This was another day of not understanding. Let me start over. I understood most of my trades but the one that failed miserably was another lesson learned. I was taking small action all over the place in many different sectors. Let’s get into the trades of the day and some final thoughts going into the long weekend.
Trades Taken Today
The first trade I was looking at today was NVAX. I’ve really liked the way the price was moving pre-market and overall in the past few days. Since I missed yesterday’s big move I thought today would share the same thing over the highs of the day and highs of yesterday. The follow-through on the break of the HOD was not there this time. It tried a couple of times. After the second thrust up into that area, I saw that it was failing and got out with a tiny loss.
Stock – NVAX
Share Size – 300
Entry Price – $17.62/17.63
Exit Price – $17.6214
Total Gain – $2.43
NLS was on my watchlist since it was gapping up very strong. I wanted to take the break of today’s high once again. It popped up a few pennies into my favor but then turned around. It tried again and failed so I got out early.
Stock – NLS
Share Size – 300
Entry Price – $3.53
Exit Price – $3.46
Total Gain – $19.11
After two small losses in a row, I didn’t get frustrated. I learned from yesterday that you need to keep working and find a good setup. This is when APA came to me the first time around. APA gapped up heavily this morning. The key to this trade was the break of the early opening candle and high. It went through cleanly. I set my sell limit order for the full lot. It did run another .50 without me. Leaving gains on the table has been a pattern for the past two days. The second trade was based on news coming out of oil. I put in a limit order to get the thrusting news play. It was a quick play but I knew there had to be another mover out there to take. I’ll discuss that one below.
Stock – APA – Trade One
Share Size – 300
Entry Price – $9.19
Exit Price – $9.28
Total Gain – $27.00
Stock – APA – Trade Two
Share Size – 300
Entry Price – $9.57
Exit Price – $9.62
Total Gain – $15.00
The lesson of the day was CLSK. What an ugly trade. This was complete FOMO and stupid. This was a big lesson on don’t fear of missing out. I had just exited my APA trade when I heard about the break out on CLSK. It was so whippy. I got in and out within a minute with a big loss. I was so mad. I need to avoid the whippy calls. The idea was there however, the follow-through was not. The stock has fallen over $1.60 since my entry as I’m writing this.
Stock – CLSK
Share Size – 300
Entry Price – $4.01
Exit Price – $3.69
Total Gain – $95.73
Probably the biggest miss of the group is OSTK. I got a good clean fill at the early high of the day after the first pullback. Due to an office issue, I had to flatten the trade. Within 30 minutes it ran all the way up to $8.47 without me. These are the moments I need to take care of outside trading issues before trading.
Stock – OSTK
Share Size – 300
Entry Price – $7.91
Exit Price – $7.9168
Total Gain – $2.04
Another FOMO trade was on Delta Airlines (DAL). I heard airlines were moving and picked the wrong one. Had I stuck to my AAL at the same time I would have had a nice little trade. WOULD OF>COULD OF>SHOULD OF. Anyway, I was taking this trade thinking it was not only breaking the high of the day but the half whole number of 25.50. It tried a few times but just couldn’t do it so I sold immediately with a small loss. Selling defensively has its place.
Stock – DAL
Share Size – 100
Entry Price – $25.44
Exit Price – $25.35
Total Gain – $8.58
Going back to the APA trade above, Schlumberger (SLB) was late to the party in the oil sector move. I jumped on this one a little late but I was looking to ride it as long as oil was moving up. The best part of this trade was taking the full gains on this move when I did. Price only went up another few cents before coming back and then some.
Stock – SLB
Share Size – 300
Entry Price – $18.295
Exit Price – $18.50
Total Gain – $61.50
Afternoon Trades
I had just come back from lunch when I heard chatter about Independence Contract Drilling (ICD). It made a huge move in a matter of no time. I missed the initial move up which was about an 80% move on news. I looked for an area to take a pullback and jumped in with 100 shares. It did bounce nicely and I walked with a small gain.
Stock – ICD
Share Size – 100
Entry Price – $8.59
Exit Price – $8.73
Total Gain – $14.00
Total Profit on the Day = -6.31
Buying the Course
Today is the day I purchase the course I’ve been talking about for the past week. I’ve had my sights on it for some time. I look forward to studying it and really taken it in. I also know this isn’t the final answer to day trading with profits. There is a lot more to just reading and applying. I will provide as much detail as I can in my videos and blog posts going forward. Have a great weekend.
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