6/16 DRC
Yesterday was slow easy and stress free. Today can be like that too. I let the market come to me and when I saw the setup it was screaming to be taken. Didnt chase anything, didnt force anything. The trades I took were A+ and could easily tell there was strength at significant locations. The rest is up to the market gods.
I want today to be just like that. We are gapping up pretty good right now so expecting to find some dip buys at the open.
Goals for today
1. Do not take any trades that are not clearly holding above significant levels.
2. If trades are not holding cleanly above, wait for resolution, then get in on the pullbacks.
3. Follow profit taking rules. Only reason to take off small size is on early warning signs to cover risk
4. 3 losses in a row = walk away. If I start getting that 'feeling' like I NEED to put a trade on, walk away.
GAN
1st trade 30minutes into day. Weak open, slowly built lower as we digested the gap. GAN was one that failed a LOD push with v low vol and ripped back above vwap + HTF level. We saw big bids come in and step higher and I got a starter with nice tight risk.
SPY at the time also failed a lower push away frm vwap, reclaimed higher.
Bids got taken out, so stopped out.
TSLA
shortly after GAN trade, Market still up and holidng, starting to trend higher. TSLA also pulled down around prev HOD and built around. Broke TL higher with vol and got above HTF + vwap +1000 and was starting to hold. It pbs to TL and HTF and we saw bids holding and as it ticked higher I got a starter and kept adding.
Couldnt keep the strength going, stopped out.
MRNA
Odd trader so far but had weak open, got under prev LOD and coiled under it. Ripped higher above and vwap and dipped back under. It got back above and I waited for some tape action and got it. A big buy order came through and I got a smaller starter off of it. Not putting size on yet, waiting for more action before that.
And we got it, bids stepped in, we couldnt drop anymore and we started ticking up. Added more as we went. Bids here, SPY also gaining huge vol and failing lower. Things starting to perk up again.
Broke TL from hod and we got good bids, just waiting, stop fairly tight. Vol on break was not great.
Added more as bids again stopped us from going lower and stepped up, making new micro highs. Looking for break above vwap to take half off.
Spiked above vwap with good buying and vol. 64 next then PT at 64.20 SPY also breaking HOD and got stuffed. V low volume. Odd market right now.
There is a lot of sympathy with SPY right now. Almost 1:1 but relative strength + tape cues make me think were good. RVOL at .85
There is steep uptrendline to work with, somewhat relevant, looking for ways to cut losses quicker as this shouldnt turn into a full -1R loss anymore if it happens. Nothing is clear to change stop yet though.
Broke TL, didnt have any significant selling come in, SPY also dropping. Theres a big bid at .50 ill use as stop.
Not clear enough to me too add more on that pb. Buying was there, looking at tape, but nothing super special. We ripped higher, breaking new TL and back above vwap to that range higher. SPY is weak and trying to lose vwap.
Something happened in SPY. I dont know if news or what but we spiked lower 2 points and MRNA started following, I got out. Breakeven, looking to re enter if necessary
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Biggest bid ive seen so far showed up to I guess buy this dip, we never broke levels lower so re entry is here. SPY is getting worse. Bigger offers showing up above vwap. Have to wait for failed breakdown or more action lower. SPY still getting worse. Blew up to original PT. Not in.
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Completely reversed came all the way back under vwap and original exit. There is a range here to work with, short may be here. Watching tape for entries.
Nothing early on but SPY lost it and I got the reversal. MRNA broke wdown good and pbd to vwap + htf, built around it and currently making a range just under. waiting for shorts on a fialed break higher into HTF + prev TLs
And we got it. Tape was good and slow and sellers came in. I got small starter and added as we ticked lower. Came right into a big bid and waiting to break him before adding more.
And we did. I wanted to add big but couldnt get the fill so smaller sized add. Looking for new LOD here, SPY pbd up to vwap and is struggling. MRNA once relative strength, now relative weakness.
