Green day. What a day. Today I felt like I was back in the boxing ring needing to keep my head on a swivel. So much stuff was doing what I was hoping for off the open it was crazy. Up…down…left…right…no left…up…no down…right…no left…..crazy crazy crazy action and I’m here for it!
I’m absolutely loving what happens when I stick to my plan in regards to keeping my watchlist names as #1 despite what other temptress’ show up in the morning. Patience is also paying off and allowing me to not get caught up in the emotional wreckage that can come with getting involved too soon. This isn’t to say that I didn’t get involved too soon (you’ll see on PLUG that I was and missed a SERIOUS opportunity because of it), however it’s starting to pull together. While I was early on some of the moves one of the biggest things that I’m happy about and continue to be happy about is that I’m not trying to make something out of nothing. The move didn’t happen how I wanted, so I try to get out. I actually was in PLUG and kept trying to cover thinking that I was getting upside down, but kept getting order errors because of invalid shares….then I looked down and realized I was already out of the move with like .08 from my entry…..ecstatic to say the least. Capital preservation is #1 and that’s in the context of a setup. I don’t want to trade just to trade, but I want to see a setup.
In keeping with my question to look for more long opportunities I want to call attention to my mindset off the open with GME where it flushed out and I saw it bounce off that 104 range. My mind was saying take some at 109, however I hesitated and then watched it rally 10pts….lol….crazy. I missed the long however I did have the mindset and I’m happy with that progress…really happy as a while ago I would’ve only been in the mindset of a short because of why it was up. Who cares…play what a name gives you.
Had a bunch of travel names on watch from last night and I underestimate the rnage that it could give. I tried some in premarket when it looked like we might get some failed follow through, but the bids came back in and I cut it since it wasn’t doing what I was expecting. I was a bit slow on the draw off the open and was looking to pull the trigger at 22.16, vs 22.30, however I was trying to balance in my mind being too early to the play (I like to try and wait for 9:40. I took a chase entry and when it kept working I added and covered into the key support.
BB felt like the “cleaner” action from the whole GME reddit “sector”, so I wanted to play this to keep price action in check. If you notice I tried some after the fail vs 11.73, but it didn’t feel like it wanted to follow through , so I cut it (and waited for the 11.80 range to settle down before getting back in there and then covering into the key zones. I think I would’ve stood better to keep my covers down around the support level I had determined. I keep saying this time and time again and it keeps being true time and time again. On the flip side that push and fail back to 11.70 should’ve been my reload area, but I think my head was on the swivel too much and I missed it. Things to improve on here for sure.
PLUG was the “index” for this move and I really just played this one off of it. Not really much going on here, and a minimized trade, however I played a sector off an “index” and that was a plus for me.
Again the travel sector was on watch for me last night and this beauty setup for me. Ideally I should’ve joined on the 31.20 fail, but again so much going on that I had to join where I could join. While I got some good range off this one my one regret is not keeping size on to continue with the move and trail the price action.
While I was green on this trade here’s an example of me getting involved too early and then missing a HUGE move, which would’ve effectively doubled my day had I been better position. On the plus side I’m extremely happy about me covering when things weren’t going where I thought they should however I should’ve bee waiting for a retest and fail of the 47.17 level before getting involved. If i did that I would’ve had 2 points on the move…..again patience in a virtue. Get your plan and play off the key levels. If you’re late you’re late and i guess you can cover like I did, but I would prefer to be involved in tghe “strength” in the weakness.