Keep thinking i should buy back into CARA here, but it might just be smartest to leave it alone, i nailed it in the premarket, guess i got the overall direction of the day wrong though, i keep wanting to buy it just cause i want to be right if it goes to 26.
Im probably going to still end up looking like a donkey, but i rebought when it bounced 22, and size started stacking on the bid so it was easy to read, so i was lifting size on the offer again, counting on the size bids that kept stacking up, and running up behind me, another nice trade that i will regret not holding on too later. Probably should have held on too my last 400 shares but its tough when you get that big, and the market shows you that much right away, for all i know i could still be wrong about this.
Should probably just quit and call it a really good day, but im so temptep to hit these 23.30's looks like trend is still holding up and bids are still getting absorbed.
Ok, i clearly went to the well 1 too many times, thankfully only 2k shares this time, lost a couple hundred bucks on the last trade, there was no reason for me to do the last trade even with garbage size, the first two though size was stepping up on the bid and actually eating it so i just started smacking big offers. im going to say im officially done now before i do something dumb on this thing and give it all back. In the words of greenspan im getting irrationally exuberant.
First off was the daily, i start my morning clicking on all the charts from my scans to see premarket gainers and losers to see if a daily chart makes sense. Then because the daily chart made sense it was pretty clearly a breakout, so i went and looked at the news, and it had to do with Kidney disease, which is one of the things i would classify as something important with biotech, and then IBB has been ripping as well, it had almost everything, except that its a shitty market. In terms of biotech im looking for anything related to Cancer, diabetes, alzheimers, heart disease, kidney disease...... etc etc..... if you see a biotech that just got stage 3 approval on a drug for "Dogs" or "Cats" or something like that obviously you dont want to buy it, but then what made me really load the fucking boat was just tape reading, there was a size bid stepping up both times i went huge, and normally i would think that is fake but the guy got hit for like 7600 shares, and the bid didnt even drop and there was ten k more shares on the bid, so in my head i was like this guy is serious, so i just bought everything i saw on the offer at that point then started piecing out of it 400 shares at a time, both times what really made me size in was massive size on the bid walking it up and eating everything
It was a good catalyst, combined with good daily chart, combined with good 2 minute chart, combined with a Tape that was just a no brainer, so that many variables in one stock and i just plowed into it. Plus 26% of the float is currently short so there was just so many variables lining up on it. I should have held longer in both instances, but i had so many shares it easily could have skipped down 50 cents on me and im stuck holding the bag on 4k shares, so i started piecing out of it immediately, i didnt know how high it was going to go i just knew it was going higher from that spot in both instances.
In terms of scans, here is a picture of my scan, in the premarket all im looking at is stocks over 100k average volume, which seems low, but if something is inplay averaging over 100k sometimes it will be trading like 3 million shares that day. So its stocks over 100k average, price between 1 dollar and 100 i think, then just sorting it by the gap up, and im looking for something that stands out to me pre market, like if i see something with a massive short% in that list i will look more closely, or if i see something thats rolled its average daily volume already in the premarket ill look at it, but basically im just clicking on every single green symbol you see then trying to figure out which one i think makes the most sense, based on the daily chart, and the news thats driving the gap and the volume. And im also looking at previous days charts too.
Well guys, i always promise to post the good with the bad, so heres the rest of CARA, dont know why i fought this piece of shit all afternoon, was up thirty five hundred bucks like an hour into the day, that would have been a monster week, especially since i only took like 5 trades, lol. But i was soooooo convinced CARA was going to reverse, i really got bullish on that thing, probably a symptom of not having much to trade for a while. But i should have taken it and not pushed my luck, instead i decided to fight a downtrend keep going long and bleed off 1400 bucks, this is what happens when you let your opinion on a stock over rule what the stock is actually doing. It was still a good day, but what im getting at is i allowed my "opinion" on a stock to override what was actually happening on the stock, it was clearly trending down and i kept getting owned over and over, just a very dumb way to senselessly bleed money out of an account. I kept convincing myself we were going to hit a higher low, and it was going to reverse, i thought i was on the verge of another hero call but i had my back to the wall the whole time, another sure sign your in a loser, but for some reason i was totally sold on this piece of shit.