Welcome back Traders and Investors! I was able to lock in some profit this morning trading short side on a low float stock that went parabolic to the upside premarket. I traded DOGNESS INTL CORP COM (DOGZ). This stock went bonkers in the premarket cranking long from about a $2 average price up past $7 per share. There was no news to support this.
I entered into this position with 100 shares short in the premarket consolidation! I like to be conservative with my sizing as I am averaging in, This gives me a better opportunity to manage my risk and average into a higher price while going short if the positions moves higher. I ended up with 200 shares short with an average price at $4.12 cents(shown by the bright BLUE line on the chart) and sold my position around $3.17 after this stock flushed lower at the open!
This morning overall was fantastic! I made my daily goal plus some extra! As traders we leave some on the table periodically but we must always remember, Once we leave an opportunity, we only focus on the next one and do not look back with regret!