Green Day. I guess I got all tied up in the thanksgiving festivities and completely forgot again to take all of my chart screenshots and do a retro. for the 25th, so I’ll just recap here. I had a red day because I let a NIO trade get away from me in the afternoon.
I’m still working hard at making sure that I’m not letting positions work against me, and I just was looking to do too much with that position and thus why I got stubborn. That was the wrong mindset to be in, so coming into today the first thing that I did was email the good folks at centerpoint and adjusted my max risk per trade and max daily loss to make sure that I’m trading within a tighter range. Since my P/L had made such a nice move I started to widen my horizons for losses, but honestly that’s just not needed. I’m fully positive that you can have just as big of trades and still minimize the possible p/l swing, and so that’s what I did.
I’m going back to work on making sure I have the basics in place. This requires laser focus and attention to the smallest of details. Having the right idea isn’t enough…I need to be ON it when it comes to exception, and so that’s where my focus will be
I’m proud to report that using this laser focus today my R/R was incredible. Just how it should be. Now to make sure that I keep this going forward.
On to the trades.
UXIN
I had a long swing trade (I know right…that’s like 2 in a single week’s time frame) that I worked out of here from a mid 1.5x average. I was VERY tempted to get out a bunch in the 1.90’s, but I was trying to let it work. I think the big take away here is that when it’s up like that you and the opportunity is there you need to lock some in. You can always re-add if it starts to trend in your favor. I missed a solid .20 of profit on a decent (to me) position, so I will look to better this moving forward
PLTR
Man this was nice. I’m actualy a little upset at myself as I had my levels and I didn’t want to actually get involved until closer to 31.60’s and somehow managed to start a position at like 31.20.Definitely not what I want. I need to work on patience. The trade was there and to maximize this i need to be patient. At the end of the day this trade ended up being excellent. Now what I need to do is take this setup and turn it from “excellent” to a “home run” trade. The tape was incredible…i mean absolutely incredible an these are the situations that you just gotta be ready for and there to attack on them.
A couple of weeks back I was talking about how I didn’t see the $NIO setup, but was happy that I didn’t trade it just because other people were. Well this time around because of that $NIO setup I DID know what I was looking for and the setup is SUPPPPPEEEERRR clear to me. It’s actually pretty amazing and I’m drooling at the next opportunity. Cheer’s to frustration, screen time, and progress.
WORX
I’m actually pretty happy with what went on here. My goal was to avoid the chop and not to get to biased on the front side as that’s where I usually get in a bind, so for my ideal full size position I was about 1/20th ofthe size, and I handled the covers incredibly well to keep myself out of trouble. I knew that based on the volume coming in that this one was going to be tricky, so instead of getting consumed by it and getting my brain’s back blown out (LOLOLOL) I decided to wait…and I swear patience is incredible when you use it to your advantage. There was no frustration (minus wanting it to just get going with the move that I knew had to come). I had a goal of 2.02, but as you can see I took what the move gave me. I wasn’t going to be sitting around fussing around a couple of pennies and I’m happy that I did cover how I did. Not a huge MOVE in terms of P/L, but it was definitely a lightbulb moment in the land of manipulated tickers.