I enjoyed a nice initial move but the problem  was very little follow through. There was a gap attempt which was filled.  As it started coming in, I decided that I would prefer to keep my remaining profits over the risk that it wouldn't bounce. 

Entry: 32.46

I exited at 33.10  .64 .4R

Again.. Should have sold the gap. 

Opened RWLK

RWLK is a recent IPO that has been consolidating.  I took a position today @32.42 and enjoyed a nice strong close.  Now If it can only pull a "GPRO"

Strategy: Momo burst.  (ipo)

Stop: 30. 

Target 43.