Today was a decent day and honestly it was just nice to finally have some good execution that I didn’t find a way to mess up. There were definitely points in the day where my execution coudl’ve been better based on how I trade, but this is how it goes. You make adjustments, you come back and see how things went and you continue to tweak.
I was telling my guy @Tick4Tat today that since switching to the 5minute charts I feel like I don’t have as good of a read on some of the swipe/stuff action that I was accustomed to seeing on the 1 minute chart. I was kind of bouncing back and forth between them to get the picture in my head, but what I think I really need to do is go back through my chart database of faders and re-index them on the 5 minute chart so I KNOW what it looks like there.
I’m still working on balancing patience with attacking and it can definitely feel tricky at times. Out of all of this I think one thing that I can say for sure is that for my setups I continue to have good reads, which lets me know that I’m on the right path and it’s just about buttoning up these loose ends to ensure that my process is tight.
Finding the proper candidates and then waiting for the setup is the name of the game for me. Unfortunately the one missed trade that I had today had some good range, so the day was minimized a bit, but hey what can you do. There will be a bunch more and I’m not worried about the extra $$$, but rather making sure that I have the tools and understanding in place to rinse and repeat each and every single time they show their faces.
Also shout out to @Tick4Tat on his trading he did today, really nice to see some of his reads coming out.
Trades
$AUUD
A pretty decent setup, but I wish there was more range on some of these since I don’t really bother with them in premarket anymore (I get overly convicted and have a hard time getting unbiased, so I stopped doing that to myself and let the chart tell me what the market actually wants to do).
The read was proper, but I was too late on that second add. I saw it push and should/’ve been there, but that battle between what I’m used to seeing on the 1min chart vs the 5 minute chart came out and I let it slow me down enough to end up wit ha chase add when I wanted it at 2.30ish.
Looking back it looks like I basically bottom ticked the lions share of my position and left a little flyer on just in case, but that got stopped out. Overall happy with the trade, but definitely can improve on how I added.
$LEXX
I had another nice read here, but unfortunately didn’t get the proper entry vs 6.10. It pushed and again I left the diff between volume action on the 5min vs the 1min distract me enough to end up with a lower entry than I would’ve liked (at the bottom of the channel almost like a bum) and because of that lower entry my risk was still vs 6.12ish, so my share sized was peanuts. The read and the trade were good, but I have to be better about pulling the trigger and letting it ride.
Missed Trades
$DARE
I had shares, I had the read, but I didn’t take it because given how it was kind of grinding on lowish volume I was expecting a ramp, however I think given the float and the lack of demand this thing hand I need to adjust my expectations.
Float matters and I think this is a good example of how someone ramping it up on lowish float, but not getting enough participation from the bulls can work out.
$ISIG
Man what a beauty of a squeeze this was…I mean SERIOUSLY wow. There were some good opps to get involved and if you looked at the daily chart it was primed to blow some backs out.
All the makings of a nice squeezer. Low float, a decent daily chart, and T+2. Really killer squeeze of the type that I want to be involved in.
I’m going to work on tracking some data in spikeet this weekend and backtesting it to see how I can get involved on these setups.