Took a long and a short position today, on two stocks heading in opposite directions.

$JOAN

JOAN had a small breakout above the channel it's been in, so I had already decided to get back in, with a target move to $17. Downside here is to around $15 though, so I'd need a good entry to make my R:R worthwhile. Unfortunately, I didn't do that. I jumped in haphazardly at just under $16, making my R:R 1:1. The stock was red on the day, which I expected, and had seen a quick selloff in the morning panic. So I was jumping in on the first bounce. There were several ways to do this better. I could have jumped in on the bottom of the dip for one. Further, I could have waited until the afternoon to see what it was going to do. It had a lunch time crash down to $15.18, which would have been a great entry point. Close to $15, so my R:R would have been 2:1 or better. Instead, I averaged down around $15.75 when I had already regretted my entry, but it just got worse. In it's brief history, this stock typically has 2 or 3 red days in a row, so the smarter move would have been to wait till tomorrow.

$SCWX

Here's a stock with very low volume, but it tends to be quite predictable. Following yesterday's red candle, which I desperately wanted to short, but lacking day trades, I was scared to play anything. I want the ability to get out if things turn drastically against me. I believe this stock to be vastly overbought, and it is very much not a Wall Street darling. How it is up so much is beyond me. They don't actually have that great of earnings and their growth looks like shit. AND, the chart pattern seems to be a doubletop. Seems like a really good setup for a short. I shorted in the middle of the day when I saw the candle turn red. I still think that was an ok move, but it almost immediately turned around on me. I did get a little better of an execution near the high at $22. I'm expecting there to be at least some opportunity for profit taking tomorrow. Whether I take that, or wait for a bigg fall to $20 or even $19-18, we'll see. I'll stop out around $22.40.