6/8 DRC
Birthday trading. In the past days I traded on the Bday were pretty uneventful. This markets a bit different maybe we can get a solid day going. Weekly review was good had a lot of good things going for me and a few bad. Main things to focus on
1. Stay aggressive. Now is the time to keep pushing.
2. Follow my PT rules. Dont get over excited taking off early.
3. Trades later in the day, add slower, on pullbacks, not chasing.
4. Wait for trades to be clean and clear holding above/below HTF areas.
The market itself is still super hot. Straight vertical and gapping higher again just underneath fridays HOD. At this rate it looks like were going to be parabolic into a new ATH. Long bias remains strong until it isnt. Still waiting for that much deeper fast dump/pullback but too many names out there look super strong. Pretty impressive really.
So many symbols to watch today. I got 12 im really focused on, but 25 im interested in. Will not be able to watch them all so as they fade out ill start looking at the others. Still looking for the short squeezes to continue. No shorts im looking for today all long, but if the shorts do come about, most likely in the mega gappers, ill jump on the ones I see.
Let the market come to me, no need to get too eager to get involved.
CAKE
Weak open, came down to prev HOD and found a big vol increase as we failed to drop any lower. Tape had lots of buying. Came back to TL from HOD, and retseted lower, we held higher and saw great buying. Got a starter and added as it ticked up. Big bids coming in and offers taken out.
Stop is tight, looks great for a pop back to vwap. Gotta see it soon.
Tape got very slow as we retested TL again. Sellers and buyers chance to take over, have to give bias to sellers since weve been weak. Buyers need to rip it here. Very nice stop near breakeven if we do.
Couldnt hold it, stopped out.
-----------------------------------------------------
Right after exit we saw huge buying again so trade was still here just had to wait and see it again. And we did, got a hidden big buyer absorbing it all and I got back in as we broke TL and started ticking up again. Added as we moved and added on new micor range high.
Great start to trade as we broke above 5min highs with volume and buying. PT is vwap taking half off there. Other squeezers are also popping right now.
Up 1 R and took a decent loss earlier, no reason to lose money on this trade now at this point stop breakeven.
Some big hidden offers here but we still look good. Waiting to take half soon. Need above .72 to look to take off. VWAP at .77
Stuff candle with volume dropped us .15 cents. Gotta deal with it. Sellers showing up again, other names pulling back too but looking like theyre turning right back up.
Warning signs, stop is changing to recent pivot low. Right to pt again, bit seller here. And now vwap is just above.
We broke him and touched vwap and saw 0 buying, no more pops. Took half off on this 1min candle lo.
Turned right lower, stopped out rest on new range lo.
CHK
Big gap squeeze name. Several times attempted to get under 41 and cant do it, HTF zone at 41.50 - 42 and last attempt we saw buyers coming in and stepping higher. Very low volume so you can tell sellers are drying up. Tried to get filled, couldnt, popped above vwap + 43
AAL
Sideways all day, airlines relatively weak, not seeing much strength. Later in day we found that strength and reclaimed HTF level + vwap as did others. Tested under vwap and into HTF and rejected hard closed right back above. Got starter as we hit it again and saw buying come in.
Tested lower with v low vol, didnt make new low to stop me out. We took out big offers and I kept adding.
Other names also looking higher. PT is HOD at 20.33 avg in is 19.84 risk 19.71 vol looks good we got a nice bump and failed lower. Looks good, must wait.
Must note there were big offers and seemed to be refreshing. Back under vwap again and they seem to be here again. We are absorbing a lot of selling though. No reason to think early exit yet.
Starting to see sympathy with SPY, its dumping and we ticked lower as did other airlines. Everything getting very tight here, coiling above vwap.
Couldnt hold stopped out.
PLAY
Big cup and handle forming all day. Came up to HOD with volume and looked great for a break. Went for scalp. Didnt get filled but got in on way back down, added with tape cues.
Blew up pretty good and tape was A+ with big bids. But couldnt make a move for me. Stopped out for tiny loss.
CCL
Another squeezer that reclaimed vwap + HTF levels. Got in a good buying on a pb back to vwap and was wrong right away. Came right to my stop and looked like we had a hidden refresh buyer. Added with penny risk.
Couldnt hold it stopped out.
Going to call it an early day. Birthday so want to do other things today. Sucks couldnt be a green day but no harm done. The CHK no fill was the real killer. Id still be in it and maybe a 250$ win.
Did what I set out to do today though. Followed goals and rules. Market is a bit odd so maybe things will turn around eventually and become a little more trendy, atm just tight consolidation range bound everywhere. Not my favorite so no reason to stick around and try to force things.
