CHTP Trade on Jan 16, 2014 09:53 from jj_BOWS: Tradervue User Stock Trades.

After my quick morning loss I waited for the first sign of resistance after it failed to break out at $4.80 - tried to catch it w/a mrkt order again going short 2000 shares. This time I caught it and tried not to make the same mistake I did yesterday but selling too early. I watched it tap the 9 & 20 ema's but never made a big push up. I also saw decreasing volume around lunch and figured it may go lower later in the afternoon. I sold when it dropped below $4.43 & I had to leave for the day - so I closed my position. I was also playing $GOLG at the same time so when I want to close out, I hit sell 2000 by mistake and quickly caught that and then bought back all shares to cover. Other than that one mistake I thought this was by far my best trade to date!

Q. for review - Is there anything I could have done better with this trade?

Execution detail:

Date/time	Symbol	Side	Price	Position
2014-01-16 09:53:20	CHTP	sell	$4.780	short
2014-01-16 09:53:20	CHTP	sell	$4.780	short
2014-01-16 09:53:20	CHTP	sell	$4.776	short
2014-01-16 09:53:21	CHTP	sell	$4.780	short
2014-01-16 09:53:21	CHTP	sell	$4.780	short
2014-01-16 09:53:21	CHTP	sell	$4.775	short
2014-01-16 09:53:21	CHTP	sell	$4.775	short
2014-01-16 09:53:21	CHTP	sell	$4.775	short
2014-01-16 09:53:21	CHTP	sell	$4.770	short
2014-01-16 13:12:48	CHTP	sell	$4.420	short
2014-01-16 13:12:48	CHTP	sell	$4.420	short
2014-01-16 13:12:48	CHTP	sell	$4.425	short
2014-01-16 13:12:48	CHTP	sell	$4.420	short
2014-01-16 13:12:57	CHTP	buy	$4.410	short
2014-01-16 13:12:57	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.410	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	short
2014-01-16 13:13:00	CHTP	buy	$4.400	0

#chart1 { background-image:url('/shared/charts/pricechart?symbol=CHTP&trade=792185&end=20140116131300&i=m1&TimeRange=90&Volume=1&ChartType=candlestick&width=450&height=275');}

#chart2 { background-image:url('/shared/charts/pricechart?symbol=CHTP&trade=792185&end=20140116143800&i=m5&TimeRange=90&Volume=1&ChartType=candlestick&width=450&height=275');}

#chart3 { background-image:url('/shared/charts/pricechart?symbol=CHTP&trade=792185&end=20140116131300&i=m2&TimeRange=90&Volume=1&ChartType=ohlc&width=450&height=275');}

#chart4 { background-image:url('/shared/charts/pricechart?symbol=CHTP&trade=792185&end=20140215&i=d&TimeRange=120&Volume=1&ChartType=candlestick&width=450&height=275');}

Comments

markmandy54_BOWS

2014-01-16 17:51:38

Great entry and exit!

jj_BOWS

2014-01-16 18:02:52

Thanks! I'm still irritated in myself for "fat-fingering" my close out - I hit the sell button instead of buy & caused me to short another 2k shares than had to buy back 4K. Such a dumb mistake on my part! I'm going to make sure I don't repeat that one again!

JoJoTrades

2014-01-19 21:36:53

"great"? LOL
This is the PERFECT trade. just freaking amazing. what is actually the most amazing part, is that he actually got stopped out:

http://www.tradervue.com/shared/trades/792183

then 20 seconds after stopping out, he re-entered with this beautiful perfect Short, and held with supreme patience, covering at the absolute perfect spot. MIND = BLOWN. congrats man. so awesome

jj_BOWS

2014-01-20 01:20:19

@ScalpTrade ...thanks for the praise on these. I know you had scalped this one too & jotted down that it was a risky trade - which I agree for a long play. I read it just the opposite for a short set-up. I also saw it climb in AH & pre-market on fist day to over $6 but it didn't hold, falling back in the mid $5 range & I took that as my first sign of weakness being overbought.

Also I took a look before the market opened and read the news on the company website - see this link:
http://chtp.client.shareholder.com/releasedetail.cfm?ReleaseID=819357

Then 2nd paragraph "The FDA is not bound by the CRDAC's recommendation but will take it into consideration when reviewing the New Drug Application (NDA) for Northera. A Prescription Drug User Fee Act (PDUFA) action date for the Northera NDA has been scheduled for February 14, 2014."

I took this for what it was - a "consideration" & I think the actual big run up will be on approval if/when that happens. That's why I was looking to short & felt it was less risky. I also figured to it would provide another shorting opportunity on day two when traders had time to research the press release also interpreted as I had.

For my timing - I also use the 133 tick chart to help me monitor quick changes in a trend. Hope that helps provide some more insight into my thinking on this one.

Thanks again everyone for your feedback!! It all helps!!

CHTP Trade on Jan 16, 2014 09:53 from jj_BOWS: Tradervue User Stock Trades.

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