Another day in the markets and I’m feeling confident in my plays. I probably need to dig a little deeper to understand why I’m feeling this way (I think I have an idea), but needless to say I think that my current sizing and positioning vs. my game plans are really leading to success that I want to continue to replicate.
$GME
Pretty happy with how this trade. Typically I get ahead of of myself on the “frontside” of the move, but today I was patient and and let price action confirm for me before starting in. I”m very happy with my entries and how I scaled here. I’m also happy with how I noticed the price action in the 10.30s, so I got out and waited for a better opportunity.
$BLNK
Very happy with this play as well. The price action pushed up into some key territory and based on the tape I started in. I only got 1/4 of my size, but hey you can’t win them all…lol. I very well could’ve kept working this after my initial covers, but with it being such a nice gain I didn’t feel like overstaying, so I took my profits. Part of this is because I was working 3 positions simultaneously, so for sure if I want to maximize this kind of setup I have to be zoned in on just 1-2 names and that’s it. I’m still working to find the balance here though.
$AMD
I had the right thesis, but the execution was lacking here. I still ended green, but because I was early to the game I covered for peanuts. The funny part is that I had 76.80s as my original cover zone, but because I didn’t wait for the setup to form properly I had to size down in some areas and then I was left to cover early to recoup those early size downs. In hindsight I could’ve added when it stayed heavy on 77.60, but when you’re working several names at the same time it’s just not that easy for me.
Takeaways
AMD is a prime example of where I need to let the trade setup more. In trading it’s easy to be right and wrong at the same time. The bigger picture idea could be right, but if you don’t have the correct entry your mental state will be wrong, and thus in turn take you out of the trade.
Another take away is that you don’t have to trade everything that’s moving. In all honesty if I had given my focus to just 1 or maybe even just 2 tickers I would’ve maximized them with more size. Granted a lot of this transpired in the pre-market I think I will need to assess further which plays are my main focuses vs secondary plays, so I give them the correct attention.