Need to be cautious though. Each time weve gotten down below 63, weve been getting bought up pretty good. Will have ot judge tape if theres an early exit. I have good TLs to work with.
Breakdown was low vol and didnt go any further than what id like to see, buying here a bit. SPY not dropping lower or higher yet. At minor TL now, could be place to add. And got my add on retest of HTF + major TL. Lots of buying came in, but we absorbed it all, this is the turning point I need to see it go.
Added more as we ticked lower still and decent sized sell came in. SPY broke higher from range into vwap, stuffed a bit. Internals are strong and holding up. MRNA still seeing this buying, but its all getting absorbed. V low volume pbs. A break under 63 means stop reduced to breakeven. Were turning lower so volume needs to be picking up as we drop lower.
Big bid at 63. Vol is picking up, SPY looking like its going to rollover. Internals are rolling over lower. We look great for a move here. Need to get through it sellers gotta push.
We got it and huge selling coming in. Looks good for LOD. SPY not rolling over yet. Waiting for LOD before I take any off. All signs point for me to hold not take.
Big bids all over down here with buying. Starting to rethink what I just said. Will take 1/3 off if we make new 1min range high here. And we did, small cover to protect gains.
SPY and internals faked a move lower and broke higher showing strength.
Had spike back up after 1st take into TL. Would hate to see it as new SL but ill use it as that.
Buying coming in and we failed to drop lower, warning signs.
Broke range and TL, gave it a second to see what can happen, we did start spiking lower and offer came in at .20 so that will be final stop. SPY also rolling over lower now with internals so really need to see the weakness here.
Big bids came in and buying at .20 but all absorbed. Its tough to see clear winners here. Buyers seem to be winning, taking out the offers again, price dont lie though were still holding lower for the moment. And stopped out all.
Dont see re entry yet. Will have to judge by tape.
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Came back to HTF level and found hidden/big offers.
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Ended up breaking higher into vwap and came back with super low vol. Made a tight range just above HTF level, broke lower, saw no downside, came back up and I got in long. Failed lower several times with and without market weakness. Might continue seeing the upside short squeeze.
Had to chase a little bit as original order didnt get filled. Adding wont be too easy or increase RR that much so will have to settle less size If I get those adds.
Doesnt matter stopped out anyways. Probably done with this name.
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I was wrong turns out theres another trade here. Much later on it kept coiling, now above HTF level and holding. Made a really tight range abvoe it again, broke lower into it, and found buying bringing it back up. Got a starter and kept adding as we kept going. Got pretty big but risk right still and nothing too outsized. Market has found strength and slowly uptrending reclaiming levels mainly vwap. Looking for a big pop here in MRNA.
Popped right away getting back above tradestations vwap. I saw tradestations because tradingview it was coiling above. Looking for a 64 break. Last pop got to .90 and came back. There are also volume increases here.
Got above vwap, pulled right into it low vol saw big bids. tapped it, made new range high.
Big orders coming in spiking tape up.
Broke .90, thick offers here.
That vwap test will be all out. There are a few names out ther going para ripping higher, no reason MRNA cant do the same. If its not, I dont need to be long. Let it be though, broke .90 and nothing happened.
Came lower into big bid and took him out, dropping lower still. Might see a vwap test + minor TL. Wont wait to find out what happens. Shoudlve been long gone by now.
BIG bid came in. price freaked higher. Again taken out though.
Comparable names like NVAX IBB are also v strong. We should be going. SPY broke higher.
Dont see reasons to add yet.
Found the buying, low vol pullback I guess, Didnt get to vwap or TL started seeing the flood come in again. Should be gooooone.
Broke high and 64. Got stuffed hard on what seems like no volume. Waiting for 64 again before I take any off.
Might not get it again but waiting anyways. Market seems to be rolling over lower for the moment.
Big buys. Turning up again. at 64. After this 64.40 is intraday big level we saw last big rejection.
