So I was doing really well with over $500 in profits shorting DVAX today. I thought ok I'm doing well I will go larger and look for a small change to add to my awesome day......well I short 500 at 24.34 then it started rising so I thought I will average up so another 200 @ 24.90 then over 25 so I shorted 100@ 25.30. Went to the gym seeing the level 2 strong on sellers at that point. Well I got back and it had gone above 28 and was slowly fading down. I thought theres the top for the spike at 28.13 looked like double top tested 28.12 and came back down so added 100@27.75..ugh With a massive spike at end of day to 29.72. It is up 40% and knowing biotech lately one of two things could happen. I could see another huge up day or it could be the profit takers considering the stock was just downgraded to hold. Hammy We will see. I won't lose sleep as money comes and goes. It is a lesson as always. Still painful at the moment but looking at the chart in the past it looks like the big spikes are followed by 2-3 down days. Not panicking. Lesson being learned in this trade.
I'm hoping the Chinese sell off as well as up 40% will cause selling tomorrow
Are you trading with a lot of money (>6-10 thousand) or are you paper trading? Either way, everyone has their own strategy, but I would personally stay away from these high priced stocks because I believe they don't have as much short-term potential as lower priced ones and I found that I got burned by some higher priced stocks (like 60 dollar stocks from your former trades). Also Tim teaches these more volatile, low-priced stocks so they're a little more predictable. Just my thoughts.
So it looks like $DVAX is down nearly 10% so far today... hope everything worked our for you.
Yes I'm still short the stock. I took the day off from trading so I wasn't tempted to cover. I believe it will sell off again on Monday. one huge up day and then usually two to three down days by the chart history. no guarantee that pas performance will be the same but I will try to close with a profit and be patient. not paying shares lending fees and Monday shorts will probably happen again since up so much from the low two days ago. thank you for thinking of me. it is all ok. lesson be in lea
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