Daily Report Card 4/28
Well compared to yesterday, today was better, but not good enough. I completely blanked and forgot about me trading half size today and ended up starting the day with 4 losers, 3 on too big of size, 2 on too big of size for the star rating and 1 I sized correctly given star rating and me trading smaller. DIS breakeven. Made it all back on a GOOG reversal and SPY divergence scalps that played out very nicely.
Today seemed like it was going to be THE squeeze day. Cruise and a few other beaten down names like CAKE and PLAY were finally seeing some momentum to the upside and I wanted in. A few other really solid looking breakouts were in play too with DIS, SFIX. And some other continuation plays NVDA EXPE and SNAP.
SPY
Big gap up above 2weeks ago after hour spike high, and yest HOD. Looked liek the channel was continuing to the upside so as usual, expected either a gap and go or a pullback to continue higher.
Got neither as SPY pulled back but couldnt find any support so any longs I was looking at were shot from the 1st 30 minutes of the day as we found no strength and confirmed weakness. Ina different post im going to go over my LT trades and scalps withing the 1st 30 minutes of the day.
So 30 minutes into today SPY was confirmed weak and I had already taken 8 longs with 2 more later on.
Before I even get into the trades I was rushed this morning. I was late to the desk and charting and I was slow doing it. Didnt give myself enough time to really dig in how I want. By the time I was done it was 827 and I needed to search NOW if I was going to have a trade at the bell or not.
My goal today was to go half size scalp and LT trades. I failed. The first trade I took was on SNAP right at the open feeling FOMO and rushed since I just spotted it and needed to make a split second decision. I didnt follow my size rule and I took a more than -1R loss. So within the 1st 30 seconds of the day I already broke a few rules and was down. Not a good start. Bought the premarket high break. Failed. Was a fine trade to take. But the size and my mindset going into it was wrong.
DIS
Excellent rising triangle. Clear breakout level. Off hour levels made it kind of odd but premarket action made it very clear what level to look for a break of.
Only a 3 star trade before the bell. But during time of trade we had great price action, relative strength, RVOL and tape action so bumped it up to an 8.
Great ORB setup. SPY was not helping though. Tiny win overall, failed to take profit correctly on initial scalp once it hit PT of 110 so gave back 50$ on it. Added with tape cues and covered risk from that. Another fine trade.
SFIX
4.5 before the bell. bumped it up to 8 with an intraday failure, price action, market correlation and volume.
If SPY didnt dump I feel this trade could have gone very differently. A great dip buy with big volume ripping price back above vwap and 17 and I got long. SPY at time of entry had also just ripped up and got above vwpa same as SFIX. No continuation though. SPY sold off, so did SFIX. Another loss I was meant to take but NOT with the size I used. Did not cut in half.
CAKE
Another beat down stock looking for a big pop. 4 before the bell, 6 after. Low rating but good price action and relative strength so the trade is on. Again, NOT with the size I took though. Too big.
Good relative strength, good volume, right to HTF level. Cup and Handle. Right after my entry is when SPY broke down and confirmed weakness. Again a loss I was meant to take but not with the size.
After this loss I took a break. Walked around, got away from desk, tried to reset.
CCL
4 before,8 after.
Used the correct smaller size finally, but given SPYs and everything else in this markets weakness.. We saw CAKE fail, SFIX fail. EXPE DIS SNAP all fail, all stocks in same boat or close to as CCL looking for squeezes higher. Why assume that now at this point, now is when the stock will run. After seeing all this failure out here, its bad to assume this is gonna be the one that doesnt. Should not have traded at all and just waited for a pullback entry.
GOOG was a good reversal. Solid price action volume and market correlation which became relative strength. Solid win made back half my losses.
With a tape add in there as well, good move.
SPY divergence scalps also clawing my way back to barely red on the day. Very clear indications out there alongside tape so good to see Im still good at reading that.
Towards the close I got a reversal trade on FMX and PGR. Both good tape cues but perhaps I was fighting a bit too much towards the close. Both names one direction all day, figured wed get a reversal as traders take profits into the close but nope. Small losses each.
Bad day overall. Should be up 100 if I treated size like I was supposed to, and didnt take CCL.
Was a relatively short day too. With SPY dumping how it did, all my plans were shot. I either had to give up on the longs or wait hours until they reclaimed levels they needed to. Which im fine waiting for but I got other things I can do that sit and hope the market gives me something.