Big bid showed up above 64 at .05. Using him at stop for the moment, will use 1min low when I can. Big spike so wide for the moment.
Broke him and took half off. Letting rest go.
Would be great to see this turn into a short squeeze para. Its the theme lately, why not again.
Seems to be a refresh buyer here. Not good locations to add anymore yet. Will have to wait a while for that if I even get a good proper chance to do it. Dont want to long only to see it pb more as it should to retest the possible support. Will take another half on .40 break.
This stock entered into a range for 4 hours after the 1st 10 minutes of the day. There are A LOT of shorts in here in pain and want out.
Came .02 cents short of .40 and pulling down. Gotta wait a while on this one. Will use TL as stop to protect gains, currently could give back a decent chunk, were getting over extended. Market rolling over lower.
TL right on top of prev 5 min candle lo. Will use as stop if we can hold it here. Have to give it a chance to break through and reclaim.
And it will be stop, held and spiked higher. SPY just dumping not getting stronger. Internals weak too.
NVAX crashing lower too. Annoying stopped out all. Sucks but potential was huge.
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Pretty much 1:1 with SPY. SPY hit vwap same time as stop out on MRNA. Then turned high and MRNA did too. Waiting.
SPY
Crazy big dump from all this. Took the reversal long. A+ and great move from it. Added as it held original entry and got a point + to start. Took half once PT reached with TL/ Holding rest for 1min candle lows.
Tough day to see good trades. Only mistake I made was risking as much as I did on TSLA trade. Too big of size given the context. Was no real HTF setup, just a trade off of prev day high.
Other trades good though, SPY was the real winner to bring me green on the day. Not sure what it is about reversals and scalps lately but I find myself wanting to take off more a lot faster rather than let it go by 1min. Woudlve been double the size win if I did.
MRNA the obvious big trader on the day. Lots of trades there, really good ones too. Tough to get a read on the tape as both sides were pretty relevant. Didnt force it though and waited til it was clear and thats the main goal so happy with how it all turned out. Solid day. Followed goals. Need to hold the quick reversals though. Never know.
I want today to be just like that. We are gapping up pretty good right now so expecting to find some dip buys at the open.
Goals for today
1. Do not take any trades that are not clearly holding above significant levels.
2. If trades are not holding cleanly above, wait for resolution, then get in on the pullbacks.
3. Follow profit taking rules. Only reason to take off small size is on early warning signs to cover risk
4. 3 losses in a row = walk away. If I start getting that 'feeling' like I NEED to put a trade on, walk away.
GAN
1st trade 30minutes into day. Weak open, slowly built lower as we digested the gap. GAN was one that failed a LOD push with v low vol and ripped back above vwap + HTF level. We saw big bids come in and step higher and I got a starter with nice tight risk.
SPY at the time also failed a lower push away frm vwap, reclaimed higher.
Bids got taken out, so stopped out.
TSLA
shortly after GAN trade, Market still up and holidng, starting to trend higher. TSLA also pulled down around prev HOD and built around. Broke TL higher with vol and got above HTF + vwap +1000 and was starting to hold. It pbs to TL and HTF and we saw bids holding and as it ticked higher I got a starter and kept adding.
Couldnt keep the strength going, stopped out.
MRNA
Odd trader so far but had weak open, got under prev LOD and coiled under it. Ripped higher above and vwap and dipped back under. It got back above and I waited for some tape action and got it. A big buy order came through and I got a smaller starter off of it. Not putting size on yet, waiting for more action before that.
And we got it, bids stepped in, we couldnt drop anymore and we started ticking up. Added more as we went. Bids here, SPY also gaining huge vol and failing lower. Things starting to perk up again.
Broke TL from hod and we got good bids, just waiting, stop fairly tight. Vol on break was not great.
Added more as bids again stopped us from going lower and stepped up, making new micro highs. Looking for break above vwap to take half off.
