I have no idea how it’s December already, but yet here we are! I’m very grateful to be starting off this month with a green day. The action this morning was just straight up nuts. I’m not sure how else to put it. Yesterday I thought a lot was going on, but today it felt like you could trip and fall over an excellent setup.
One thing that I have been noticing lately and took more notice of today was how I let so many setups that I had on watch just pass me by. I legit had about 7 KILLER setups today that I just flat out missed because I wasn’t as prepared as I should have been. Having something on watching means absolutely nothing if you don’t have actionable alerts set for yourself so you can leverage the opportunities at hand. This is something that I need to fix. The fact that I keep repeating this over and over in these recaps tells me that I’m not as prepared for the day that I should be. This is a formal notice to myself to pickup the slack and stop screwing around. You get out what you put in, and even though I’m green and having good days…that’s just not good enough when a good day should’ve been a superb day.
I’ve heard it said plenty of times that if you want to take this serious then you need to put in the work and the more time that I’m around the more I see how true this really is. I think the first step that I’m going to take is to schedule myself a full hour to prepare for the next day. This might sound like overkill to some, but I think I’m at a point where I would be doing myself a disservice if I don’t dedicate that time. I will still have my morning prep, but I really just need to be absolutely prepared for the things that I have on watch. No if’s, and’s, or but’s about it and I’m not going to wait for a 2021 new years resolution to put this into practice.
OK! Let’s get to today’s trades.
MBRX
Man what a GIFT this was. I definitely love this perennial setup as I like to call it. I had two areas that I felt needed some improvement here. The first was my size. Given the setup I think I could’ve used a little bit more size in premarket. Granted I wasn’t trying to go rambo in the PM as you can see I locked some in to be prepared for the open, but I need to trust my setups a little bit more to leverage them.
The next thing was that I completely forgot to check key levels for open entries and while I did get some up into the 1.20 push, I would’ve been more inclined to size up there had I been locked in with the action.
NKLA
Not all that thrilled about how I handled this one. I didn’t get ran over, but this was an unnecessary loss brought to you by the letter F.O.M.O. I simply missed the real trade and tried to fin another one at the bottom of the channel, only to get rejected.
The way that I was sizing into this just didn’t make sense and I should’ve cut much sooner than I did. Not much more to add here except this is a trade that I shouldn’t have been in and gave back some NIO profits unnecessarily because of my chase.
NIO
This is one of those trades where it was good, but it should’ve been STELLAR! I had this on watch and quite simply lost it off radar for a good bit, otherwise I would’ve been attacking the 51 level. I’m still working on this trading around a core concept, so you can see me getting a little trigger happy towards the end of the move there. In my head I was saying I should hold for $48, but that cover-itis kicked in and I just had to cover, then add, then cover…..then add…you get the idea. I don’t want to be a position where A play like this sets up and then I give the profits back, so I’m still working on the balance of my patience to profit taking ratio.
I really wish I had all day to trade this, but I can only take what I can, so I work within those params and move on.