Wild day (A Green day, but wild.. There definitely is a shift in the markets happening and I need to make sure that I’m on board with the changes. I traded a SLEW of names today and I have to say say I’m nots sure if this is a habit I would want to form. I think I’d be better sticking to 2-3 names, but when a setup is there who am I to not take it. Clearly I need to work on this balance, so we’ll see how it goes, but for now just continuing to chug along.
I’ve been talking about going long on setups when I see them and today I ended up going long of a few names, and actually caught some squeeze out on TAOP which was pretty wild. I definitely feel like a wish out of water looking at long setups and smacking my chops, but trading isn’t about just being on one side, it’s about TRADING…so that’s what I’m working to do. Trade. I want to be able to work both sides of the coin and establish the skillset to be able to survive in different environments.
One big takeaway for me today is the whole overtrading situation. I had a nice day, however all of the in/out that I had on CCL (which did keep me safe btw as that’s been a focus) just lead to commissions burning, and I’m not wanting to just fork over a couple hundred in commissions simply because I wasn’t patient. This can be avoided by waiting for proper setups to occur. Even though I know a name is setting up nicely doesn’t mean I need to be active in it waiting for the very moment that it goes…..you’ll see what I mean on the CCL chart. I need to exercise more patience and continue to work on being selective on entries.
Ok onto the trades
This one first interested me as a long given the premarket action and where it was setting up. Clearly I was a little late to the part as the 1.90-2 area was the more sensible entry. WELL I got int…it took off, then I thought it’d go more and …NOPE…lol I was up like .15 at one point, but it just never materialized, so I sold it only to find myself long a decent amount of shares on accident, which I had to turn around and dump…then by the time I dumped that a nice short was setting up, so I went short and accidentally covered my position too early. I think it ended up down in the 1.70s or something……just wasn’t my day on this one..lol. I read the action, but the execution just wasn’t thiere.
Nice opportunity here playing the relatively weakness. I completely covered too soon when the 58.30 level broke. I had a target of 57, but got too antsy when I saw I was up a buck on my position. Needless to say I need to work on sticking to my price targtes. I left a TON on the table here….smh
Started off pretty ok and was up nice on that 26.35 test, but then added on the pop of 26.50 which messed up my avg and i had to cover up, so was a scratch trade a few times and then finally caught some downside when the 26.90’s got heavy. Name o the game here is patience. I didn’t trade this terrible, but just a bunch of chop after being up when it didn’t have to. Then because I was happy about catch the fade I covered too early and missed a HUUUUGGGGEEE Unwind. Ended up red on this name and a little salty, but it is what it is. Patience and discipline fix these kinds of scenarios.
I thought we had a nice flag setting up for a long, so I took some…cut wit ha tight stop, then tried again and had a .02 stop in place. Nothing came out of it and then someone starting to make their exit……tried the long and it didn’t work…#NEXT
Nice one here. Was happy about my read on the price action in preamarket and as you’ll see I was quick to size down when things weren’t going how I thought they should. This action definitely preserves your mental capital and allows you to be preapred for more. A part of me wishes i took some on that para off the open, but it easily could’ve just kept on going and I would’ve been looking with the boo-boo face, so I’m ok letting it o that, then coming back and seeing pops fails for a poper setup with proper risk zones.
Not really much here. The tape got weak, so I took a scape for about .60. Nice quick action in 3 minutes.
Hey boo….caught some of of that squeeze out action and as you can tell I didn’t know How to mentally handle it…LOLOL I was all over the place trying to make sure that I was locking it, but trying to let it work if it kept wanting to go. OVerall happy with the read, but MAN do i need to clean up my trade management after the entry on these.
Nice chart, nice setup, but piss poor first entry from me ( absolutely was FOMO), which lead to a little chop and then minimizing the real trade. I should’ve been in here around 2pm with a 5.90 average and just letting this thing work , but because I got chopped up early I go on the defensive and want to lock in prematurely. Needless to say FOMO entries are still a thing that I’m working on.