Red day recap. What started out as a mini green day turned red, because well I go too patient on $WISA, but we’ll talk about that below. The good news is that my red day wasn’t all of yesterday’s gains, and that is something that I’ve been working on, which is not making 2 steps to step back 3.
In general today I had good reads on the names that I traded, but my execution was lacking and that’s the most frustrating part. In this trading thing having the idea, having the thesis, or having the “plan” is only half the battle. It doesn’t matter if you knew about certain levels or could see things coming if you don’t act on them properly and today that’s what I got.
The majority of the chop I experienced today came from carrying some decent size on $WISA and taking paper cuts. There were times where I could’ve covered for a .03 chop, but a got too patience thing it was going to break down and took some like .18 hits. In the grand scheme of things this wasn’t bad, but my covers could’ve been optimized given the price action. I’ve been getting better at covering positions, but still there is work to do.
Tomorrow is a new day and I’m looking to reset, and refocus on the task at hand, which is finding the next good trade.
WISA
I started off nice, and was up nice twice on this trade, but just didn’t lock it in because I was thinking we would get the move to 2.65, but failed to “zoom” out and look at the big picture which was higher lows. Now the interesting part is that I was thinking we could hit 3.80s-4, but I still found myself scaling into the bottom of the channel. Given the volume on the day I need to stick to reactive trades into key levels for this kind of a setup. Sure sometimes it works out, but the scaling into weakness, unless the name is actually heavy is for the birds at this point. All it does is bring your avg down and then you get some interesting price action that gets you on the edge of your seat.
I’ve taken notes, and will be applying them to the next setup that comes along.
CCL
I caught the dead cat bounce off of the offering here, and should’ve focused more efforts here off the open. This was some clean price action that was pretty clean. I think this goes back and speaks to my play selection, which I was talking about I believe last week. I need to work on identifying the trades that are going to give me the move that I want with less stress. The big picture with this trade, the chart, and the vaccine news had it kind of written on the wall along with the premarket action which stayed heavy. Factor in the companies position and wellll yeah…so I will be focusing on honing my morning play selection for sure
APPS
Nothing much to see here. I tried some at the vwap level for a retest. In hindsight I should’ve let the vwap retest then retest the levels before entering. Minimal hit, but will work on the adds post confirmation
GTEC.
Man this one SUCKS! I’m still working on these longs setup, this just pains me to look at. I had some small and took a chop on it, then had a nice entry, but didn’t want to get chopped again, so I sold for a small profit only to watch it then run $6 without me. I had time to get back in off the open, but focusing on $WISA messed that up for me, so again pay selection is crucial.