10/5 DRC

 Crazy friday. Strong into todays open, already near prev hod. Longs looking better today. Market still a bit mixed. Have some strong names, some weak. Cant really say one way or the other so expecting some chop out there.

https://justadaytrader.blogspot.com/2020/10/september-monthly-review-3rd-quarter.html If you havent read it yet im changing a lot of things. For starters im not doing favorites anymore just because I like the way it looks. My risk needs to be determined by something else. More variables. So now I have a system where If I get all of the best case scenario variables in one setup, those are the ones I will be risking the most on. And the fewer, the less risk placed. 

Going by stars. 3 stars means max, 2 means less, and 1 is minimal.

3

-LYB SPCE PK DAL UAL LUV

2

-TSLA TWLO APT AVGO CELH DXCM EMN HOME PLUG

1

-PENN GSX

Goal today is to follow new risk plan. And to not over trade.

I got every rule possible to cover every possible scenario in my trading. All thats left to do is follow the process.


PK

Strong open everywhere. Made ne HOD break and I didnt get in yet, waited on pb to vwap and saw huge offer. We broke with lots of buying and that was my core in risking LOD. Added as we ticked up. Will take adds off if we dont go soon. 

And we dropped hard fast. Adds off. 

Penny off LOD and we ripped back higher again with more buying. 

Came up, holding under vwap, testing lower with super low vol, might be time to turn up. Not seeing any sell. 

Did turn up, back above vwap and MAs and I added twice. Failed dropped all out. 

--------------------------------------------

Re entry did happen, made nice range with top at .74, was back in with core on break. Failing right away though, market dropping a bit but nothing major here telling me weak. 

And all out on new lod.

------------------------------------------------

Seems to be the only stock in play for me today. Broke down hard, slowly recovered back to vwap. Broke TL from HOD, big offer just above vwap sitting preventing us from moving higher. Bottom TL from lod now in play, we failed a break lower and buying back up. Vol increase and tape has nothing but buying. Waiting on either range breakdown for entry long back to vwap, or take the break above vwap.

Got the fail, plenty of buying back up and in. Market stupid strong today. 

Back to top of range and broke added twice. 

Not getting past .70 now. Vol on break v low and still remains low but we are holding higher above vwap still. Still holding. 

Added at .70 big bids showed we started hitting it. Thought we might get break. 

Nothing but buying holding higher, no selling. Just cant move yet. Giving me new stop to use, there is new TL from lod almost in play hoping it doesnt come in to contact. Needs to bust out but dont need to sit here in wonder and waiting. 

Flashed above for a second, back under. Other beatdowns not that strong today. PK would be 1 of couple. 

This trade is max BP trade, if we can get above with new reduced risk I can add more. And we did, adn I added more. Bids following. Waiting on new HOD for PT. If not, stop only 3cents out. At .71 now 1st pivot to break at .75 then hod at .81

Nice move right to .75, up 1R stop set to hold under .70 for small L. 

1st sell came in, didnt break .75. Waiting. RVOL only .9 today. Was high at open, not anymore. 

Came into vwap and TL from LOD. Havent seen any buying on this way down. Nows the time to find it. 

Making new range. .69-.71 buying has shown up but cant get enough of it it seems. Tape quiet, still considering this a low vol pb. Big bids still here. Juuuuust waiting. 

Getting back above. Still like what I see, but dont think I need to add anymore. Making tight triangle now. New TL from HOD almost in play. 

Lost new TL lower and vwap and range low. All out. 



And not a thing else all day.


I made a mistake in Pk. I acted like it was a 3star. It had all variables except 1. Arguable the most important. Volume. No significant volume cues on the D chart. Losses should be half as big. 

Good no over trading though. Things really didnt come close. Another take off from the open blowing past levels kind of day. No pullbacks. Will be better and ready tomorrow. 


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