Today I was feeling it. CODX was feeling it as well. It set up so many times during the day and I wish the buy button was pressed more. Yesterday was a little rough so this definitely got me back on the right side.
I took a nice gain early during the opening 10 minutes, but by not learning all the rules about scaling out, I left WAY TOO much on the table. The funny thing is, I reached that part of the course last night but exhaustion kept me from continuing.
I took three different trades today and probably could have taken seven more on this chart. I marked up the chart below to show all the potential entries. Of course, if you bought from the moment it opened and held it all day you would have the best win. This isn’t possible as a day trader. You have to take money out and move on. If you miss trades you move on, if you have losses you move on, if you have big moves you take your money and move on.
Here are all the different trades that set up throughout the day on CODX. HindSight.
- Gap trade – Using 2 or 5-minute candles you could have taken either. Breaking the inside range.
- The first of many pullbacks. The bid below the whole number.
- Another decent pullback into the area you want pullbacks to moving to.
- The break of a recent high that was tested while also flagging for some time.
- The next pullback to that moving average.
- The last pullback that came back below the whole number and bounced on the next candle
- The break of $13.50. Closed out reaching $13.75 and moved to $14.27 soon after close in after-hours.
Overall this is was the stock to trade. I did have a couple of other trades on NLS, ROKU, and PDSB. I was green on PDSB but I let it slip away and NLS never got going. ROKU worked out pretty well as it was retesting a recent whole number.
NLS = -$40.50
PDSB = -$39.62
ROKU = $45.36
CODX = $128.76
Total Profit and Loss = $94.00
The nice thing about the losses was I kept them small. Once I learn to hold longer in my trades the winnings will be much bigger so I don’t leave it on the table.