Within the first 30 minutes of the day, I understood that the reversal would fail because the most heavily down stocks were not attracting shorts-covering money. This is the reason why I sold FLS, CF and BLUE very early.
I left some room for EXPE which looked better, but at the end, I also had to sell it.
We can see that after it broke below $110, BLUE continued breaking below yesterday's low and plunged about 10% for the day. This is a very difficult market to trade simply because selling quickly overwhelms the tape.
You can see below that EXPE still looked OK, early in the morning, but my theory of a bounce was failing and there was no reason to stay in that trade.
TGP was also weaker during the day, but even though I hesitated to cut the position on each of the three bounces, I finally decided to give a chance to the position... mostly because i "like" the stock and the business model. But I believe that I will like it even more at a lower price.
I have to concede a mistake in the Short IBKR position. Indeed, the stock was in my short list as a "short a bounce" type of trade. However, I failed to recognize that the trade could be a "Breakout on Volume" type of trade, which would hurt the new short position.
Indeed, I noticed that the Volume was more heavy than usual, and a Breakout on volume offered more attractive stats than shorting a bounce, even though the EV pattern still looked weak.
If I had performed that analysis before entering the trade, I would certainly have scrapped the short idea. My only solution was then to exit on a stop if IBKR broke above the HOD, which it did later in the day. Hence, I booked the small loss and "moved along."
As you can see below, the list of executed trades ended up in a breakeven situation, but mostly, I avoided to get a hit with the BLUE breakdown.
My conclusion is that this market is very difficult to trade because of sudden reversals and overnight moves. For today, the list of trade ideas is below. All the ideas highlighted in Pink are Breakdown on Volume. In a bear market, it is easier to follow that type of trades than trying to catch bottoms.