If reversals and divergence trades are the only way I can make money for now then that is fine with me so be it. Tomorrow I will continue half size scalps and LT. Still adding by the tape if I see what I want to, but not starting with full 50$ risk.
Today seemed like it was going to be THE squeeze day. Cruise and a few other beaten down names like CAKE and PLAY were finally seeing some momentum to the upside and I wanted in. A few other really solid looking breakouts were in play too with DIS, SFIX. And some other continuation plays NVDA EXPE and SNAP.
SPY
Got neither as SPY pulled back but couldnt find any support so any longs I was looking at were shot from the 1st 30 minutes of the day as we found no strength and confirmed weakness. Ina different post im going to go over my LT trades and scalps withing the 1st 30 minutes of the day.
So 30 minutes into today SPY was confirmed weak and I had already taken 8 longs with 2 more later on.
Before I even get into the trades I was rushed this morning. I was late to the desk and charting and I was slow doing it. Didnt give myself enough time to really dig in how I want. By the time I was done it was 827 and I needed to search NOW if I was going to have a trade at the bell or not.
My goal today was to go half size scalp and LT trades. I failed. The first trade I took was on SNAP right at the open feeling FOMO and rushed since I just spotted it and needed to make a split second decision. I didnt follow my size rule and I took a more than -1R loss. So within the 1st 30 seconds of the day I already broke a few rules and was down. Not a good start. Bought the premarket high break. Failed. Was a fine trade to take. But the size and my mindset going into it was wrong.
DIS
Excellent rising triangle. Clear breakout level. Off hour levels made it kind of odd but premarket action made it very clear what level to look for a break of.
Only a 3 star trade before the bell. But during time of trade we had great price action, relative strength, RVOL and tape action so bumped it up to an 8.
Great ORB setup. SPY was not helping though. Tiny win overall, failed to take profit correctly on initial scalp once it hit PT of 110 so gave back 50$ on it. Added with tape cues and covered risk from that. Another fine trade.
SFIX
4.5 before the bell. bumped it up to 8 with an intraday failure, price action, market correlation and volume.
If SPY didnt dump I feel this trade could have gone very differently. A great dip buy with big volume ripping price back above vwap and 17 and I got long. SPY at time of entry had also just ripped up and got above vwpa same as SFIX. No continuation though. SPY sold off, so did SFIX. Another loss I was meant to take but NOT with the size I used. Did not cut in half.
CAKE
Another beat down stock looking for a big pop. 4 before the bell, 6 after. Low rating but good price action and relative strength so the trade is on. Again, NOT with the size I took though. Too big.
Good relative strength, good volume, right to HTF level. Cup and Handle. Right after my entry is when SPY broke down and confirmed weakness. Again a loss I was meant to take but not with the size.
After this loss I took a break. Walked around, got away from desk, tried to reset.
CCL
4 before,8 after.
Used the correct smaller size finally, but given SPYs and everything else in this markets weakness.. We saw CAKE fail, SFIX fail. EXPE DIS SNAP all fail, all stocks in same boat or close to as CCL looking for squeezes higher. Why assume that now at this point, now is when the stock will run. After seeing all this failure out here, its bad to assume this is gonna be the one that doesnt. Should not have traded at all and just waited for a pullback entry.
GOOG was a good reversal. Solid price action volume and market correlation which became relative strength. Solid win made back half my losses.
With a tape add in there as well, good move.
SPY divergence scalps also clawing my way back to barely red on the day. Very clear indications out there alongside tape so good to see Im still good at reading that.
Towards the close I got a reversal trade on FMX and PGR. Both good tape cues but perhaps I was fighting a bit too much towards the close. Both names one direction all day, figured wed get a reversal as traders take profits into the close but nope. Small losses each.
Bad day overall. Should be up 100 if I treated size like I was supposed to, and didnt take CCL.
Was a relatively short day too. With SPY dumping how it did, all my plans were shot. I either had to give up on the longs or wait hours until they reclaimed levels they needed to. Which im fine waiting for but I got other things I can do that sit and hope the market gives me something.
If reversals and divergence trades are the only way I can make money for now then that is fine with me so be it. Tomorrow I will continue half size scalps and LT. Still adding by the tape if I see what I want to, but not starting with full 50$ risk.
Comments
Post a Comment