ESPR Trade on Mar 18, 2015 09:41 from foldelinio_BOWS: Tradervue User Stock Trades.

9.28M float/1.6m shorts/ 20% institutionals

playbook: No idea about direction now, but after the stock grinded shorts yesterday, the comany announced a secondary offering without many details. It traded lower aftermarket, so probably, the huge short rally + gap down + analyst upgrades will give us a nice red/green today

Stop: 1st trade 95.50 /2nd trade 96.00$
Risk on the second trade was 20 shares at 96.60 average which equals 12$
R: 7

I played this better than yesterday, as I finally got some size into the trade. Still, I did not want to stretch it too far, as this sucker traded on 30cts spreads and could jump up and down a dollar in the blink of an eye.

Test of the 100$ mark at the open, but could not crack it and went down to 96$ an important level from yesterday. Bids where holding up first, so I entered with a stop at 95.50$ an got pulled. However, the breakdown happened on good volume indicating, that shorts where finally seeing their chance to bank. It came back right away, making a higher high on the one minute.

Before the break, most size was trading at 96.50 so that became support and I entered my first badge there. I wanted to size up, but not in an all in manner, so I doubled as soon as .70s were bought, scaled out a little and bid for .70s again. This way I could establish a break even price below support for a little piece of mind.

From there it creeped up really slowly but bids were firm, so I scalped 5 shares from 98.11 into 99s

My first scale was actually a mistake. 100$ was THE level and the stop for shorts, so it was pretty obvious that they were going for it. Should not have scaled below, but 20cts above.

I rode it up a little and tried to get bigger after the first pullback, since stock was in grinding mode again. I based my risk off of 101.50 and went from there. However, volume dried up and as soon as the .50s fell for the second time, I puked.

I should have waited for the 100$ to trade again, since this was obvious support. Instead I started too early and my position became a little top heavy.