Spiked above vwap with good buying and vol. 64 next then PT at 64.20 SPY also breaking HOD and got stuffed. V low volume. Odd market right now.
There is a lot of sympathy with SPY right now. Almost 1:1 but relative strength + tape cues make me think were good. RVOL at .85
There is steep uptrendline to work with, somewhat relevant, looking for ways to cut losses quicker as this shouldnt turn into a full -1R loss anymore if it happens. Nothing is clear to change stop yet though.
Broke TL, didnt have any significant selling come in, SPY also dropping. Theres a big bid at .50 ill use as stop.
Not clear enough to me too add more on that pb. Buying was there, looking at tape, but nothing super special. We ripped higher, breaking new TL and back above vwap to that range higher. SPY is weak and trying to lose vwap.
Something happened in SPY. I dont know if news or what but we spiked lower 2 points and MRNA started following, I got out. Breakeven, looking to re enter if necessary
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Biggest bid ive seen so far showed up to I guess buy this dip, we never broke levels lower so re entry is here. SPY is getting worse. Bigger offers showing up above vwap. Have to wait for failed breakdown or more action lower. SPY still getting worse. Blew up to original PT. Not in.
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Completely reversed came all the way back under vwap and original exit. There is a range here to work with, short may be here. Watching tape for entries.
Nothing early on but SPY lost it and I got the reversal. MRNA broke wdown good and pbd to vwap + htf, built around it and currently making a range just under. waiting for shorts on a fialed break higher into HTF + prev TLs
And we got it. Tape was good and slow and sellers came in. I got small starter and added as we ticked lower. Came right into a big bid and waiting to break him before adding more.
And we did. I wanted to add big but couldnt get the fill so smaller sized add. Looking for new LOD here, SPY pbd up to vwap and is struggling. MRNA once relative strength, now relative weakness.
Need to be cautious though. Each time weve gotten down below 63, weve been getting bought up pretty good. Will have ot judge tape if theres an early exit. I have good TLs to work with.
Breakdown was low vol and didnt go any further than what id like to see, buying here a bit. SPY not dropping lower or higher yet. At minor TL now, could be place to add. And got my add on retest of HTF + major TL. Lots of buying came in, but we absorbed it all, this is the turning point I need to see it go.
Added more as we ticked lower still and decent sized sell came in. SPY broke higher from range into vwap, stuffed a bit. Internals are strong and holding up. MRNA still seeing this buying, but its all getting absorbed. V low volume pbs. A break under 63 means stop reduced to breakeven. Were turning lower so volume needs to be picking up as we drop lower.
Big bid at 63. Vol is picking up, SPY looking like its going to rollover. Internals are rolling over lower. We look great for a move here. Need to get through it sellers gotta push.
We got it and huge selling coming in. Looks good for LOD. SPY not rolling over yet. Waiting for LOD before I take any off. All signs point for me to hold not take.
Big bids all over down here with buying. Starting to rethink what I just said. Will take 1/3 off if we make new 1min range high here. And we did, small cover to protect gains.
SPY and internals faked a move lower and broke higher showing strength.
Had spike back up after 1st take into TL. Would hate to see it as new SL but ill use it as that.
Buying coming in and we failed to drop lower, warning signs.
Broke range and TL, gave it a second to see what can happen, we did start spiking lower and offer came in at .20 so that will be final stop. SPY also rolling over lower now with internals so really need to see the weakness here.
Big bids came in and buying at .20 but all absorbed. Its tough to see clear winners here. Buyers seem to be winning, taking out the offers again, price dont lie though were still holding lower for the moment. And stopped out all.
Dont see re entry yet. Will have to judge by tape.
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Came back to HTF level and found hidden/big offers.
-------------------------------------------------------------------------
Ended up breaking higher into vwap and came back with super low vol. Made a tight range just above HTF level, broke lower, saw no downside, came back up and I got in long. Failed lower several times with and without market weakness. Might continue seeing the upside short squeeze.
