Context:

AXON was a contract/license winner, up 100% premarket.

Had 12 million in volume in recent resistance. 

Traded 27 Million today within the first 30 minutes.

 

Mistakes:

1: Shorted right at open, expected a panic, took 50/50 chances. Got squeezed. 

2: Shorted again on the way up, got squeezed a little. Exited quick.

3: Shorted again right at intraday support (wtf was I thinking??) I chased here, as it was tanking quick, and passed down through VWAP, I didn't want to miss it. But support was holding strong and bounced right away.

4: Good short at resistance, but I wasn't thinking clearly and started to doubt my own thinking, had a 50c downside, but covered 2 minutes later and made 2c.

5: Shorted again at mid-day during range bound for no reason, covered at retracement support, made a few cents due to very little small timeframe downside.

6: Did not recognize the retracement support, nor realize the limited downside, shorted again when the price was moving up. Added more to my short at the next level resistance. Endup covering at a higher resistance level... which held and came right back down...fml

7: Forgot to pay attention to resistance volume vs. today's traded volume, which lead to my thesis: this stock was gonna downtrend from the get-go.

 

What to do next time:

1: Don't gamble, don't 50/50

2: Wait for morning price action to play out, and establish intraday supports/resistance levels. These levels had later proven to be very reliable today, from 11 am onwards.

3: Short into the back side of the uptrend, ideally after a double top had formed.

4: Always respect support/resistance, I forgot to use them, and I was running blind.

5: Be mindful of historic volume

 

The good news?

Now I know exactly what went wrong, and know exactly how to profit from the same trade