Back on the horse with a green day. I can’t say that I played everything perfectly, but I did play according to my plan and I’m happy about that. Coming off of a loss on Friday is always a tough, so I’m glad that I was able to put that behind me and get this week started off on the right foot.
I took some notes and actionable items from Traders4aCause and put them to work. The main thing being my approach to premarket as you’ll see below on $MTP. Being that it’s Monday and I’m coming off of a red day my goal was to not force anything. I wanted to take what the trades gave me and not try to force my way back into a position like I did on $HTZ on Friday.
I’m still working on the finding the proper balance of Premaket activity vs missed opportunity, so I have decided that probably this upcoming weekend I’m going to dive deep into some of these setups that I have missed and look for an edge on them.
MTP
A #KWYO situation that I was hoping would offer a nice opportunity off open like $SGBX did last week, but alas it just fell on its face.
I caught a parabolic move off the 7am rush and ended up being a little earlier than I should have been (granted it was a starter position, but position entry and Average make all the difference). I Added some on the second push into my key level and ended up with a 2.95 average. Had I had the proper patience I could’ve left with a 3.xx average. I mention my average because this made the difference in me wanting to sit around vs wanting to let the trade work out. Being Monday I wasn’t trying to find myself any kind of headache that I would have to dig myself out of to start the day and since the range of the move was $.50 I decided not to press my luck and take what the market gave me. I still booked profits despite my average, however my average was just low enough that I didn’t feel comfortable holding it going into the unknown as as you can see the fade ensued and moved without me. I’m not upset about it because I played it exactly how I wanted given the circumstances. Moving forward I know that my entries on these market inefficiencies have to be tighten up to put myself in the best possible position to maximize the trade.
BIMI
Man o man what a fumble on this one. I ended up a little red on this name (no biggie, but such a miss by me…sigh). On one hand I’m happy because I respected my stop levels, which is something I was saying last week that I needed to work on, however I completely dropped the ball on identifying the sellers when the newsletter volume came in and the thing sold off. Not to mention I didn’t capitalize on this knowledge off the open. Seeing is one thing, however I need to make sure that i’m taking in this information, processing it, and applying it to my game plan.
NIO
Nice trade here nad the trade of the day for me. I started in a little early and really my miss was shorting into weakness opposed to strength. 28.55ish was a prime level that I should have been watching and would have had SUCH a better trade had I moved into strength against this.
Saying it is one thing, but doing it is another, so still clearly I have much work to do on my entries. yes I was green, but I left a solid .45 on the table by being a little too early.
Say it with me…short into strength, not weakness.