Had to chase a little bit as original order didnt get filled. Adding wont be too easy or increase RR that much so will have to settle less size If I get those adds.
Doesnt matter stopped out anyways. Probably done with this name.
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I was wrong turns out theres another trade here. Much later on it kept coiling, now above HTF level and holding. Made a really tight range abvoe it again, broke lower into it, and found buying bringing it back up. Got a starter and kept adding as we kept going. Got pretty big but risk right still and nothing too outsized. Market has found strength and slowly uptrending reclaiming levels mainly vwap. Looking for a big pop here in MRNA.
Popped right away getting back above tradestations vwap. I saw tradestations because tradingview it was coiling above. Looking for a 64 break. Last pop got to .90 and came back. There are also volume increases here.
Got above vwap, pulled right into it low vol saw big bids. tapped it, made new range high.
Big orders coming in spiking tape up.
Broke .90, thick offers here.
That vwap test will be all out. There are a few names out ther going para ripping higher, no reason MRNA cant do the same. If its not, I dont need to be long. Let it be though, broke .90 and nothing happened.
Came lower into big bid and took him out, dropping lower still. Might see a vwap test + minor TL. Wont wait to find out what happens. Shoudlve been long gone by now.
BIG bid came in. price freaked higher. Again taken out though.
Comparable names like NVAX IBB are also v strong. We should be going. SPY broke higher.
Dont see reasons to add yet.
Found the buying, low vol pullback I guess, Didnt get to vwap or TL started seeing the flood come in again. Should be gooooone.
Broke high and 64. Got stuffed hard on what seems like no volume. Waiting for 64 again before I take any off.
Might not get it again but waiting anyways. Market seems to be rolling over lower for the moment.
Big buys. Turning up again. at 64. After this 64.40 is intraday big level we saw last big rejection.
Big bid showed up above 64 at .05. Using him at stop for the moment, will use 1min low when I can. Big spike so wide for the moment.
Broke him and took half off. Letting rest go.
Would be great to see this turn into a short squeeze para. Its the theme lately, why not again.
Seems to be a refresh buyer here. Not good locations to add anymore yet. Will have to wait a while for that if I even get a good proper chance to do it. Dont want to long only to see it pb more as it should to retest the possible support. Will take another half on .40 break.
This stock entered into a range for 4 hours after the 1st 10 minutes of the day. There are A LOT of shorts in here in pain and want out.
Came .02 cents short of .40 and pulling down. Gotta wait a while on this one. Will use TL as stop to protect gains, currently could give back a decent chunk, were getting over extended. Market rolling over lower.
TL right on top of prev 5 min candle lo. Will use as stop if we can hold it here. Have to give it a chance to break through and reclaim.
And it will be stop, held and spiked higher. SPY just dumping not getting stronger. Internals weak too.
NVAX crashing lower too. Annoying stopped out all. Sucks but potential was huge.
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Pretty much 1:1 with SPY. SPY hit vwap same time as stop out on MRNA. Then turned high and MRNA did too. Waiting.
SPY
Crazy big dump from all this. Took the reversal long. A+ and great move from it. Added as it held original entry and got a point + to start. Took half once PT reached with TL/ Holding rest for 1min candle lows.
Tough day to see good trades. Only mistake I made was risking as much as I did on TSLA trade. Too big of size given the context. Was no real HTF setup, just a trade off of prev day high.
Other trades good though, SPY was the real winner to bring me green on the day. Not sure what it is about reversals and scalps lately but I find myself wanting to take off more a lot faster rather than let it go by 1min. Woudlve been double the size win if I did.
MRNA the obvious big trader on the day. Lots of trades there, really good ones too. Tough to get a read on the tape as both sides were pretty relevant. Didnt force it though and waited til it was clear and thats the main goal so happy with how it all turned out. Solid day. Followed goals. Need to hold the quick reversals though. Never know.
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