1. Stay aggressive. Now is the time to keep pushing.
2. Follow my PT rules. Dont get over excited taking off early.
3. Trades later in the day, add slower, on pullbacks, not chasing.
4. Wait for trades to be clean and clear holding above/below HTF areas.
The market itself is still super hot. Straight vertical and gapping higher again just underneath fridays HOD. At this rate it looks like were going to be parabolic into a new ATH. Long bias remains strong until it isnt. Still waiting for that much deeper fast dump/pullback but too many names out there look super strong. Pretty impressive really.
So many symbols to watch today. I got 12 im really focused on, but 25 im interested in. Will not be able to watch them all so as they fade out ill start looking at the others. Still looking for the short squeezes to continue. No shorts im looking for today all long, but if the shorts do come about, most likely in the mega gappers, ill jump on the ones I see.
Let the market come to me, no need to get too eager to get involved.
CAKE
Weak open, came down to prev HOD and found a big vol increase as we failed to drop any lower. Tape had lots of buying. Came back to TL from HOD, and retseted lower, we held higher and saw great buying. Got a starter and added as it ticked up. Big bids coming in and offers taken out.
Stop is tight, looks great for a pop back to vwap. Gotta see it soon.
Tape got very slow as we retested TL again. Sellers and buyers chance to take over, have to give bias to sellers since weve been weak. Buyers need to rip it here. Very nice stop near breakeven if we do.
Couldnt hold it, stopped out.
-----------------------------------------------------
Right after exit we saw huge buying again so trade was still here just had to wait and see it again. And we did, got a hidden big buyer absorbing it all and I got back in as we broke TL and started ticking up again. Added as we moved and added on new micor range high.
Great start to trade as we broke above 5min highs with volume and buying. PT is vwap taking half off there. Other squeezers are also popping right now.
Up 1 R and took a decent loss earlier, no reason to lose money on this trade now at this point stop breakeven.
Some big hidden offers here but we still look good. Waiting to take half soon. Need above .72 to look to take off. VWAP at .77
Stuff candle with volume dropped us .15 cents. Gotta deal with it. Sellers showing up again, other names pulling back too but looking like theyre turning right back up.
Warning signs, stop is changing to recent pivot low. Right to pt again, bit seller here. And now vwap is just above.
We broke him and touched vwap and saw 0 buying, no more pops. Took half off on this 1min candle lo.
Turned right lower, stopped out rest on new range lo.
CHK
Big gap squeeze name. Several times attempted to get under 41 and cant do it, HTF zone at 41.50 - 42 and last attempt we saw buyers coming in and stepping higher. Very low volume so you can tell sellers are drying up. Tried to get filled, couldnt, popped above vwap + 43
AAL
Sideways all day, airlines relatively weak, not seeing much strength. Later in day we found that strength and reclaimed HTF level + vwap as did others. Tested under vwap and into HTF and rejected hard closed right back above. Got starter as we hit it again and saw buying come in.
Tested lower with v low vol, didnt make new low to stop me out. We took out big offers and I kept adding.
Other names also looking higher. PT is HOD at 20.33 avg in is 19.84 risk 19.71 vol looks good we got a nice bump and failed lower. Looks good, must wait.
Must note there were big offers and seemed to be refreshing. Back under vwap again and they seem to be here again. We are absorbing a lot of selling though. No reason to think early exit yet.
Starting to see sympathy with SPY, its dumping and we ticked lower as did other airlines. Everything getting very tight here, coiling above vwap.
Couldnt hold stopped out.
PLAY
Big cup and handle forming all day. Came up to HOD with volume and looked great for a break. Went for scalp. Didnt get filled but got in on way back down, added with tape cues.
Blew up pretty good and tape was A+ with big bids. But couldnt make a move for me. Stopped out for tiny loss.
CCL
Another squeezer that reclaimed vwap + HTF levels. Got in a good buying on a pb back to vwap and was wrong right away. Came right to my stop and looked like we had a hidden refresh buyer. Added with penny risk.
Couldnt hold it stopped out.
Going to call it an early day. Birthday so want to do other things today. Sucks couldnt be a green day but no harm done. The CHK no fill was the real killer. Id still be in it and maybe a 250$ win.
Did what I set out to do today though. Followed goals and rules. Market is a bit odd so maybe things will turn around eventually and become a little more trendy, atm just tight consolidation range bound everywhere. Not my favorite so no reason to stick around and try to force things.
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