Another day jam packed full of opportunities. While it was a green day, I definitely could’ve played OCGN much better than I did as I did a fair bit of donation from just small chops. I never let things get away, but all the in/out/in/out can add up over time, so with that being said there were a few observations that I wanted to highlight from today which I want to continue to work on and improve.
The first thing that I wanted to highlight is that I’m much better off waiting for a prime setup than trying to make something work when things are sideways. More than likely based on my new attention to detail I’m just going to get chopped around and well that’s not really fun and can be frustration as well as an attention hog, so I want to be a part of the big moves and leave the sideways action for the birds or for managing a position after it’s consolidating after a big move.
The next thing that I wanted to highlight was the “washout long” opportunity, which I finally took on NIO and while I wasn’t aggressive with size, I’m happy that I took the opportunity (albeit I was a bit too tight on the stops with it). There’s so much opportunity around once you stop getting so biased and you just take price action for what it is. There are some names where I know there could be a sudden rug pull on the long side, so I will definitely be mindful of getting long in those situations, but on the more “stable” names there’s blue skies in terms of being able to profit on both sides. I’m slowly getting there, but it is VERY freeing to not feel like I NEED to make a short work. I’m not sure why I was that way…maybe just because I was figuring things out, but not I want to take the name for what is really is in the CONTEXT of what’s currently happening.
Lastly sector plays can really give you some great opportunity when you connect the dots. Once you really start to get a fell for how some things trade together you can start to leverage that information for getting ahead of potential moves and getting an idea for where it could go. This isn’t to say that they will make the same types of moves, but when a duck quacks….believe it’s a duck.
I noticed some continue weakens in the EV sector this morning and figured I would just scalp some here and there. I missed the bigger move from earlier and just decided to play some off the failed follow through at 17 looking for a retrace back to mid-low 16s. The tape changed, so I booked my profits and didn’t look back( had work meetings, but man….if you look at the end of day chart I was definitely on the right page….just not enough time…sigh
Nice day 2 move which was pretty stress free. I had an opportunity to add back at the 5.90’s, but I think i was caught up managing some OCGN at this point, so I missed the move. Really nice one though.
I need a redo. I definitely donated overall to the OCGN fund and I HAD the right idea…lol. In the premarket I tried some longs a few times as the tape felt like it wanted to go, and I was actually on the right side, but it just had no follow through, so just small chops here and there. I had some nice action off the open, but unfortunately I didn’t cover enough down in the 11.67 level and let a little walk back on me, which sucked. not to self…make sure you don’t let that happen. I really should’ve had a stop at break even once i was booking profits….there’s no need to let a trade go red ..especially after you have realized profits. Just a silly mistake. After that I was playing at the bottom of the channel (which I’ve been talking about the last couple of days that I shouldn’t’ be doing and guess what…yep…chop chop chop), then something finally happened, but I had work meetings and just couldn’t pay anymore attention and then like 10 minutes later the darn name got baptized….lol…just my luck. I know what I need to clean up, and I’ll be working on that as usual.
I had a decent read on this one, but again i wish I played it more on the top side of the channel. Overall green, but I could’ve really laid out into this one
Quick scalp on the EV sector when the tape felt heavy. I thought we would get that fail here, and it happened…just a little bit later. No complains though. Take the trade for what it gave me and moved on.
again I was a little too early to the action, but this ended up being a nice trade. I was really close to pulling the trigger later on in the 33.40 range after it made a comeback before the big fail, but as usual work got in the way (lol…crazy that I’m saying that I know). Overall happy with the opportunity and the moral of the story remains to work the TOP of the channel, not the bottom.3
More EV sector madness and guess what…ya boy went long….:)
I actually was eyeing this as a short for a while, but was tied up in a call, so I couldn’t’ focus and then when it bounced my brain went “this might retrace…long some”. The tape looked good, so instead of doing the normal waiting for a short signal, I took the long and it went well.
Pretty happy with the read here. Wish I pulled thetrigger a little longer, but overall happy with this and I will continue to work these kinds of ideas as it provides goo opportunities.