ECOR had a few bagholder failed spikes on the daily. Had one heavy 158 million resistance at 3.20's area and some lower volume resistance at 3.20's are (were the stock was trading around PM). The stock was already failing early in the pre market and was looking for a bounce to short into. At around 7:00 am the stock did a nice dead cat bounce to VWAP level. It bounced, hit VWAP and rejected with long wicks. I have now seen this form of dead cat bounce pattern quite a few times. Where a weak stock is already dumping down very low and the stock does a nice dead cat bounce to VWAP and fails. This small pattern is nice to short into to give quick small gains especially if you already have locates for that stock. 

My mistake: I exited the trade to early. I saw a big buyer on the level 2 and got spooked out and decided to take my money and run. I later realized that it was most likely a fluff order on the level 2 as the stock continued tanking and I missed out on a decent amount of money as the stock continued tanking from 7 am (where I took my trade) all the way to market open. What I learned is don't rely on level 2 too much especially that I am also a beginner trader and need way more practice learning level 2 and time and sales. What I did right was I didn't fomo into the same stock and chase the weakness. Chasing weakness would of worked on this stock but chasing does not always work and is not a consistent strategy.

Float: 31 M

MC: 96 M

IO: 18%

Borrow fees: $0.025 / Share