Today got off to a fast start. I was watching the most anticipated gap play of the day and got filled at a good price. After that, things went quiet so I took the rest of the morning to study and watch some trading videos. I had a decent day yesterday so I really wanted to keep the momentum going. Listed below are the trades I took today.
Trades Taken
The day started around 7:15 when I read a tweet by one of the main guys I’m learning from. He decided to take WATT in the early pre-market. He got off to a fantastic start. It made me envious and I knew I wanted to look for a clean setup on this stock if it came to me. No FOMO.
Following my rules this morning I watched WATT gap up over $1.70 from $1.00. This was up over 100% before I took my trade. You can see in the image the break of the first two-minute candle. In other words, I took the break of the opening price of the live trading day.
In some aspects, I got lucky since my reaction time had to be quick. I really don’t like Think or Swim. I was having lag issues all morning again. I actually was looking at the HOD when I meant to look at the opening price. The opening price was 2.73. I wanted to give it some wiggle room since I knew it was going to be moving fast. I gave it .07 from the high of the day when I meant to give it .07 wiggle from the opening price. That is why you see me put in a limit around 2.87.
I saw a few things in fast motion here. First the break, then the break of $3.00 and the volume coming in.
I’m not sure if I was going to get filled but I had to be ready. To be honest, I thought I liked the TOS ladder but it is slow unless you have a long screen so you can see more prices. I was waiting for the price but it was slow to show on the ladder and I would say a lucky entry on this one. I stayed in this time but my rules may say get out next time before the move.
You will also see how it halted. I had sold 200 of my 400 shares before that. Price did jump when the halt was over so that was good. I didn’t take full advantage but I did get some money on the day. I know the mistakes that were made on this one and I will be careful not to make a bad habit out of this.
WATT Profit and Loss = $153.00
I was watching CVNA this morning on a big gap. Although a higher price stock I was looking for a trade. Turns out this stock is pretty whippy and you need to lighten the size for sure. In this case, I saw a pretty good setup on a recent move to around 84.50. It didn’t actually get there but from watching the tape and checking this morning it was an area where the battle will be had. I was able to take 50 shares at 84.57 and sold some at 84.89 and 84.94. It turned out to be a small winner and it wasn’t an ideal setup. My idea was correct.
CVNA Profit and Loss = $17.75
Overall the day was quite slow. There were maybe a couple of setups in the afternoon but nothing worth risking. I was able to take money out of the market today so that is a good thing. I’ll be back tomorrow with some more trade updates.
Total Profit and Loss = $170.75
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