Trading Recap 8-Feb-2018

Yesterday the market tanked hard again with the DJIA losing 1000 points intraday almost as much as Monday which might signal the end of this epic bull market we've been on for the last couple of years. We will see.

Let's get down to the plays that caught my eye yesterday:

First of all $SNAP as I've said in the previous post I was waiting for a backside on Snapchat for a short, which did come yesterday morning as you can see below:

The daily chart:

And here's the intraday one as well:

Two things stood between me and the trade, the first minute into the open was a nice short signal which I overlooked cuz this is a signal I'm used to using only on small caps, only after the market closed and I reviewed the chart I said to myself "Oh crap how did I miss this?"...now I can return to my initial plan I made in the morning. I was interested in the psychological 20$ level to see if it can hold and if it goes under and can't reclaim it immediately I'm going in. Now that the plan is made I know where I want to enter where I want to exit and what my risk is, I went and paid for the shares to short (for it was hard-to-borrow HTB and you need to pay a fee for them), now I was ready to rock'n'roll.

Market opens I wait to see if i'm going to get to short this today or not...5 minutes later we break under the 20$ level I wait a few minutes to see if it goes up above it again and it didn't, got tested and rejected at that moment I start hitting the short button with my limit order at 19.86$ and...nothing happens, I start clicking like a mad man the short button only to realize that my trading software froze on my 10 year old PC. I restart the software and when I finally get back in the stock is already in the low 19's and 2 minutes later cracks 19$ for a minute. So what I prepared for and paid for happened, the stock dropped 1$ in under 10 minutes after the 20$ level collapsed and I was left on the sidelines. Lesson learned I will probably only trade from my laptop from now on even though I have less screen real estate.

Another good trade yesterday was Twitter $TWTR after their earnings win:

Daily chart:

Intraday chart:

The first short signal was in the first 5 minutes when the stock broke the low of day LOD, the second one was when it bounced back to that level and failed and the third one was when it broke 32$ the new LOD and closed the day a little above 30$. This one was an even better trade than $SNAP but I was already caught in Snapchat and didn't watch twitter anymore. All I can say is "Damn it!" and "I'll catch you next time!". Hope you did better than me. Cheers!